The Code of Ethics and Conduct is set out in section 3 of the ACCA Rulebook. This covers specific areas in which ACCA regulates its members. This factsheet has no regulatory status. It is issued for guidance purposes only, and in the event of any conflict between the content of this factsheet and the content of the ACCA Rulebook, the latter shall at all times take precedence. Therefore, this factsheet should not be regarded by a member as a substitute for familiarising himself or herself with the appropriate regulations or, where necessary, obtaining specific advice concerning a specific situation. Introduction
The Fundamental Principles set out the obligations placed on all members, whether or not they are in practice. The five principles are set out below:
Integrity – “Members should be straightforward
and honest in all professional and business relationships.” The ACCA Rulebook (and the IFAC Code of Ethics) goes on to state that integrity implies not merely honesty, but fair dealing and truthfulness.
Objectivity – “Members should not allow bias,
conflicts of interest or undue influence of others to override professional or business judgements.”
Professional competence and due care –
The Code of Ethics and Conduct is binding on the practising member of ACCA, and any partner (or director) in an ACCA practice. However, it is also binding on the staff of such a practice, regardless of whether or not they are members of ACCA or any other professional body. Some of the most important areas of the Code of Ethics and Conduct, from the point of view of a new practitioner, are discussed below and in later sections. The Fundamental Principles Within the Code of Ethics and Conduct, the Fundamental Principles are set out in section 3.2 of the ACCA Rulebook. In June 2005, the International Federation of Accountants (IFAC) issued a revised version of its Code of Ethics for Professional Accountants. Therefore, the ACCA...