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The fundamental principles are: integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. 2. The Code provides a conceptual framework that professional accountants are to apply in order to identify, evaluate and address threats to compliance with the fundamental principles.
Fundamental principles governing conduct . Registrants have a fundamental responsibility toact in the public interest. The public’s trust and reliance on sound and fair financial and management reporting and competent advice on business affairs - and the economic importance of that reporting and advice -impose these special obligations
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13. The Code sets out fundamental principles of ethics for professional accountants, reflecting the profession’s recognition of its public interest responsibility. These principles establish the standard of behavior expected of a professional accountant. The fundamental principles are: integrity, objectivity, professional competence and
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100.2. This Code is in three parts. Part A establishes the fundamental principles of professional ethics for professional accountants and provides a conceptual framework for applying those principles. The conceptual framework provides guidance on fundamental ethical principles.
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Sep 12, 2018 · New material to explain how compliance with the fundamental principles supports the exercise of professional skepticism in an audit or other assurance engagements. An Enhanced Conceptual Framework The conceptual framework is a set of principles-based provisions in Section 120, The Conceptual Framework of the Code that all PAs are required to apply to deal with ethics and independence issues.
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It requires selecting the most appropriate accounting policy when the standards offer a choice. It requires a steadfast refusal to compromise ethics. Objectivity This requires the professional accountant to disassociate personal biases from a situation, so that the final decision on the accounting treatment is based solely on facts, knowledge of
