Furthermore, ethics is important to the accounting profession because it informs and guides the professionals to perform their duties morally and e...
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...et out in the APES 110. The five fundamental principles are integrity, objectivity, professional competence and due care, confidentially and professional behaviour. Members are required to employ the Code’s framework to recognise threats, analyse the significance of the threats and if possible to apply safeguards to eliminate threats or reduce them to an acceptable level. Threats can be classified into categories such as self-interest, self-review, advocacy, familiarity and intimidation threats. Safeguards can also be classified into two categories such as safeguards created by the profession, legislation or regulation and safeguards in the work environment.
The APES 110 Code of Ethics for Professional Accountants also integrates ethical conflict resolution methods in order to allow members to resolve conflicts in complying with the five fundamental principles.
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