Code of Ethics for Professional Accountants - IFAC
International Ethics Standards Board for Accountants
Revised July 2009
Code of Ethics for Professional Accountants
International Ethics Standards Board for Accountants International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA
This Code of Ethics for Professional Accountants was prepared by the International Ethics Standards Board for Accountants (IESBA), an independent standard-setting body within the International Federation of Accountants (IFAC). The IESBA develops and issues in the public interest high-quality ethics standards and other pronouncements for professional accountants for use around the world. It encourages member bodies to adopt high standards of ethics for their members and promotes good ethical practices globally. The IESBA also fosters international debate on ethical issues faced by accountants. This publication may be downloaded free-of-charge from the IFAC website: . The approved text is published in the English language. The mission of IFAC is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high-quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession's expertise is most relevant.
Copyright ? July 2009 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in academic classrooms or for personal use and are not sold or disseminated and provided that each copy bears the following credit line: "Copyright ? July 2009 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact permissions@ for permission to reproduce, store or transmit this document." Otherwise, written permission from IFAC is required to reproduce, store or transmit, or to make other similar uses of, this document, except as permitted by law. Contact permissions@. ISBN: 978-1-60815-035-9
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CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS
CONTENTS Page
PREFACE ............................................................................................................................ 4 PART A: GENERAL APPLICATION OF THE CODE ................................................ 5 100 Introduction and Fundamental Principles ................................................................. 6 110 Integrity ..................................................................................................................... 11 120 Objectivity ................................................................................................................. 12 130 Professional Competence and Due Care ................................................................... 13 140 Confidentiality .......................................................................................................... 14 150 Professional Behavior ............................................................................................... 16 PART B: PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE ................... 17 200 Introduction ............................................................................................................... 18 210 Professional Appointment ......................................................................................... 23 220 Conflicts of Interest ................................................................................................... 26 230 Second Opinions ....................................................................................................... 28 240 Fees and Other Types of Remuneration .................................................................... 29 250 Marketing Professional Services ............................................................................... 31 260 Gifts and Hospitality ................................................................................................. 32 270 Custody of Client Assets ........................................................................................... 33 280 Objectivity ? All Services ......................................................................................... 34 290 Independence ? Audit and Review Engagements ..................................................... 35 291 Independence ? Other Assurance Engagements ....................................................... 84 PART C: PROFESSIONAL ACCOUNTANTS IN BUSINESS ..................................... 111 300 Introduction ............................................................................................................... 112 310 Potential Conflicts ..................................................................................................... 115 320 Preparation and Reporting of Information ................................................................ 116 330 Acting with Sufficient Expertise ............................................................................... 117 340 Financial Interests ..................................................................................................... 118 350 Inducements .............................................................................................................. 120 DEFINITIONS .................................................................................................................... 122 EFFECTIVE DATE ............................................................................................................ 129
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CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS
PREFACE The mission of the International Federation of Accountants (IFAC), as set out in its constitution, is to serve the public interest, continue to strengthen the accountancy profession worldwide, contribute to the development of strong international economies by establishing and promoting adherence to high-quality professional standards, furthering the international convergence of such standards, and speaking out on public interest issues where the profession's expertise is most relevant. In pursuing this mission, the IFAC Board has established the International Ethics Standards Board for Accountants to develop and issue, under its own authority, high quality ethical standards and other pronouncements for professional accountants for use around the world. This Code of Ethics for Professional Accountants establishes ethical requirements for professional accountants. A member body of IFAC or firm shall not apply less stringent standards than those stated in this Code. However, if a member body or firm is prohibited from complying with certain parts of this Code by law or regulation, they shall comply with all other parts of this Code. Some jurisdictions may have requirements and guidance that differ from those contained in this Code. Professional accountants in those jurisdictions need to be aware of those differences and comply with the more stringent requirements and guidance unless prohibited by law or regulation.
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PART A--GENERAL APPLICATION OF THE CODE Page
Section 100 Introduction and Fundamental Principles ............................................................ 6 Section 110 Integrity ................................................................................................................ 11 Section 120 Objectivity ............................................................................................................ 12 Section 130 Professional Competence and Due Care .............................................................. 13 Section 140 Confidentiality ..................................................................................................... 14 Section 150 Professional Behavior .......................................................................................... 16
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