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حسابداری و حسابرسی - CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS

CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS

 

نوشته شده توسط:علی اصغریان یامی

CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS

Exposure Draft

Issued for comment July 2007 1

CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS

CONTENTS

Page

010 SCOPE .......................................................................................................................... 2

PART A: GENERAL APPLICATION OF THE CODE

100 Introduction and Fundamental Principles ..................................................................... 4

110 Integrity ......................................................................................................................... 9

120 Objectivity .................................................................................................................... 10

130 Professional Competence and Due Care ....................................................................... 11

140 Confidentiality .............................................................................................................. 12

150 Professional Behavior ................................................................................................... 14

PART B: APPLICATION GUIDANCE

200 Introduction ................................................................................................................... 16

210 Professional Appointment ............................................................................................. 21

220 Conflicts of Interest ...................................................................................................... 25

230 Second Opinions ........................................................................................................... 27

240 Fees and Other Types of Remuneration........................................................................ 28

250 Marketing Public Accountancy Services ...................................................................... 30

260 Gifts and Hospitality ..................................................................................................... 31

270 Custody of Clients Assets ............................................................................................. 32

280 Objectivity–All Services ............................................................................................... 33

290 Independence–Assurance Engagements ....................................................................... 34

DEFINITIONS ....................................................................................................................... 78

EFFECTIVE DATE ............................................................................................................... 82 CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS 2

SCOPE

010.1 This Code of Professional Conduct and Ethics establishes ethical requirements for Public Accountants. Compliance with this Code is mandatory for all Public Accountants and failure to observe the Code may result in disciplinary action. .

010.2 This Code applies to the provision of public accountancy services by public accountants. Under the Accountants Act, public accountancy services means audit and reporting on financial statements and the doing of other such acts that are required by any written law to be done by a public accountant. For non-public accountancy services, public accountants should refer to the Code of Ethics of their professional body.

Singapore provisions that are additional to the IFAC Code are numbered with the suffix ‗SG’. CODE PROFESSIONAL CONDUCT AND OF ETHICS FOR PUBLIC ACCOUNTANTS 3

PART A GENERAL APPLICATION OF THE CODE

Section 100 Introduction and Fundamental Principles

Section 110 Integrity

Section 120 Objectivity

Section 130 Professional Competence and Due Care

Section 140 Confidentiality

Section 150 Professional Behavior CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS 4

Section 100

Introduction and Fundamental Principles

100.1 A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. Therefore, a public accountant’s* responsibility is not exclusively to satisfy the needs of an individual client or employer. In acting in the public interest a public accountant should observe and comply with the ethical requirements of this Code.

100.2 This Code is in two parts. Part A establishes the fundamental principles of professional ethics for public accountants and provides a conceptual framework for applying those principles. The conceptual framework provides guidance on fundamental ethical principles. Public accountants are required to apply this conceptual framework to identify threats to compliance with the fundamental principles, to evaluate their significance and, if such threats are other than clearly insignificantto apply safeguards to eliminate them or reduce them to an acceptable level such that compliance with the fundamental principles is not compromised.

See Definitions.

See Definitions.

100.3 Part B illustrates how the conceptual framework is to be applied in specific situations. It provides examples of safeguards that may be appropriate to address threats to compliance with the fundamental principles and also provides examples of situations where safeguards are not available to address the threats and consequently the activity or relationship creating the threats should be avoided.

Fundamental Principles

100.4 A public accountant is required to comply with the following fundamental principles:

(a) Integrity

 

A public accountant should be straightforward and honest in all professional and business relationships.

(b) Objectivity

 

A public accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgments.

(c) Professional Competence and Due Care

 

A public 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 service based on current developments in practice, legislation and techniques. A public accountant should act diligently and in accordance with applicable technical and professional standards when providing public accountancy services.CODE PROFESSIONAL CONDUCT AND OF ETHICS FOR PUBLIC ACCOUNTANTS 5

 

(d) Confidentiality

 

A public 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 public accountant or third parties.

(e) Professional Behavior

 

A public accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession.

Each of these fundamental principles is discussed in more detail in Sections 110 – 150.

Conceptual Framework Approach

100.5 The circumstances in which public accountants operate may give rise to specific threats to compliance with the fundamental principles. It is impossible to define every situation that creates such threats and specify the appropriate mitigating action. In addition, the nature of engagements and work assignments may differ and consequently different threats may exist, requiring the application of different safeguards. A conceptual framework that requires a public accountant to identify, evaluate and address threats to compliance with the fundamental principles, rather than merely comply with a set of specific rules which may be arbitrary, is, therefore, in the public interest. This Code provides a framework to assist a public accountant to identify, evaluate and respond to threats to compliance with the fundamental principles. If identified threats are other than clearly insignificant, a public accountant should, where appropriate, apply safeguards to eliminate the threats or reduce them to an acceptable level, such that compliance with the fundamental principles is not compromised.

100.6 A public accountant has an obligation to evaluate any threats to compliance with the fundamental principles when the public accountant knows, or could reasonably be expected to know, of circumstances or relationships that may compromise compliance with the fundamental principles.

