22207 Midterm: Mid Exam Revision - 3
Document Summary
Ethics in accounting: professional standards asked of accountants to act ethically - apes110. Accountants are expected to act in the public interest. Member"s responsibility is not exclusively to satisfy needs of client. Maintain professional knowledge/skill at the required level. Not to compromise their professional or bs judgement because of bias, conflict of interest or the undue influence of others. In situations which impairs objectivity, try to avoid them. Imposes an obligation on members to be straightforward and honest in business relationships. )f you think you shouldn"t, then don"t (cid:523)e. g. naturally connected client(cid:524) Can"t make exaggerated claims for the services they are able to offer. Don"t over promise and under deliver (cid:523)e. g. qualifications/experience(cid:524) Shouldn"t be associated with reports or communication where they believe. Only exception is if it is a legal duty (must act in public interest first duty) Accepting gifts from a client (cid:523)if its immaterial it doesn"t matter(cid:524) Advocacy (cid:523)promoting on behalf of a client you"re already involved in(cid:524)
