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SAICA Conduct Guidelines

The SAICA Code of Professional Conduct outlines five fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. It identifies threats to compliance with these principles as self-interest, self-review, advocacy, familiarity, and intimidation threats. The Code provides safeguards to address possible threats such as assigning additional personnel, using separate engagement teams, disclosing referral fees, and maintaining confidentiality. Auditors must also be independent in both mind and appearance according to the Independence section.

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199 views1 page

SAICA Conduct Guidelines

The SAICA Code of Professional Conduct outlines five fundamental principles of integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. It identifies threats to compliance with these principles as self-interest, self-review, advocacy, familiarity, and intimidation threats. The Code provides safeguards to address possible threats such as assigning additional personnel, using separate engagement teams, disclosing referral fees, and maintaining confidentiality. Auditors must also be independent in both mind and appearance according to the Independence section.

Uploaded by

Amina Amen
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 PDF, TXT or read online on Scribd
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SAICA CODE OF PROFESSIONAL CONDUCT

Five fundamental principles of professional conduct:

• Integrity
• Objectivity
• Professional competence and due care
• Confidentiality
• Professional behaviour

Threats to compliance with fundamental principles:

➢ Self-interest threat
➢ Self-review threat
➢ Advocacy threat
➢ Familiarity threat
➢ Intimidation threat

Safeguards to possible threats:

o Assigning additional time and qualified personnel to required tasks when an engagement has been
accepted (self-interest)
o Having an appropriate reviewer who was not a member of the team reviewing the work performed
or advising as necessary (self-review)
o Using different engagement partners and engagement teams with separate reporting lines for
provision of non-assurance services to an assurance client (self-review, advocacy, familiarity)
o Involving another firm to perform or re-perform part of the engagement (self-interest, self-review,
advocacy, familiarity)
o Disclosing to clients any referral fees or commission arrangements received for recommending
services or products (self-interest)
o Separating teams when dealing with matters of a confidential nature (self-interest)

o Having separate engagement teams provided with clear policies and procedures on maintaining
confidentiality (conflict of interest)
o Having an appropriate reviewer not involved in providing the service or otherwise affected by the
conflict, review the work performed to assess whether the key judgements and conclusions are
appropriate (conflict of interest)
o Assigning sufficient engagement personnel with the necessary competencies (self-interest)
o Agreeing on a realistic time frame for the performance of the engagement (self-interest)
o Using experts where necessary (self-interest)
o Asking existing or predecessor auditor to provide any known information the proposed auditor
should be aware of (self-interest)
o Obtaining information about new client from other sources such as inquiries of third parties,
background investigations regarding senior management (self-interest)
o Adjusting level of fees or scope of engagement (self-interest – fees)
o Having an appropriate reviewer review the work performed (self-review – fees)

Independence

Auditors should be independent in mind and appearance.

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