International Federation of Accountants Code of Ethics - An overview Jan Munro, Senior Technical Manager REPARIS Workshops on Accounting and Audit Regulation.

Slides:



Advertisements
Similar presentations
ETHICS. Business Conduct  The Agent agrees to conform to all applicable federal, state and local laws in conducting business under this agreement.
Advertisements

Code of Ethics for Professional Accountants
Overview and General Application
Engineering Ethics* What is engineering ethics?
Page 1 | Confidential and Proprietary Information Part C – Section 320 Presenting Information Jim Gaa, Chair, Part C Task Force IESBA Meeting Toronto,
McGraw-Hill/Irwin © 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 19 CHAPTER 19 INDEPENDENCE, PROFESSIONAL CONTDUCT, AND QUALITY.
5/5/2015Software Engineering Code of Ethics1 Software Engineering Code of Ethics and Professional Practice Dr. Bob Weber CEG 460 / 660 Wright State University.
3 - 1 Copyright  2003 Pearson Education Canada Inc. CHAPTER 3 Professional Ethics.
ACCOUNTING ETHICS Lect. Victor-Octavian Müller, Ph.D.
The AMA Code of Ethics Could Egyptian Marketing Professionals Agree on a List of Rules, Perhaps Similar to This? The IMI Journal. Members of the AMA are.
9.401 Auditing Chapter 3 Professional Ethics. Why do auditors need codes of ethics?  To maintain respect and confidence of public  to distinguish the.
Copyright © 2010 South-Western/Cengage Learning
Copyright © 2010 South-Western/Cengage Learning
AICPA CODE OF PROFESSIONAL CONDUCT PRINCIPLES RESPONSIBILITIES THE PUBLIC INTEREST INTEGRITY OBJEDCTIVITY AND INDEPENDENCE DUE CARE SCOPE AND NATURE.
MODERN AUDITING 7th Edition
Ch. 3-1 Chapter 3: Ethics: Understanding and Meeting Ethical Expectations Key Topics Include: 1.An Ethical Framework 2.Independence: The Foundation of.
Professional Ethics. McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved. 3-2 Steps in Resolving an Ethical Dilemma Identify.
1 Pertemuan 3 Auditing Standards and Responsibilities Matakuliah:A0274/Pengelolaan Fungsi Audit Sistem Informasi Tahun: 2005 Versi: 1/1.
Professional Ethics “Ethics are statements of moral principles and values that guide the action of auditors”. The independence, powers and responsibilities.
Code of Ethics – Discussion Question
SAFA- IFAC Regional SMP Forum
ISA 220 – Quality Control for Audits of Historical Financial Information
Rick Stephan Hayes, Philip Wallage, and Hans Gortemaker
Code of Ethics for Professional Accountants
1 Topic 9 : Statements Of Professional Ethics Of HKSA.
Professional Ethics The Duties of an Accountant. The Accounting Profession has the following features: An established body of knowledge Organized bodies.
Code of Conduct University of New England. Employment at the University carries with it an obligation to act in the public interest. All staff members.
M. ANGELA JIMENEZ 1 UNIT 5. REGULATION OF EXTERNAL AUDIT IFAC AND E.C.
Engineering Ethics.
ACCOUNTING ETHICS Lect. Victor-Octavian Müller, Ph.D.
PAB/ICAJ Seminar1 The Public Accountancy Board & The Institute of Chartered Accountants of Jamaica Sustaining the Knowledge of Public Accountants - Seminar.
3-1 Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Mediator/Social Worker
Code of Ethics for Professional Accountants of HKICPA
[Hayes, Dassen, Schilder and Wallage, Principles of Auditing An Introduction to ISAs, edition 2.1] © Pearson Education Limited 2007 Slide 3.1 Ethics for.
Practice Management Quality Control
A.S. FlemingFall 2009 Acct 431 – Cost Management "Ethics in its broader sense, deals with human conduct in relation to what is morally good and bad, right.
Module 19: IFAC Code of Ethics and EU Ethics and Independence Requirements 2. Ethics and Independence in the EU Dr. Harald Ring, Chairman, Ethics Working.
Ethics of Accounting and Finance
1 CHAPTER 3 Professional Responsibilities: Maintaining Quality of Assurances.
Thomas N. Davidson Senior Benefits Counsel and Ethics Officer, Indiana Public Retirement System.
Engineering Ethics. Engineering Ethics ( II ) Wael. A. Moustafa MA.Sc., P.Eng. May 18, 2011 Mechanical Engineering Department Umm Al-Qura University.
Developing Ethical Systems Barbara W. Scofield, PhD, CPA For Institute of Internal Auditors November 3,
[Hayes, Dassen, Schilder and Wallage, Principles of Auditing An Introduction to ISAs, edition 2.1] © Pearson Education Limited 2007 Slide 3.1 Ethics for.
What is professional ethics?. Your role Preparing financial information Reporting financial information Reporting non- financial information Preparing.
Akfamu Dazi Arden Roy Fajar Trasmoyo Faris Sulaksono Herlambang Ega P Neng Yuki S Rivaldi Samah
Professional Ethics. Unit Summary The purpose of the unit This knowledge unit recognises the importance of ethics and sustainability in modern business.
TABLE 6.1 WHAT MAKES A PROFESSION Essential Features(Bayles)  Extensive training  Provision of important services to society  Training and skills largely.
F8: Audit and Assurance. 2 Designed to give you knowledge and application of: Section A: Audit Framework and Regulation Section B: Internal audit Section.
Ethics—Standard of Professional Behavior Required to Ensure the Public Health, Safety, and Welfare NCEES Past President W. Gene Corley, Ph.D., P.E., S.E.,
1 The Nature of Ethics Ethics is generally concerned with rules or guidelines for morals and/or socially approved conduct Ethical standards generally apply.
BPP LEARNING MEDIA AAT Level 3 Diploma in Accounting Professional Ethics.
CODE OF ETHICS Cases & Issues of Unjustified Removal of Auditors:
LECTURE 1 INTRODUCTION TO AUDITING REGULATORY ENVIRONMENT OF AUDIT &
Auditing & Investigations I

