GUIDE TO THE CODE
(This Guide is a non-authoritative aid to using the Code.)
Purpose of the Code
This ICAI Code of Ethics is applicable from 1 April, 2019. Where guidance contained in this Code relates to engagements commencing prior to that date, previous guidance may be applied up to completion of the said engagements. Transitional arrangements are available in respect of specific sections of this Code.
This Code has been derived from the International Ethics Standards Board for Accountants (IESBA) Code of Ethics, 2018 issued by the International Federation of Accountants (IFAC).
1. The Code of Ethics for Professional Accountants (including Independence Standards) (“the Code”) sets out fundamental principles of ethics for professional accountants, reflecting the profession’s recognition of its public interest responsibility. These principles establish the standard of behaviour expected of a professional accountant. The fundamental principles are: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.
2. The Code provides a conceptual framework that professional accountants are to apply in order to identify, evaluate and address threats to compliance with the fundamental principles. The Code sets out requirements and application material on various topics to help accountants apply the conceptual framework to those topics.
3. In the case of audits, reviews and other assurance engagements, the Code sets out Independence Standards, established by the application of the conceptual framework to threats to independence in relation to these engagements.
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