Code of Ethics - Necessity

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Transcription:

1

Code of Ethics - Necessity High Expectations. Regulating the relationships of Chartered Accountants. International Obligation. 2

Code of Ethics - Evolution The Chartered Accountants Act,1949 Precursor to Code of Ethics. Code of Conduct for members. Code of Ethics. 3

Code of Ethics, 2009 11 th edition of the Code of Ethics. Convergence with IFAC. Revision due to IFAC Code of Ethics, 2010 in offing 4

Code of Ethics,2009 - Structure Divided in two parts. Part A : Based on IFAC Code of Ethics Part B: Based on the domestic provisions :- Accounting And Auditing Standards The Chartered Accountant Act, 1949 Professional Misconduct Council Guidelines Self Regulatory Measures recommended by the Council Appendices 5

Sr. PARTICULARS PART A PART - B 1 Approach Principle based Rule based 2 Framework Conceptual framework based on general principles. 3 Authority It suggests basic principles in modular form along with examples as guidelines of the Council. 4 Enforceabilit y Basic Principles Professional Accountants to see enforceability themselves. Based on legal framework as per CA Act, 1949. Authority founded in specific Statute Inbuilt mechanism for its enforcement is in place 6

Part A (Chapter 1: General Application of the Code) Fundamental principles: 1. Integrity 2. Objectivity 3. Professional Competence and Due Care 4. Confidentiality 5.Professional Behaviour 7

Part A (Chapter 1: General Application of the Code) Contd.. Conceptual Framework Reduce Approach Threats Accept Threat Evaluation Apply safeguards Not possible to reduce threats Decline Ethical Conflict Resolution 8

Part-A (Chapter 2: Professional Accountant in Public Practice) Threats & Safeguards. Professional Appointment. Conflict of Interest. Second Opinions Fees Marketing Professional Services Gifts & Hospitality Custody of Client Assets. Objectivity 9

Part-A (Chapter 2: Professional Accountant in Public Practice) Contd.. Independence Assurance Engagements Independence of Mind Independence Independence of Appearance Assertion Based Assurance Engagements 10

Part-A (Chapter 2: Professional Accountant in Public Practice) Contd.. Application of Framework to Specific Situations Provisions Applicable. Long Association. Fees & Pricing. 11

Part-A ( Chapter 3 : Professional Accountants in Service) Potential Conflicts. Preparation and Reporting of Information. Acting with sufficient Expertise. Financial Interests. Inducements. 12

Part-B (Chapter 4: Accounting and Auditing Standards) Authority attached. Accounting Standards and Quality Control and Engagement Standards 13

Part B (Chapter 5: The Chartered Accountants Act,1949) General Provisions of the Act Following Sections 2 : to be in practice 7 : Use of designations 8 : Disability for the purpose of membership 20: Removal from the register 21: Disciplinary inquiry 22 : Misconduct defined 24: Penalty for falsely claiming to be members etc. 25 : Companies not to engage in accountancy 26 : Unqualified persons 27: Maintenance of branch offices 14

- - - Part B (Chapter 5: The Chartered Accountants Act,1949) Contd.. FIRST SCHEDULE PART -I Professional Misconduct in relation to CA in Practice Clause 2,3 & 4 --- Sharing of profits and partnership Clause 6 --- Solicitation Clause 7 --- Designation and advertisement Clause 8 --- Communication Clause 9 --- Compliance of Sec 225 of Comp. Act Clause 11 --- Other occupation PART-II Professional Misconduct in relation to CA in Service PART III Professional Misconduct in relation to Members of the Institute Generally Clause 2 --- Does not supply information to ICAI Clause 3 --- Gives false information PART-IV Other Misconduct of Members in General Clause 1 --- Held guilty by any Court Clause 2 --- Brings disrepute to the profession 15

Part B (Chapter 5: The Chartered Accountants Act,1949) Contd.. SECOND SCHEDULE PART I Professional Misconduct in relation to CA in Practice generally Clause 1 --- Disclosing information with out client s consent Clause 4 --- Expresses opinion of financial statements Clause 5 --- Fails to disclose material facts Clause 6 --- Fails to report material misstatement Clause 7 --- Gross negligence Clause 8 --- Fails to obtain sufficient information Clause 9 --- Fails to attend any material departure from accepted procedure of audit PART III Professional Misconduct in relation to CA in Service Clause 1 --- Contravenes any provisions of Act, Regulations, Guidelines Clause 3 --- Gives false information to ICAI etc. PART-III Professional Misconduct in relation to Members of the Institute Generally Clause 1 --- Held guilty by any Court 16

Part B (Chapter 6: Council Guidelines) Part A-Guidelines for Advertisement for the Members in Practice (Have been issued by Council on 14 th May, 2008) Only services Through a write- up Strictly as per guidelines Part-B- Council General Guidelines (Have been issued on 8 th August, 2008 in supersession of the Notifications issued by the Council under erstwhile Clause(ii) of Part-IV of the Second Schedule to the CA Act.) Conduct of a member being an employee Appointment as cost auditor Opinion on financial statements Maintenance of books of account Tax audit assignments under Sec.44AB Appointment in case of non payment of audit fees Specified number of audit assignment Appointment as statutory auditor Appointment when auditor is indebted Directions incase of unjustified removal of auditor Minimum audit fee 17

Part B (Chapter 7: Self Regulatory Measures Recommended by the Council) Branch audits Joint audit Ratio between qualified and unqualified staff Disclosure of interest by auditors in other firms Ceiling on the fees 18

Part B Appendices A - F A - Same as Appendix No. (11)of the Institute s publication, viz. the CA Act. B - Announcement regarding withdrawal of Appendix no. (6) of the Institute s publication viz. the Chartered Accountants Act, 1949 as published at page 53 of February 1998 issue of the Journal. C - Announcement regarding withdrawal of Appendix no. (5) of the Institute s publication viz. the Chartered Accountants Act, 1949 as published at page 93 to 96 of May 1998 issue of the Journal. D - Guidelines of the Council in context of use of designation etc. and manner of printing letter heads and visiting cards. E - Mission Statement & Terms of Reference of Ethical Standards Board and Procedure to be followed for dealing with cases of Unjustified Removal of Auditors F - Appendix(9)-CA Regulations, 1988. 19

Thank You 20

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