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Unformatted text preview: f objectivity imposes an obligation on all professional accountants not to
compromise their professional or business judgment because of bias, conflict of interest or the
undue influence of others. 21 120.2 A professional accountant may be exposed to situations that may impair objectivity. It is
impracticable to define and prescribe all such situations. A professional accountant shall not
perform a professional service if a circumstance or relationship biases or unduly influences the
accountant’s professional judgment with respect to that service. SECTION 130
Professional Competence and Due Care
130.1 The principle of professional competence and due care imposes the following obligations on all
(a) To maintain professional knowledge and skill at the level required to ensure that clients or
employers receive competent professional service; and
(b) To act diligently in accordance with applicable technical and professional standards when
providing professional services.
130.2 Competent professional service requires the exercise of sound judgment in applying professional
knowledge and skill in the performance of such service. Professional competence may be divided
into two separate phases:
(a) Attainment of professional competence; and
(b) Maintenance of professional competence. 130.3 The maintenance of professional competence requires a continuing awareness and an
understanding of relevant technical, professional and business developments. Continuing
professional development enables a professional accountant to develop and maintain the
capabilities to perform competently within the professional environment.
The maintenance of professional competence requires initially a high standard of general education
followed by specific education, training and examination in professionally relevant subjects, and
whether prescribed or not, a period of meaningful work experience. This should be the normal
pattern of development for professional accountant. 130.4...
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This document was uploaded on 04/03/2014.
- Spring '14