FUNDAMENTAL ETHICAL PRINCIPLES

soft skillsEthics is concerned with behaviour, and trying to ensure that auditors do "the right thing" [.FUNDAMENTAL ETHICAL PRINCIPLES ].. whatever that is! As such, it is a difficult area to have rules, as it would usually be possible to imagine a situation where the rules would lead to the wrong answer. Typically therefore, ethics is about guidance, relying on the professionalism of auditors to apply this guidance in an appropriate manner when faced with difficult situations. Guidance is contained in the ACCA Code of Conduct ... but if every Institute had its own ethical code, there would be several codes in the UK alone, and hundreds around the World! An International Code of Ethics has been developed by IFAC, in the hope of providing countries with a starting point for developing their own Codes – and to try to create some consistency in guidance around the World. In the UK, the Auditing Practices Board has created a series of Ethical Standards based on the IFAC Code, but altered slightly for the UK market. These Ethical Standards have now been adopted by all UK Institutes, including the ACCA.
FUNDAMENTAL ETHICAL PRINCIPLES