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Interpretation and Application of International Standards on Auditing by Steven Collings

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3

THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS

Professional accountants are governed by ethical standards by which they must comply. It is generally accepted that auditors have a direct responsibility to the shareholders of the entity in which they are auditing, however, professional accountants, whether they work in audit practice or not, are also required to act in the public interest. The Code of Ethics for Professional Accountants has been prescribed by the International Ethics Standards Board of Accountants (IESBA).

The Code of Ethics for Professional Accountants prescribes the requirements for professional accountants, whether they work in audit practice or not. Member bodies of IFAC must not apply any less stringent standards than those stated in their Code. In some jurisdictions, there could be Ethical requirements which differ from the IESBA Code. Professional accountants must be aware of the differences and must comply with the more stringent requirements and guidance unless a law or regulation prohibits such compliance.

The Code of Ethics for Professional Accountants is split into three parts:

  • Part A establishes the fundamental principles of professional ethics for accountants, which provides a professional framework for applying those principles.
  • Part B applies to professional accountants who work in practice.
  • Part C applies to professional accountants who work in business and those professional accountants who work in practice may find Part C relevant to their ...

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