PROFESSIONAL RESPONSIBILITIES
Chapter10 Professional ethics
CODE OF CONDUCT FOR PROFESSIONAL ACCOUNTANTS
ACCOUNTANCY PROFESSION AND ETHICAL ISSUES
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
Discussion of Values and Personal Codes of Conduct
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
ACCOUNTING ETHICS Conf.univ.dr. Victor-Octavian Müller.
ACCOUNTING ETHICS Lect. Victor-Octavian Müller, Ph.D.
Presentation transcript:

International Federation of Accountants Code of Ethics - An overview Jan Munro, Senior Technical Manager REPARIS Workshops on Accounting and Audit Regulation Vienna, Austria March 14-15, 2006

Code of Ethics Part A – framework applies to all professional accountantsPart A – framework applies to all professional accountants Part B – professional accountants in public practicePart B – professional accountants in public practice Part C – professional accountants in businessPart C – professional accountants in business

Conceptual framework Requires active consideration of issuesRequires active consideration of issues Can be applied to differing circumstancesCan be applied to differing circumstances Responsive to rapid changeResponsive to rapid change Establishes basic principlesEstablishes basic principles Rules approach can encourage literal interpretationRules approach can encourage literal interpretation

Fundamental Principles Integrity –Should be straightforward and honest in all professional and business relationships\ –Fair dealing and truthfulness Accountants should not be associated with information that is false and misleadingAccountants should not be associated with information that is false and misleading

Fundamental Principles (cont’d) Objectivity –Should not allow bias, conflict of interest or undue influence of others to override professional or business judgments Should avoid relationships that bias or unduly influence professional judgmentShould avoid relationships that bias or unduly influence professional judgment

Fundamental Principles (cont’d) Professional Competence and Due Care –Professional knowledge and skill at level required to ensure competent services Attainment and maintenance of professional competenceAttainment and maintenance of professional competence Continuing professional developmentContinuing professional development

Fundamental Principles (cont’d) Professional Competence and Due Care –Act diligently in accordance with applicable technical and professional standards Those working under accountant’s authority should have appropriate training and supervisionThose working under accountant’s authority should have appropriate training and supervision Accountant should make clients, employers or other users of professional services aware of limitations inherent in services to avoid misinterpretation of an expression of opinion as an assertion of factAccountant should make clients, employers or other users of professional services aware of limitations inherent in services to avoid misinterpretation of an expression of opinion as an assertion of fact

Fundamental Principles (cont’d) Confidentiality –Should not disclose confidential information acquired as a result of professional/business relationship without proper authority to disclose unless professional right or duty to disclose Disclosure is permitted by law and is authorized by client or employerDisclosure is permitted by law and is authorized by client or employer Disclosure is required by lawDisclosure is required by law Professional duty or right to discloseProfessional duty or right to disclose

Fundamental Principles (cont’d) Confidentiality –Should not use confidential information for personal advantage or advantage of third parties Confidentiality to be maintained even in a social environmentConfidentiality to be maintained even in a social environment Need to comply with principle continues even after the end of the professional relationshipNeed to comply with principle continues even after the end of the professional relationship

Fundamental Principles (cont’d) Professional behavior –Obligation to comply with relevant laws and regulations and avoid any action that discredits the profession Should not make exaggerated claims for services they are able to offer, qualifications they possess or experience they have gainedShould not make exaggerated claims for services they are able to offer, qualifications they possess or experience they have gained Make disparaging references or unsubstantiated comparison to work of othersMake disparaging references or unsubstantiated comparison to work of others

Framework – Threats and safeguards

Threats Self-interestSelf-interest Self-reviewSelf-review AdvocacyAdvocacy FamiliarityFamiliarity IntimidationIntimidation

Safeguards Professional, legislative or regulatoryProfessional, legislative or regulatory Within the work environmentWithin the work environment

Part B – Professional Accountants in Public Practice Professional appointmentProfessional appointment –Client acceptance –Engagement acceptance –Changes in appointment Conflicts of interestConflicts of interest Second opinionsSecond opinions Fees and other types of remunerationFees and other types of remuneration –Contingent fees –Referral fees

Part B – Professional Accountants in Public Practice Marketing professional servicesMarketing professional services Gifts and hospitalityGifts and hospitality Custody of client assetsCustody of client assets Objectivity – all servicesObjectivity – all services Independence – assurance engagementsIndependence – assurance engagements –Financial Interests –Family and personal relationships –Long association of personnel –Non-audit services

Part C – Professional Accountants in Business Potential conflictsPotential conflicts Preparation and reporting of informationPreparation and reporting of information –Prepared in accordance with relevant standards –Should not be associated with misleading information Acting with sufficient expertiseActing with sufficient expertise Financial interestsFinancial interests InducementsInducements

Code of Ethics