2- 2014 code of ethics & key principles_no background.ppt
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CODE OF ETHICS
& Key Principles
ROS LIND EV NGELIST
Resource Person
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ETHICAL REQUIREMENTS
To provide
guidance on the
fundamentalprinciples
which defineprofessional
ethics
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11.11.2014 3
Code of Ethics for Professional Accountants
This Code of Ethics for Professional Accountants (IESBA Code) establishes ethicalrequirements for professional accountants.
A member body of IFAC or firm shall not apply less stringent standards
than those stated
in this Code.
However, if a member body or firm is prohibited from complying with certain parts of
this Code by law or regulation, they shall comply with all other parts of this Code.
Some jurisdictions may have requirements and guidance that differ from those
contained in this Code.
Professional accountants in those jurisdictions need to be aware of those differences
and comply with the more stringent requirements and guidance unless prohibited by
law or regulation.
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11.11.2014 4
Code of Ethics for Professional Accountants:
Introduction
A distinguishing mark of the accountancy profession is its acceptance of theresponsibility to act in the public interest.
Therefore, a professional accountant's responsibility is not exclusively t
o satisfy the
needs of an individual client or employer.
In acting in the public interest, a professional accountant shall observe and comply
with this Code of Ethics.
This Code contains three parts:
Part A establishes the fundamental principles of professional ethics for
professional accountants and provides a conceptual framework for
professional accountants.
Parts B and Cdescribe how the conceptual framework applies in certain
situations. They provide examples of safeguards that may be appropriate to
address threats to compliance with the fundamental principles. Part Bapplies
to professional accountants in public practice. Part C applies to professional
accountants in business.
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OBJECTIVITY
CONFIDENTIALITY
PROFESSIONALCOMPETENCE
AND DUE CARE
INTEGRITY
PROFESSIONAL
BEHAVIOR
Code of Ethics for Professional Accountants:
Introduction
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Glencoe Accounting
The Nature of Ethics
A formal policy of rules and
guidelines that describes the
standards of conduct that acompany expects from all its
accountants.
Code of Ethics
forAccountants
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Ethics
Training and
Outreach
Distribution of a
written code
Formal training
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Ethics
Enforcement
Performance
Appraisal Notes
Probation
SuspensionDemotion
Termination
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Ethics
The Accountants Role
Avoid harm to stockholders.
Optimize the interests of the public.
Adhere to universal standards of what is right.
Respect the human rights of all people.
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Ethical Behavior
Individuals
Businesses
Society
Acting ethically can increase self-esteem, contentment, and
self-respect.
Companies that made commitments to an ethics code
provided twice the value to shareholders than those that
did not.
Society is the sum of all social relationships between humans
and is only as ethical as the individuals and business that
make it up.
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Key Terms
integrity
objectivity
independence
competence
confidentiality
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Key Principles
Key
Principles
Integrity
Objectivity
IndependenceCompetence
Confidentiality
integrity
The principle that
requires accountants to
choose what is right and just
over what is wrong.
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Key PrinciplesEthics in the
Accounting Profession
Section 29.2
Key
Principles
Integrity
Objectivity
IndependenceCompetence
Confidentiality
objectivityThe principle that
requires accountants to
be impartial, honest, and free
of conflicts of interest.
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Key Principles
Key
Principles
Integrity
Objectivity
IndependenceCompetence
Confidentiality
independence
The principle that
requires accountants to have
no financial interest in the
company being audited.
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Key Principles
Key
Principles
Integrity
Objectivity
IndependenceCompetence
Confidentiality
competence
The principle that requires
accountants to have the
knowledge, skills, and
experience needed to
complete a task.
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Key Principles
Key
Principles
Integrity
Objectivity
IndependenceCompetence
Confidentiality
confidentiality
The principle that requires
accountants to protect and
not disclose information
acquired in the course of
work unless they have the
appropriate legal or
professional responsibility to
do so.
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Codes of Ethics
Philippine Institute
of Certified PublicAccountants
Board of
Accountancy
Professional
Regulation
Commission
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