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Explain fundamental principal of professional ethics

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Reference no: EM132787790

The professional activities of auditors are governed by the MIA By-Laws (On Professional Ethics, Conduct and Practices) and also subject to oversight by Securities Commission. The fundamental ethical principles represent the overriding attributes which professional accountants must possess in order to achieve objectives of the accounting profession and fulfil their public interest obligation.

Required:

Problem i. Briefly explain any THREE (3) fundamental principal of professional ethics.

Problem ii. MIA By-Laws Section 240 provides that the professional fees should be a fair reflection of the value of work performed for the client. List FOUR (4) factors should auditor consider in charging the audit fees to clients.

Reference no: EM132787790

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