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Article I Responsibilities. Article Il-The Public Interest

This document outlines the professional responsibilities of accountants, including integrity, objectivity, independence, and due care. It discusses how members should act in the public interest, accept responsibility to the public, and consider the collective well-being of the community over conflicting pressures. Members are expected to perform all professional responsibilities with the highest sense of integrity and maintain objectivity free of conflicts of interest, especially when providing auditing or attestation services. They must also observe technical and ethical standards, continually improve competence, and discharge duties to the best of their ability.

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45 views2 pages

Article I Responsibilities. Article Il-The Public Interest

This document outlines the professional responsibilities of accountants, including integrity, objectivity, independence, and due care. It discusses how members should act in the public interest, accept responsibility to the public, and consider the collective well-being of the community over conflicting pressures. Members are expected to perform all professional responsibilities with the highest sense of integrity and maintain objectivity free of conflicts of interest, especially when providing auditing or attestation services. They must also observe technical and ethical standards, continually improve competence, and discharge duties to the best of their ability.

Uploaded by

Zeyad El-sayed
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as RTF, PDF, TXT or read online on Scribd
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42 MODULE 21 PROFESSIONAL RESPONSIBILITIES

Article I-Responsibilities. In carrying out their responsibilities as professionals, members


should exercise sensitive professional and moral judgments in all their activities.
Article Il-The Public Interest. Members should accept the obligation to act in a way that will
serve the public interest, honor the public trust, and demonstrate commitment to professionalism.
(1) A distinguishing mark of a professional is acceptance of responsibility to public.
(a) The accounting profession's public consists of clients, credit grantors, governments, em-
ployers, investors, business and financial community, and others.
(b) In resolving conflicting pressures among groups an accountant should 'consider the public
interest (the collective well-being of the community).
Article Ill-Integrity. To maintain and broaden public confidence, members should perform all
professional responsibilities with the highest sense of integrity. .
(1) Integrity can accommodate the inadvertent error and honest difference of opinion, but it can-
not accommodate deceit or subordination of principle. .
(2) Integrity ,
(a) Is measured in terms of what is right and just
(b) Requires a member to observe principles of objectivity, independence, and due care
Article IV-Objectivity and Independence. A member should maintain objectivity and be free of
conflicts of interest in discharging professional responsibilities. A member in public practice
. should be independent in fact and appearance when providing auditing and other attestation ser-
vices.
(1) Overall
(a) Objectivity a state of mind
1] Objectivity imposes obligation to be impartial, intellectually honest, and free of con-
flicts of interest.
2] Independence precludes relationships that may appear to impair objectivity in render-
ing attestation services.
(b) Regardless of the service performed, members should protect integrity of their work,
maintain objectivity, and avoid any subordination of their judgment.
(2) Members in public practice require maintenance of objectivity and independence (includes
avoiding conflict of interest).
(a) Attest services-require independence in fact and in appearance
(3) Members not in public practice
(a) Are unable to maintain appearance of independence, but must maintain objectivity
(b) When employed by others to prepare financial statements, or to perform auditing, tax, or
consulting services, must remain objective and candid in dealings with members in
public
practice ./
Article V-Due Care. A member should observe the profession's technical and ethical standards,
strive continually to improve competence and the quality of services, and discharge professional
responsibility to the best of the member's ability.
(1) Competence is derived from both education and experience.
(2) Each member is responsible for assessing his or her own competence and for evaluating
whether education, experience, and judgment are adequate for the responsibility taken.
Article VI-Scope and Nature of Services. A member in public practice should observe the
Principles of the Code of Professional Conduct in determining the scope and nature of services to
be provided.
(1) Members should
(a) Have in place appropriate internal quality control procedures for services rendered

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