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Unformatted text preview: fundamental principles is not
A professional accountant shall use professional judgment in applying this conceptual
framework. 100.3 Parts B and C describe how the conceptual framework applies in certain situations. They provide
examples of safeguards that may be appropriate to address threats to compliance with the fundamental
principles. They also describe situations where safeguards are not available to address the threats, and
consequently, the circumstance or relationship creating the threats shall be avoided. Part B applies to
professional accountants in public practice. Part C applies to professional accountants in business.
Professional accountants in public practice may also find Part C relevant to their particular circumstances.
100.4 The use of the word “shall” in this Code imposes a requirement on the professional accountant or
firm to comply with the specific provision in which “shall” has been used. Compliance is required unless
an exception is permitted by this Code. Fundamental Principles
100.5 A professional accountant shall comply with the following fundamental principles:
(c) Integrity – to be straightforward and honest in all professional and business relationships.
Objectivity – to not allow bias, conflict of interest or undue influence of others to override
professional or business judgments.
Professional Competence and Due Care – to maintain professional knowledge and skill at
the level required to ensure that a client or employer receives competent professional 139 (d) (e) services based on current developments in practice, legislation and techniques and act
diligently and in accordance with applicable technical and professional standards.
Confidentiality – to respect the confidentiality of information acquired as a result of
professional and business relationships and, therefore, not disclose any such information to
third parties without proper and specific authority, unless there is a legal or professional
right or duty to disclose, nor use the information for the personal advantage of the
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- Spring '14