Notes of a third year student studying Bachelors of Accounting at the University of the Free State. With this notes that i have compiled, i was able to proudly say that i received a distinction in Auditing by using this notes. If you are struggling with Auditing use this notes, and you could also g...
Professional Conduct
Parts of code:
1. Complying with the code, fundamental principles and conceptual framework.
2. Professional accountants in business.
3. Professional accountants in public practice.
4. A. Independence for audit and review engagements
B. Independence for assurance engagements other than audit and reviews.
Public Interest Company (PIE) – A listed entity OR
An Entity:
Defined by regulation or legislation a PIE OR
For which an audit is required by legislation of regulations
Not personal liability company
PART 1 ~ Complying with the code, fundamental principle and conceptual
framework
→ Professional Accountants have a responsibility to act in the public interest.
→ Responsibility is not exclusively to satisfy the needs of an individual client or his employer.
→ A professional accountant shall comply with the requirements of the SAICA Code of Professional
Conduct.
→ CPC is applicable to all members of SAICA
Integrity Requires accountants to be straightforward, honest, fair & trustworty in all
professional and business relationships.
Should not be associated with information they believe
~ Contains a materially false or misleading statement OR
~ Contains statements or information provided recklessly OR
~ Exclude or obscures information than is misleading
CAs must distance themselfes from such information.
, Objectivity Should not allow bias, conflict of interest or undue influence of others to overide
or compromise professional or business judgements.
Independence Accountants in public practice are required by International Independence
(Linked to Standards to be independent when performing audits, reviews and other
objectivity) assurance services.
Only for Audit &
Review
Independence of mind:
When a professional
accountant acts or makes a Independence in apperance:
professional judgement, there
are no factors that would From the view of a reasonable and
influence his judgement/ informed 3rd party, the
actions professional accountant's
judgement/ actions have been
compromised.
Professional Maintain professional knowledge & skill at a level that ensures competent
professional services.
Competence
& Due Care Act diligently (careful) in accordance with the applicable technical and
professional standards.
Must remain up to date with technology, professional and business relationships
(lifelong learning).
Ensure that all subordinates have the appropriate trainning & supervision.
Must not engage in transaction with a lack of knowledge OR skill unless CA obtains
advice or assistance from competent person.
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