Faculty of Economic and Financial Sciences
Learning Unit 3.1
Professional Ethics
,Department of Commercial
Accounting
Introduction
•This chapter is all about professional conduct, i.e.
how accounting professionals
(accountants/auditors/tax practitioners/financial
managers) have to conduct themselves.
•Code of Ethics – set of rules/ principles and morals
of conduct that ensure that a professional behaves
professionally (able to distinguish between what is
right and what is wrong while performing his duties)
2
, Department of Commercial
Accounting
• These Codes of Ethics are normally applied and needed when
a professional needs to decide between good and bad on any
given situation.
• In South Africa this Code of Ethics has been laid down by the
International Federation of Accountants (IFAC) and adopted by
the South African Institute of Chartered Accountants (SAICA)
from 30 June 2006 and reviewed on 1 Jan 2011.
• The IFAC (SAICA) Code of Ethics applies to all persons
registered regardless of whether they are in public practice or
business.
• Study page 2/3 – 2/4 for a full background on Code of Ethics.
, Department of Commercial
Accounting
• Class Exercise:
– What items / principles / rules do you think
Accountants and other Finance Professionals
should comply with?
Learning Unit 3.1
Professional Ethics
,Department of Commercial
Accounting
Introduction
•This chapter is all about professional conduct, i.e.
how accounting professionals
(accountants/auditors/tax practitioners/financial
managers) have to conduct themselves.
•Code of Ethics – set of rules/ principles and morals
of conduct that ensure that a professional behaves
professionally (able to distinguish between what is
right and what is wrong while performing his duties)
2
, Department of Commercial
Accounting
• These Codes of Ethics are normally applied and needed when
a professional needs to decide between good and bad on any
given situation.
• In South Africa this Code of Ethics has been laid down by the
International Federation of Accountants (IFAC) and adopted by
the South African Institute of Chartered Accountants (SAICA)
from 30 June 2006 and reviewed on 1 Jan 2011.
• The IFAC (SAICA) Code of Ethics applies to all persons
registered regardless of whether they are in public practice or
business.
• Study page 2/3 – 2/4 for a full background on Code of Ethics.
, Department of Commercial
Accounting
• Class Exercise:
– What items / principles / rules do you think
Accountants and other Finance Professionals
should comply with?
