ACCA SBR ^INT Syllabus A. Fundamental Ethical And Professional Principles - Codes of Ethics for Professional Accountants - Notes ^{5 / 11}

The International Ethics Standards Board for Accountants (IESBA) is a group that makes rules for accountants all over the world. They think that since every country is different in terms of culture, language, laws, and social systems, it's up to groups like the ACCA to:

1. Make detailed rules about how accountants should behave.
2. Make sure these rules are followed and enforce them.

The IESBA made a set of rules called the International Code of Ethics for Professional Accountants.

This code tells accountants how they should act and what important principles they should follow. It's like a model for creating ethical rules in different countries.

The codes of ACCA and the IESBA are effectively interchangeable in the majority of requirements, with the ACCA Code giving additional guidance specific to ACCA members.

As a part of IFAC, the ACCA has rules about how its members should behave.

These rules are based on the IESBA rules. They apply to all students and members of the ACCA, whether they work in different areas like practice, commerce, or internal audit.

The rules have five important principles and a framework to help members understand and use these principles. These are pretty much the same as the IESBA rules.

Principles

1. Integrity

   Be Honest and Straightforward: Always tell the truth and be straightforward in your professional and business relationships.

2. Objectivity

   Make decisions without letting personal bias, conflicts of interest, or other influences get in the way.

3. Professional competence and due care

   Be Competent and Diligent: Keep your knowledge and skills up to date, so you can provide the best service to your clients or employer. Work diligently and follow professional standards

4. Confidentiality

   Keep any information you come across during your work private and don't share it without proper authorisation

5. Professional Behaviour

   Behave Professionally: Follow the law and regulations, act in the public interest, and avoid any behavior that could harm the reputation of the accounting profession