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Auditing is the process of locating and verifying information, evaluating it to predetermined criteria, and creating an audit report. According to (Marx, et al., 2011), In South Africa, the auditing profession evolved in tandem with the growth of corporate law and governance procedures. The auditing profession is an impartial, independent assurance and advising activity that contributes to and improves an organization’s functioning. In our work, we will discuss about ethical conduct fundamental principles, threats and mitigations, and Corporate governance.
The five fundamental principles of Ethical Conduct for Auditors
Integrity: In all professional and business interactions, a chartered accountant must be honest and truthful (Marx, et al., 2011). Integrity also implies fair dealing and truthfulness. Auditors’ integrity generates confidence and thus offers the foundation for relying on their assessment. E.g: Character is built based on integrity. A person with integrity has a spotless reputation in every aspect of his or her life.
Objectivity: Bias, conflicts of interest, or undue influence of others should not be allowed to affect professional or business decisions by a chartered accountant (Marx, et al., 2011). Auditors are the most impartial professionals when it comes to acquiring, assessing, and sharing information regarding the activity or process under investigation. An auditor performs their work and makes decisions based only on the evidence and an impartial examination of the conditions. Objectivity is threatened as soon as an auditor evaluates how their conclusions or views can affect them personally or other persons engaged in the audit. E.g: The auditors are not allowed to receive anything from the auditee, including gifts, fees, or anything else. Accepting such presents might compromise the auditor’s objectivity. If the auditee includes friends and relatives, the auditee’s neutrality will be harmed, resulting in a potential conflict of interest.
3. Professional competence and due care: When providing professional services, a chartered accountant has an ongoing obligation to preserve professional understanding and expertise at the necessary level to guarantee that a client or employer receives competent professional service based on current developments diligently and in accordance with applicable technical and professional standards (Marx, et al., 2011). E.g.: Acquire and demonstrate professional skills and ability at the level necessary to provide effective professional assistance to a customer or employing organization, depending on current standards of the profession and applicable regulations.
Confidentiality: Unless there is a legal or professional right or responsibility to reveal, a chartered accountant should protect the confidentiality of information obtained as a consequence of professional and business connections and should not divulge such information to other parties without adequate and explicit authorization. Confidential information obtained via professional and business interactions should not be exploited for the chartered accountant’s or third parties’ personal benefit (Marx, et al., 2011). For: After a professional engagement has terminated, do not utilize or reveal any sensitive information obtained or acquired as a part of that relationship.
Professional behavior: A chartered accountant must follow all applicable guidelines and restrictions and avoid taking any conduct that may bring the accounting profession into disrepute (Marx, et al., 2011). A professional accountant must adhere to the professional behavior concept, which compels an accountant to follow all applicable laws and regulations. A professional accountant must not intentionally participate in any activity, occupation, or action that compromises or may compromise the profession’s integrity, objectivity, or good image. E.g.: Defamatory allusions or unsupported analogies to other people’s work or Exaggerated statements for the accountant’s services, as well as his qualifications or experience. Therefore, the professional accountant would be in contradiction with the fundamental principles.
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