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Ethics and acceptance

Oybek Saidkhodjaev

The need for professional ethics

• The purpose of assurance engagements is to increase the confidence of the intended users, therefore the users need to trust the professional who is providing the assurance.
• In order to be trusted the assurance provider needs to be independent of their client.
• Practitioners need to behave and be seen to behave in an ethical, professional manner.
• This means taking active steps to comply with the Code of Ethics in every professional situation.

IFAC Code of Ethics and conceptual framework

IFAC code of ethics
Conceptual framework
Fundamental principles
Threats
Safeguards

Cont’d

• Fundamental principles of ethical behaviour
• Potential threats to compliance with these fundamental principles
• Possible safeguards which can be implemented to eliminate the threats identified, or reduce them to an acceptable level.

The fundamental principles

Fundamental principals
Objectivity
Professional behaviour
Professional competence and due care
Integrity
Confidentiality

Fundamental principles

• Objectivity Members should not allow bias, conflicts of interest or undue influence of others to override professional or business judgments.
• Professional behaviour: Members should comply with relevant laws and regulations and should avoid any action that discredits the profession.
• Professional competence and due care: Members should maintain professional knowledge and skill at a level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques. Members should act diligently and in accordance with applicable technical and professional standards.
• Integrity: Members should be straightforward and honest in all professional and business relationships.
• Confidentiality: Members should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of members or third parties.