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Maintaining Confidentiality and Professional Behavior in Public Accounting

   

Added on  2019-10-31

7 Pages1863 Words217 Views
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By student name ProfessorUniversityDate: 15 September 2017.
Maintaining Confidentiality and Professional Behavior in Public Accounting_1

1ContentsIntroduction...............................................................................2Analysis.......................................................................................2Conclusion..................................................................................4Refrences....................................................................................61 | P a g e
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2IntroductionThe APES 110 Code of Ethics for Professional Accountants has been issued by the APESB. It is anindependent body that was developed in 2006. The main role of this authority body is to develop rulesand standards for the betterment nd development of the professional system of the professionalcourses for the benefit of the public. The authority released this code of ethics for the public benefit.Every professional is required to follow the same and in cases if they fail there might be actions takenagainst them. This code is formed on the basis of the Code of Ethics for Professional Accountants, whichhas been issued by the IESB. In all conditions the members who are practicing in Australia or they basedin abroad, they need to follow these rules and principles unless they are prevented by the law orregulations. Various requirements have been stated in the context of the code, where the members arerequired to follow the same not only by the words that has been written but also the overall spirit ofprofessionalism and virtue. A brief analysis of the overall code of ethics is stated , also how it is usefulfor the professionals and the public at large[ CITATION Son17 \l 16393 ].AnalysisOne of the most important aspect of the accounting profession is not only to comply with theneeds of the specific company or individual, but it also requires than to conduct their duties in such amanner that it is not detrimental to the health of the public. For the same, the code has beenestablished and every professional needs to follow the same. If any member is abstained fromcomplying with any part of the code, than he must make sure to comply with all the other parts. Thecode mainly consists of three parts as given below-The part A deals with the fundamental principles for professional ethics, and provides a framework forthe members to follow.It is the duty of the professional to identify any kind of threats that may be associated with theoverall compliance with the fundamental duties and principles.Once the threat has been indentified, the professional must look after its significance.After this, the members must apply necessary safeguards, necessary steps to abolish the level ofdanger and make the entity free of such threats. The members should make sure that theoverall compliance with the fundamental principles is not compromised. It should also makesure that proper professional judgment is applied in this case[ CITATION Jon171 \l 16393 ].2 | P a g e
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