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Rules-based code of ethics contains specific rules about how accountants should act in specific situations. Principles-based code of ethics specifies general principles of ethical behaviour and requires professional accountants to act in accordance with the principles. Both are issued by professional accountancy bodies to regulate the conduct of accountants in the course of performing their duties. All accountants who are members of a professional body, such as the Institute of Chartered Accountants of Nigeria, are required to comply with the regulations of that professional body which apply to both external and internal auditors. The reason for the wide reach of ethical guidelines is that the accountancy profession accepts that its members have a responsibility to act in the public interest while discharging their duties.
You are required to:
a. State THREE of the weaknesses of rules-based code of ethics. (3 Marks)
b. Identify FIVE key fundamental principles in the principles-based code. (5 Marks)
c. Explain the phrase “Duty of skill and care.” (2 Marks)
d. When are accountants said to be “acting in the public interest”? (5 Marks)
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
Rules-based code of ethics contains specific rules about how accountants should act in specific situations. Principles-based code of ethics specifies general principles of ethical behaviour and requires professional accountants to act in accordance with the principles. Both are issued by professional accountancy bodies to regulate the conduct of accountants in the course of performing their duties. All accountants who are members of a professional body, such as the Institute of Chartered Accountants of Nigeria, are required to comply with the regulations of that professional body which apply to both external and internal auditors. The reason for the wide reach of ethical guidelines is that the accountancy profession accepts that its members have a responsibility to act in the public interest while discharging their duties.
You are required to:
a. State THREE of the weaknesses of rules-based code of ethics. (3 Marks)
b. Identify FIVE key fundamental principles in the principles-based code. (5 Marks)
c. Explain the phrase “Duty of skill and care.” (2 Marks)
d. When are accountants said to be “acting in the public interest”? (5 Marks)
Find Related Questions by Tags, levels, etc.
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