This course will cover the ethical rules governing the range of work performed in practice and suggest suitable approaches to tackle the risks.
The problem with ethics is that the basic concept is simple, but the rules applying to accountants in practice are often complex. There is the additional issue of the practical application of the rules. Why do we see examples of otherwise respected firms or individuals having breached ethical requirements, even though this wasn’t their intention?
This course will look at both the technical requirements and the practical implementation, including the risks of accidental breach of the requirements.
In particular, the following areas will be considered:
- Sources of guidance:
- The IESBA Code of ethics for the professional accountant
- The professional bodies’ codes of ethics (based on the IESBA code)
- The FRC Ethical Standard
- Fundamental ethical principles
- Threats and safeguards approach
- FRC Ethical Standard requirements for audits and public interest assurance engagements and how they affect more than just auditors
- Provisions for small entities
The above content relates to 2021 events only.
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