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The ICAEW Code of Ethics outlines five fundamental principles for chartered accountant students: integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. This code, revised in 2011, provides ethical guidance to help members uphold high professional standards. ICAEW has also pioneered a principles-based approach to ethics that is now widely adopted in the accounting profession.

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27 views2 pages

Emerging 2 PDF

The ICAEW Code of Ethics outlines five fundamental principles for chartered accountant students: integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. This code, revised in 2011, provides ethical guidance to help members uphold high professional standards. ICAEW has also pioneered a principles-based approach to ethics that is now widely adopted in the accounting profession.

Uploaded by

Feseha Fitawrary
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 DOC, PDF, TXT or read online on Scribd
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Code of ethics - the five fundamental principles

The ACA is the badge of the highest ethical and professional standards. As a chartered accountant
student, you are bound by ICAEW's code of ethics, which is based on the five fundamental principles
below.

ICAEW Code of Ethics

The Code helps our members meet these obligations by providing them with ethical guidance.

More information about the ICAEW Code of Ethics

ICAEW's code of ethics in place to 31 December 2010 replaced ICAEW's guide to professional ethics on 1
September 2006. A revised code of ethics applies from 1 January 2011. The substance of this code is the
same as our previous Guide to Professional Ethics but the layout and structure of the new code is more
user friendly.

The five fundamental principles

1) Integrity

A professional accountant should be straightforward and honest in all professional and business
relationships.

2) Objectivity

A professional accountant should not allow bias, conflict of interest or undue influence of others to
override professional or business judgments.

3) Professional competence and due care

A professional accountant has a continuing duty to maintain professional knowledge and skill at the
level required to ensure that a client or employer receives competent professional services based on
current developments in practice, legislation and techniques. A professional accountant should act
diligently and in accordance with applicable technical and professional standards.
4) Confidentiality

A professional accountant should respect the confidentiality of information acquired as a result of


professional and business relationships and should 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.
Confidential information acquired as a result of professional and business relationships should not be
used for the personal advantage of the professional accountant or third parties.

5) Professional behaviour

A professional accountant should comply with relevant laws and regulations and should avoid any action
that discredits the profession.

ICAEW code of ethics

ICAEW leading the way

ICAEW pioneered the principles based threats and safeguards approach to ethics (explained in an
overview of the code of ethics). This approach has now been adopted by IFAC (the International
Federation of Accountants, of which we are a member body) and the EC among others. We have also
produced ground-breaking work on sustainability. For information on current developments in ethics,
see icaew.com/ethics.

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