APES 110 Code of ethics for professional accountant was issued by The Accounting Professional and ethical standards board PDF

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APES 110 Code of ethics for professional accountant was issued by The Accounting Professional and ethical standards board (APESB) on 30 TH June 2006. The goal of APESB is to establish, in the public interest, professional and ethical standards. It is mandatory that all the accountant and professional bodies should act as per public interest by complying with the code of ethics formulated by APES. The primary accounting responsibility today is not only for the client and the public, but also for the general public. Therefore, the focus on the public interest reaches beyond the interests of the particular client or employer to the public interest. In general, accountants are presumed to be obliged to act in the interests of their client or employer, provided that the duty to protect the public interest does not interfere with this. Accordingly, serving the public interest is focused on ethical conduct, accompanied by adherence to the basic standards of professional conduct and a conceptual structure approach to the implementation of those principles. As a result, the APESB Code of Ethics is applicable to all accounting profession, and professional accountants behave in the public interest through the implementation of the APESB Ethical code. The APESB Ethics code describes the fundamental principles of ethical conduct in the professional accountants and introduces a structural model for accounting professionals that can be used to recognise threats to comply with fundamental principles, to determine the importance of the threats identified and, where appropriate, to safeguard the removal or reduction of threats to an appropriate level. APES 110 is organised around five core principles, all of which are intended to underpin the Professional behaviour of members of the profession and the delivery of services to customers and Employees. The five fundamental principles the members are required to comply with are integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

Framework for those subjects.

The professional obligations and ethical requirements imposed on members of the accounting profession are based on the five fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour in the Code.

APES 110 is structured around five fundamental principles that are intended to underpin both the professional conduct of members of the profession, and the performance of services to clients and employees. APES 110 requires a Member to comply with the following fundamental principles: 1. Integrity – to be straightforward and honest in all professional and business relationships. 2. Objectivity – to not allow bias, conflict of interest or undue influence of others to override professional or business judgements. 3. 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 Activities based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical and professional standards. 4. 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 Member or third parties. 5. Professional behaviour – to comply with relevant laws and regulations and avoid any conduct that discredits the profession....