1) highly competent
2) reliable
3) objective
4) high degree of professional integrity.
is one of their most important assets.
Professionals should act in the best interest of the public.
This can create an ethical/professional dilemma.
Where these duties are in contrast to the public interest, then the ethical conduct of the accountant should be in favour of the public interest.
1) Technical compliance: GAAP used.
2) Economic substance: The economic substance of the event that has occurred must be represented (over and above GAAP)
3) Full disclosure and transparency: Sufficient disclosures made