Summaries
Summaries
CPC -NOTES
Mokgomotsi’s Simplified Note + Exam Approach
, AUDITING NOTES
CODE OF PROFESSIONAL CONDUCT
CPC: guides accountants in ensuring that they perform their duties in a specific
acceptable way aligned with the designation (to avoid misuse and protecting the
reputation of the designation)
To achieve the above objective there are PRINCIPLCES as a guidance and THREATS
that accountants should be aware of which may hinder them from performing their
duties with professionalism as required by the CPC.
Illustration the above in simplest way for understanding:
PRINCIPLES (objectives/goal)
Threats which may hinder
accountants from
reaching the goal.
ACCOUNTANTS
FIVE PRINCIPLES OF CPC:
These are the principles which accountants must comply with while carrying their
duties.
1. Integrity – accountants are expected to provide honest and truthful information
and not false/misleading information (e.g. overstating revenue to mislead
investors)
2. Objectivity – accountants are expected to make unbiased decisions and not
decisions which are biased and influenced by conflict of interest.
3. Professional Competence and due care – accountants are expected to
perform their duties with professionalism, meanwhile ensuring that they:
- Maintaining Professional skills and knowledge
- Act in accordance with appropriate standards.
- Life-long learning (staying-up to date)
- Appropriate training and supervision
4. Professional Behaviour – Accountants are expected to comply with relevant
laws and regulations to avoid bringing the profession to discretion and must not:
- Make exaggerated claims
- Make comparison to the work of others.
Summaries
CPC -NOTES
Mokgomotsi’s Simplified Note + Exam Approach
, AUDITING NOTES
CODE OF PROFESSIONAL CONDUCT
CPC: guides accountants in ensuring that they perform their duties in a specific
acceptable way aligned with the designation (to avoid misuse and protecting the
reputation of the designation)
To achieve the above objective there are PRINCIPLCES as a guidance and THREATS
that accountants should be aware of which may hinder them from performing their
duties with professionalism as required by the CPC.
Illustration the above in simplest way for understanding:
PRINCIPLES (objectives/goal)
Threats which may hinder
accountants from
reaching the goal.
ACCOUNTANTS
FIVE PRINCIPLES OF CPC:
These are the principles which accountants must comply with while carrying their
duties.
1. Integrity – accountants are expected to provide honest and truthful information
and not false/misleading information (e.g. overstating revenue to mislead
investors)
2. Objectivity – accountants are expected to make unbiased decisions and not
decisions which are biased and influenced by conflict of interest.
3. Professional Competence and due care – accountants are expected to
perform their duties with professionalism, meanwhile ensuring that they:
- Maintaining Professional skills and knowledge
- Act in accordance with appropriate standards.
- Life-long learning (staying-up to date)
- Appropriate training and supervision
4. Professional Behaviour – Accountants are expected to comply with relevant
laws and regulations to avoid bringing the profession to discretion and must not:
- Make exaggerated claims
- Make comparison to the work of others.
