Exploring The IESBA Code 3 – The Conceptual Framework-Evaluating Threats
1. Professional accountants are guided by a set of core principles that assist them in fulfilling their responsibilities to operate in the public’s best interests. 2. It is necessary to assess any potential challenges to compliance with the fundamental principles. 3. Therefore, the next step is to evaluate whether the identified threats are at an […]
Exploring The IESBA Code Installment 4 – The Conceptual Framework – Step 3
Exploring The IESBA Code Installment 4 – The Conceptual Framework – Step 3 Addressing Threats 1. The IESBA Code helps professional accountants (PAs) meet their responsibility to act in the public interest. 2. The Code provides a conceptual framework that specifies a three-step approach that all PAs can apply to identify, evaluate and address threats […]
Exploring The IESBA Code Installment 5 – Independence
1. Among other things, the International Independence Standards (IIS) mandate that professional accountants (PAs) in public practice be independent when doing audits, reviews, or other assurance engagement, in addition to adhering to the fundamental principles. 2. Independence is closely linked to the principles of integrity and objectivity and is an important element of serving the […]
Exploring The IESBA Code Installment 6- Conflicts of Interest
1. Conflicts of interest are the type of situation that is most directly associated with the principle of objectivity. All PAs are prohibited from compromising their professional or business judgement as a result of bias, a conflict of interest, or the undue influence of others, according to the Code. 2. Having conflicts of interest isn’t […]
Exploring The IESBA Code Installment 7 – Inducements, Including Gifts and Hospitality
1. Inducements are defined in the IESBA Code as “anything used to influence the behaviour of another individual.” 2. At times, this influence occurs naturally as a result of commercial relationship development, but at other times, the incentive is intended to improperly encourage someone to act unethically. 3. Inducements can range from conventional business partners’ […]
