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2010_F8_CH4_professionalethics

2010_F8_CH4_professionalethics - PartA auditframeworkand...

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Part A  audit framework and    regulation CH1 the nature and purpose of assurance CH2 statutory audit and regulation CH3 corporate governance CH4 professional ethics 
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2 CH4  professional ethics Topic list     1 fundamental principles of professional ethics  2 accepting audit appointment  3 agreeing the terms of the engagement Study guide  
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fundamental principles of  professional ethics 1.1 the fundamental principles 1.2 confidentiality 1.3 integrity, objectivity and independence 1.4 threats to independence and objectivity 1.4.1self-interest ~ 1.4.2self-review ~ 1.4.3advocacy~ 1.4.4familiarity ~ 1.4.5 intimidation ~ 1.5 conflicts of interest 1.6 enforcement mechanisms 1.6 country-specific ethical guidance 3
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fundamental principles of  professional ethics Conceptual framework identify, evaluate and respond to them identified threats Evaluate significance apply safeguards to eliminate or reduce 4
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1.1 the fundamental principles Integrity Straightforward & honest Objectivity Not allow: bias, interest, influence Professional competence and due care Service Diligently, accordance Confidentiality Respect, disclose, use Professional behavior laws, discredits ,
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1 fundamental principles of  professional ethics 1.2 confidentiality Confidentiality Disclose unless:  Consent has been obtained…. There is a public duty … There is a legal or professional right or duty Recognized exceptions  Obligatory voluntary 6
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1.2 confidentiality Obligatory disclosures Money-laundering, treason, drug-trafficking,  terrorist Voluntary disclosures Necessary to protect the member’s interests Is compelled by process of law Is a public duty to disclose non-governmental bodies…have powers to  compel disclosure
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1.2 confidentiality If …is requested to assist the police, the  taxation or other authorities… First enquire under what statutory authority Unless satisfied… he should decline…until  he has obtained …  client’s authority. If client’s authority is not forthcoming…not  accede…legal advisor
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1.2 confidentiality If …knows or suspects….client has  committed a wrongful act… Member give careful thought to his own position Ensure …not prejudiced by…  It would be a criminal offence … act positively
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1 fundamental principles of  professional  ethics   1.3 integrity, objectivity and independence Not only  to be ethical  but also  to be seen   to  be ethical Why objectivity matter?
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