ACCOUNTING SYSTEM AND PROCESS 2022

Running head: ACCOUNTING SYSTEM AND PROCESS
Accounting system and process
Name of the student
Name of the university
Student ID
Author note

1ACCOUNTING SYSTEM AND PROCESS
Table of Contents
Answer (i)........................................................................................................................................2
Answer (ii).......................................................................................................................................4
Reference.........................................................................................................................................7

2ACCOUNTING SYSTEM AND PROCESS
Answer (i)
Ethical principles under code of ethics for the professional accountants
APESB is the independent board established in the year 2006 that issued the APES 110
Code of Ethics for the professional accountants and standards for accounting profession. It has
the objective of developing the ethical and professional standards in public interest
(Apesb.org.au, 2019). As per the code of ethics all the accounting professional shall be complied
with the following 5 principles –
 Integrity – in accordance with the principle of integrity all the members shall be honest
and shall be straight forward while maintaining all the professional as well as business
relationship aspects. It also implies the truthfulness and fair dealings (Duska, Duska &
Kury, 2018). Further, a member knowingly shall not be involved with the returns, reports,
communication or any other information where it is believed by the member that the
information contained are misleading or materially false or includes information that is
recklessly furnished or obscure or omits information that is required to be contained as
obscurity or omission of such information will be misleading (Cpaaustralia.com.au,
2019).
 Objectivity – it obliges all the members that they must not compromise the business
judgment or professional judgment owing to bias, interest conflict or undue influence of
others. Any member can be exposed to a situation where his / her objectivity may be
impaired. It is not practicable defining or prescribing all such situations
(Cpaaustralia.com.au, 2019).