TOPIC 5:CODE OF ETHICS FOR AUDITORS

WHICH IS NOT CODE OF ETHICS FOR AUDITORS?

• A RULES FOR AUDITORS TO FOLLOWS

• A VALUE AND PRINCIPLES THAT GUIDE AUDITORS

• AN AUDIT PROGRAMME TO FOLLOW BY AUDITORS

• VIEW OF PROFESSIONALS AND RESPONSIBILITIES OF AUDITORS

MIA WAS

• RESPONSIBLE FOR ISSUING PRONOUCEMENT ON AUDITING MATTERS

• ESTABLISHED UNDER ACCOUNTANT ACT 1967

• ENSURING AUDIT CONDUCTED BY QUALIFIES PUBLIC ACCOUNTANTS

• PREPARING AND REVIEW NEW STANDARDS ON MFRS

LIST FIVE FUNDAMENTALS PRICIPLES OF ETHIS ACCORDING TO MIA BY-LAWS

WHAT IS PROFESSIONAL ETHICS?

IMPORTANCE OF PROFESSIOAL ETHICS ARE

• DEAL FAIRLY

• OPEN MINDED AND CONSIERATION

• TAKE CORRECTIVE ACTION

• BE STRAIGHTFORWARD

• INDEPENDENT

WHAT IS INDEPENDENT FOR AN AUDITORS?

Rendering of a conclusion without being affected by influences that comprise professional judgement.

THIS STATEMENT REFERS TO:-

• INDEPENDENCE IN APPEARANCE

• INDEPENDENCE OF MIND

Avoidance of facts and circumstances that are so significant that a reasonable and informed third party would reasonably conclude the integrity, objectivity or professional skepticism had been compromised

THIS STATEMENT REFERS TO:-

• INDEPENDENCE IN APPEARANCE

• INDEPENDENCE OF MIND

LIST 3 EXAMPLES OF MISCONDUCT OF AN AUDITOR

LIST 3 SITUATIONS THAT CAN INFLUENCE INDEPENDENCE OF AUDITORS?