in the FS may not be illegal but is unethical
Accountants have a responsibility to not mislead the public.
- Specialised body of knowledge
- Commitment to social good
- Can regulate itself
- Has high social status
The professions promise to act in the best public interest.
In return the public allows the profession to self-regulate, enjoy high social status and have an exclusive right to perform certain functions (e.g. Auditors)
and in the current conditions have even more of a duty to present fair, accurate and faithfully represented information.