Principles of Applying Ethics In Professional Judgement

The ICAI Code of Ethics mandates five fundamental principles for Chartered Accountants to ensure they consistently act in the public interest.

First, Integrity requires straightforwardness and honesty in all professional, business, and personal relationships. Second, Objectivity demands that professional judgment remains uncompromised by biases, conflicts of interest, or undue influence. Third, Professional Competence and Due Care entails maintaining up-to-date professional knowledge and acting diligently in accordance with technical standards. Fourth, Confidentiality obligates accountants to fiercely protect client information both during and after professional engagements. Finally, Professional Behaviour involves complying with laws and avoiding any conduct that might discredit the accounting profession.

OVERVIEW AND INTRODUCTION:

One of the hallmarks of the chartered accountancy profession is the underlying and tacit responsibility of acting in ‘public interest’. A chartered accountant plays various professional roles in society namely as an accountant, financial advisor, tax advisor, auditor and many more. The impact that each of these roles is able to create depends on the skills and values that accountants bring to the fore.