3.2.2 Basic/fundamental principles for Code of Ethics for accountants

The fundamental principles for a Code of Ethics for accountants typically include the following:

1. Integrity: Accountants should act with integrity, which means being honest, straightforward, and truthful in all professional and business relationships. They should not knowingly engage in any dishonest, misleading, or fraudulent activities.
2. Objectivity: Accountants should maintain objectivity and avoid conflicts of interest in their professional activities. They should not allow bias, undue influence, or personal interests to compromise their professional judgment and decision-making. They should provide unbiased and independent advice and services to clients.
3. Professional Competence and Due Care: Accountants have a responsibility to maintain professional competence and continually develop their knowledge and skills to perform their professional duties effectively. They should provide services with due care, diligence, and professional skepticism, ensuring that their work meets the required professional standards.
4. Confidentiality: Accountants should respect the confidentiality of information acquired during the course of their professional work. They should not disclose such information to others unless there is a legal or professional duty to do so. Accountants should also take appropriate measures to ensure the confidentiality of client information within their organization.
5. Professional Behavior: Accountants should comply with relevant laws, regulations, and professional standards. They should act in a manner that upholds the reputation and image of the accounting profession. Professional behavior includes treating others with respect, avoiding any conduct that could discredit the profession, and not engaging in any activities that are incompatible with their professional responsibilities.
6. Professional Independence: Accountants should maintain independence in appearance and in fact when providing professional services. They should avoid any relationships or circumstances that may compromise their objectivity or create conflicts of interest. Independence is crucial to ensure that the opinions, judgments, and recommendations of accountants are unbiased and free from undue influence.