Objective
Background
In June 2005, the IESBA (formerly the Ethics Committee) issued a revisedCode of Ethics for Professional Accountants. The revised Code establishes a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics:
Integrity.
- A professional accountant should be straightforward and honest in all professional and business relationships
Objectivity.
- A professional accountant should not allow bias, conflict of interest or undue influence of others.
Professional Competence and Due Care.
- A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services.
Confidentiality.
- A professional accountant 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 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 the professional accountant or third parties.
Professional Behavior.
- A professional accountant should comply with the relevant laws and regulations and should avoid any action that discredits the profession.
