Code of Ethics 2019 Presented at ICAI, Ernakulam

Transcript:Code of Ethics 2019 Presented at ICAI, Ernakulam:
Code of Ethics 2019 Presented at ICAI, Ernakulam on 20th December 2019 SURI & CO, QUALITY CONTROL WING History & Date of Applicability First Edition – November 1963 Twelfth Edition – January 2019 Previous Edition – January 2009 Code of Ethics – 2019 Applicable from 1st April 2020 Transitional arrangements are available in respect of specific sections of this Code. Things to Know International Ethics Standards Board for Accountants (IESBA) Code of Ethics, 2018 Issued by the International Federation of Accountants (IFAC) Sets out fundamental principles of ethics for professional accountants, reflecting the professions recognition of its public interest responsibility. integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour Provides a conceptual framework that professional accountants are to apply in order to identify, evaluate and address threats to compliance with the fundamental principles. Sets out Independence Standards Structure of the Code Part 1 - Complying with the Code, Fundamental Principles and Conceptual Framework -Section 100-199 Part 2 – Professional Accountants in Service - Section 200-299 Part 3 – Professional Accountants in Public Practice - Section 300-399 Part 4A – Independence for Audit and Review Engagements - Section 400-899 Part 4B – Independence for Assurance Engagements Other than Audit and Review Engagements - Section 900-999 Structure of the Code - Part 1 COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK 100 COMPLYING WITH THE CODE 110 THE FUNDAMENTAL PRINCIPLES 111 INTEGRITY 112 OBJECTIVITY 113 PROFESSIONAL COMPETENCE AND DUE CARE 114 CONFIDENTIALITY 115 PROFESSIONAL BEHAVIOUR 120 THE CONCEPTUAL FRAMEWORK Structure of the Code - Part 2 PROFESSIONAL ACCOUNTANTS IN SERVICE 200 APPLYING THE CONCEPTUAL FRAMEWORK – PROFESSIONAL ACCOUNTANTS IN SERVICE 210 CONFLICTS OF INTEREST 220 PREPARATION AND PRESENTATION OF INFORMATION 230 ACTING WITH SUFFICIENT EXPERTISE 240 FINANCIAL INTERESTS, COMPENSATION AND INCENTIVES LINKED TO FINANCIAL REPORTING AND DECISION MAKING 250 INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY 260 RESPONDING TO NON-COMPLIANCE WITH LAWS AND REGULATIONS IN CASE OF EMPLOYMENT WITH LISTED ENTITIES 270 PRESSURE TO BREACH THE FUNDAMENTAL PRINCIPLES Structure of the Code - Part 3 PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE 300 APPLYING THE CONCEPTUAL FRAMEWORK – PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE 310 CONFLICTS OF INTEREST 320 PROFESSIONAL APPOINTMENTS 321 SECOND OPINIONS 330 FEES AND OTHER TYPES OF REMUNERATION 340 INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY 350 CUSTODY OF CLIENT ASSETS 360 RESPONDING TO NON-COMPLIANCE WITH LAWS AND REGULATIONS DURING THE COURSE OF AUDIT ENGAGEMENTS OF LISTED ENTITIES Structure of the Code -