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Learning Objectives

Learning Objectives. LO1 Introduce the concept of auditor responsibilities . LO2 Explain the importance of the study of ethics in helping define auditor responsibilities . LO3 Outline the characteristics of professional skepticism and critical thinking .

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Learning Objectives

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  1. Learning Objectives LO1 Introduce the concept of auditor responsibilities. LO2 Explain the importance of the study of ethics in helping define auditor responsibilities. LO3 Outline the characteristics of professional skepticism and critical thinking. LO4 Analyze whether a PA’s conduct conforms to principles underlying provincial rules of professional ethics.

  2. Codes of Professional Ethics Each of the PA bodies (CA, CGA, CMA) has its own rules of professional conduct. Typical framework follows: • Introduction and purpose • Fundamental principles and standards • General rules • Specific rules • Discipline • Interpretations of the rules LO4

  3. Fundamental Principles • The member should act to maintain the profession’s reputation. • The member should use due care and maintain his/her professional competence. • The member should maintain independence in the appearance, as well as the fact of independence of his or her professional judgment. • The member should preserve client confidentiality. • The member should base his/her reputation on professional excellence. • The member should show professional courtesy to other membersat all times. LO4

  4. Framework for a Code of Conduct Objective: to serve the public interest. Principles necessary to attain objective: • Integrity • Objectivity • Professional Competence and due care • Confidentiality • Professional behaviour Conformity is achieved by identifying, evaluating, and controlling threats to non-conformity to an acceptable level LO4

  5. Rules of Professional Conduct The Rules of Professional Conduct derive their authority from the bylaws of the profession. • Rules apply to members and all persons associated in public practice including employees and partners. • Certain principles apply to all professional accountants. LO4

  6. Serving the Public Interest The single most important principle is that accountants must serve the public interest. The profession must maintain a good reputation at all time. • If a professional accountant is convicted of a relatively minimal offence or fraud, his/her certification is usually revoked. LO4

  7. Integrity Integrity is the duty to be honest and conscientious in performing professional services. • A PA must “be upright” not be “kept upright.” LO4

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