APES 110 Code of Ethics - Section 350
Added on 2019-10-31
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Running head: ETHICSEthicsName of the studentName of the universityAuthor note
1ETHICSAPES 110 is the code of ethics that all accountants must follow in order to work under asystematic and civil environment. The said code was legalized by the Accounting Professionaland Ethical Standards Board, better known as APESB, after its initial establishment in the year2006. Keeping the singular goal of development and issue of rules that would create ethicalstandards in order to fulfill both public and professional interests in their mind, the board createdby the joint effort of both the Institute of Chartered Accountants and the CPA, in Australia(Cheffers and Pakaluk, 2017). If life is boat then rules and regulations are the mast and rudder that direct its course.Same can be said in the case of the professional world where accounting principles play a keyreal in order to avoid confusion, dissatisfaction, criminal offences, threats and frauds that aremost common problems a financial institution or even a normal person can face in his dailystruggles. APES 110 are a code that directs accounts all over the world as issued by theInternational Ethics Standards Board for Accountants (IESBA) of the InternationalFederation of Accountants (IFAC). Like every prospect of life have their principles, so doesthe APES 110 (Accounting Professional and Ethical Standards Board, 2013). To create trust andLegality among the many people living in the society and various financial entities, the Boardhas issues principles that the accountants can relate with the daily life, they are:1. Integrity2. Objectivity3. Professional competence4. Confidentiality5. Professional behavior
2ETHICSIt is required that an Accountant is honest and dutiful when it comes to fulfilling his job, eitherprofessionally or for a personal client while being biased and avoiding unwanted influence(Arens et al, 2007). It is also expected of him to have the knowledge of his work and swear avow to secrecy for his client whenever need, while at the same time, being calculative andprofessional to the utmost degree. The principles are described in utmost detail in the sections110 to 150 of the APES. The code has provided a clear review of the threats that are experienced by a financialinstitution in various circumstances depending upon the relationships the parties have.Paragraph 100.12 of the code has divided threats into ones driven by ‘Self Interest’, ‘Selfreview’ as in improper evaluation of a situation, ‘Advocacy’, ‘Familiarity’ and ‘OtherIntermediate’ threats (Flanagan & Clarke, 2007). By, this it can be said that APES has shownclear knowledge of where public interests might lie and what needs to be done in order to keepthese interests fulfilled at all cost, there are paragraphs in the text that make the necessity of suchstringent laws very clear, For example:1. Paragraph 100.13, provide safeguards and actions that can prevent or, can be used to eitherstop or completely eliminate a possible threat that fall under either professional legislations orwork environment.2. Paragraph 100.22, states that, in the best interests of Members the substance of the issue,details of discussions held and decisions made regarding the issue should be documented.It is quite evident from the above discussion that ethics are more or less derived from our dailylives in one way or the other. Both the paragraphs are evidences to support not only the legalityof the code, but also how necessary its stand in the society is. The conceptual framework that
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