CODE OF ETHICS

PART A - GENERAL APPLICATIONS OF THE CODE

It is the professional’s responsibility to act in the public interest.

To do so, a professional accountant must comply with the following fundamental principles:

 Integrity
- being straightforward and honest
- doesn’t tolerate false, misleading, and obscure statements

 Objectivity
- professional judgment is not compromised by bias or conflict of interest
- relationships that influence judgment are avoided

 Professional Competence and Due Care

- diligent application of the attained and continuing development of professional
standards and knowledge
- providing services that are thorough, careful and timely
- provide services that avoids misinterpretation

 Confidentiality
- refrain from disclosure or taking advantage of acquired confidential information
even after the end of the relationship of the client
- What such information slips off the tongue? Be alert that this doesn’t happen and
always consider that the disclosure doesn’t harm any parties, and is relevant
- Only exceptions are when:
(a) permitted by law or authorized by client
(b) required by law (as evidence or use in legal proceedings)
(c) professional duty or right to disclosure

 Professional Behavior
- do not soil the good reputation of the profession. How?
(a) adherence to the law and regulations
(b) do not make exaggerated claims or disparaging references to others’ works

What if there are threats to the compliance of the fundamental principles?

 - A professional should identify and evaluate these threats then apply appropriate
safeguards and determine the proper course of action.

And what are these safeguards?

- They vary depending on circumstances and professional judgment, which is honed
through education, training, experience, continuing professional development, standards
and regulations, is exercised.
- If that doesn’t work, seek help. And if even then, the conflict is unresolved, detach
from the matter.