Reference no: EM131739413
Question: Ethics plays a large role in the field of accounting, especially when one is working as an auditor. Part of an accountant and auditor's role is to make sure that they are working with the interest of the public in mind. What this means is that they are not supposed to only satisfy their individual client but that they need to report any wrong doing or findings of fraud that may come up in their audit. Part of working with the public interest in mind is to follow the International Federation of Accountants (IFAC) Code of ethics. As part of code 100 there is objectivity, professional competence and due care, integrity, professional behavior and confidentiality.
(1) Objectivity: A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgment.
(2) 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 service based on current developments in practice legislation techniques.
(3) Integrity: A professional accountant should be straightforward and honest in all professional and business relationships.
(4) Professional Behavior: A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits or disrepute the profession.
(5) 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.
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