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Exam Prep.docx - CPA Ontario Code of Conduct Summary and...

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CPA Ontario Code of Conduct Summary and Discussion Preamble The CPA Ontario Code of Conduct provides members and firms a discussion of the various rules and procedures that they are required to follow as a member of the professional designation. The main discussion in the preamble is regarding the five fundamental principles of accepted conduct. 1. Professional Behavior – Describes the professional standard of behavior that members of CPA Ontario should follow while they are holding the designation 2. Integrity and Due Care – Integrity and due care are two important principles that members should follow while conducting their business practices 3. Objectivity – Members and firms must remain objective to avoid any conflict of interest with their judgment and decisions 4. Professional Competence – Members should maintain a level of professional competence by constantly developing their understanding and procedures of the designation 5. Confidentiality – It is important that any information disclosed while conducting practices should only be disclosed to certain authorities. Definitions This section provides definitions for various terms within the code of conduct that will be discussed in the upcoming sections. Examples include appropriate financial reporting, contingent fee, and conflict of interest. A specific example of a definition regarding “conflict of interest” is: A relationship may be seen as a conflict of interest if it influences a member/firm judgment while providing a professional service. 100 – Professional Governance Professional governance refers to the different rules that members and firms must comply with in relation to governance while conducting their professional practices. An example of this rule is rule 101 which discusses the compliance of a member of firm to government legislation, bylaws, regulations, and CPA code. The purpose of this section is to provide members and firms with the understanding of the various rules, procedures, consequences and circumstances that is part of accepted conduct within CPA standards. 200 – Public Protection Public protection is an important section that discusses the various rules that contribute to the protection of the general public. A majority of the rules related to the fundamental principles of accepted conduct such as integrity, due care, and professional competence. For example, professional competence is important to the protection of the public as without it the public would not be able to rely on the professionals providing their services.
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Two major rules are discussed below; Rule 204 which discusses independence and Rule 210 which discusses conflict of interest. Rule 204 is the general rule that provides the various procedures and standards that have an impact on the independence of firms and public. The terms that will be discussed in Rule 204 are defined so that members/firms have a clear understanding of the context and definition of the important terms used in the procedures. First, members/firms need to identify whether there is a
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