100.7 A public accountant should take qualitative as well as quantitative factors into account when considering the significance of a threat. If a public accountant cannot implement appropriate safeguards, the public accountant should decline or discontinue the specific professional service involved, or where necessary resign from the client

100.8 A public accountant may inadvertently violate a provision of this Code. Such an inadvertent violation, depending on the nature and significance of the matter, may not compromise compliance with the fundamental principles provided, once the violation is discovered, the violation is corrected promptly and any necessary safeguards are applied. CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS 6

100.9 Part B of this Code includes examples that are intended to illustrate how the conceptual framework is to be applied. The examples are not intended to be, nor should they be interpreted as, an exhaustive list of all circumstances experienced by a public accountant that may create threats to compliance with the fundamental principles. Consequently, it is not sufficient for a public accountant merely to comply with the examples presented; rather, the framework should be applied to the particular circumstances encountered by the public accountant.

Threats and Safeguards

100.10 Compliance with the fundamental principles may potentially be threatened by a broad range of circumstances. Many threats fall into the following categories:

(a) Self-interest threats, which may occur as a result of the financial or other interests of a public accountant or of an immediate or close family* member;

(b) Self-review threats, which may occur when a previous judgment needs to be re-evaluated by the public accountant responsible for that judgment;

(c) Advocacy threats, which may occur when a public accountant promotes a position or opinion to the point that subsequent objectivity may be compromised;

(d) Familiarity threats, which may occur when, because of a close relationship, a public accountant becomes too sympathetic to the interests of others; and

(e) Intimidation threats, which may occur when a public accountant may be deterred from acting objectively by threats, actual or perceived.

 

Part B of this Code, provides examples of circumstances that may create these categories of threats for public accountants

100.11 Safeguards that may eliminate or reduce such threats to an acceptable level fall into two broad categories:

(a) Safeguards created by the profession, legislation or regulation; and

(b) Safeguards in the work environment.

 

100.12 Safeguards created by the profession, legislation or regulation include, but are not restricted to:

(a) Educational, training and experience requirements for entry into the profession.

(b) Continuing professional development requirements.

(c) Corporate governance regulations.

(d) Professional standards.

(e) Professional or regulatory monitoring and disciplinary procedures.

(f) External review by a legally empowered third party of the reports, returns, communications or information produced by a public accountant.

CODE PROFESSIONAL CONDUCT AND OF ETHICS FOR PUBLIC ACCOUNTANTS 7

100.13 Part B of this Code discusses safeguards in the work environment for public accountants.

100.14 Certain safeguards may increase the likelihood of identifying or deterring unethical behavior. Such safeguards, which may be created by the accounting profession, legislation, regulation or an employing organization, include, but are not restricted to:

(a) Effective, well publicized complaints systems operated by the employing organization, the profession or a regulator, which enable colleagues, employers and members of the public to draw attention to unprofessional or unethical behavior.

(b) An explicitly stated duty to report breaches of ethical requirements.

 

100.15 The nature of the safeguards to be applied will vary depending on the circumstances. In exercising professional judgment, a public accountant should consider what a reasonable and informed third party, having knowledge of all relevant information, including the significance of the threat and the safeguards applied, would conclude to be unacceptable.

Ethical Conflict Resolution

100.16 In evaluating compliance with the fundamental principles, a public accountant may be required to resolve a conflict in the application of fundamental principles.

100.17 When initiating either a formal or informal conflict resolution process, a public accountant should consider the following, either individually or together with others, as part of the resolution process:

(a) Relevant facts;

(b) Ethical issues involved;

(c) Fundamental principles related to the matter in question;

(d) Established internal procedures; and

(e) Alternative courses of action.

 

Having considered these issues, a public accountant should determine the appropriate course of action that is consistent with the fundamental principles identified. The public accountant should also weigh the consequences of each possible course of action. If the matter remains unresolved, the public accountant should consult with other appropriate persons within the firm* or employing organization for help in obtaining resolution.

100.18 Where a matter involves a conflict with, or within, an organization, a public accountant should also consider consulting with those charged with governance of the organization, such as the board of directors or the audit committee.

100.19 It may be in the best interests of the public accountant to document the substance of the issue and details of any discussions held or decisions taken, concerning that issue. CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS 8

100.20 If a significant conflict cannot be resolved, a public accountant may wish to obtain professional advice from the relevant professional body or legal advisors, and thereby obtain guidance on ethical issues without breaching confidentiality. For example, a public accountant may have encountered a fraud, the reporting of which could breach the public accountant‘s responsibility to respect confidentiality. The public accountant should consider obtaining legal advice to determine whether there is a requirement to report.

100.21 If, after exhausting all relevant possibilities, the ethical conflict remains unresolved, a public accountant should, where possible, refuse to remain associated with the matter creating the conflict. The public accountant may determine that, in the circumstances, it is appropriate to withdraw from the engagement teamor specific assignment, or to resign altogether from the engagement, the firm or the employing organization.

See Definitions. CODE PROFESSIONAL CONDUCT AND OF ETHICS FOR PUBLIC ACCOUNTANTS 9

Section 110



 
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