Professional accountants are normally
governed by a lop of code of ethics/conduct.
The purpose of such code, among others:-
(6a) Avoid conflicts of interest
- among personal and professional
relationships.
- avoid receiving improper personal benefits
as a result of his or her position in an
organization.
- that may gull it difficult to perform his or
her company work objectively and
effectively.
Role of Ethics in Financial Reporting cont 4
(6b) Act honestly and ethically
- Act in good assurance and with due care,
competence and diligence, without
misrepresenting material facts or allowing
ones independent judgment to be
subordinated.
- Refrain from using or appearance to use
confidential information acquired in the
course of ones work for unethical or illegal
advantage.
Role of Ethics in Financial Reporting cont 5
(6c) Ensure shape with applicable laws
- Financial statements are prepared with
compliance with caller Acts, Approved
Accounting Standards, Securities Commission
Act, Money Laundering legislation.
(6d) Ensure reliable national controls
- Constance/periodical assessment on the quality of
business controls, including inhering controls over
fiscal reporting, implement control improvement
measures.
- Immediate pull through to adjudicate any control
weaknesses that could materially affect the
reliability & integrity of financial reporting and
disclosures.
Role of Ethics in Financial Reporting cont 6
(6e) Ensure provision of reliable financial reporting
and disclosures
- Provide full, fair, accurate, timely and
understandable financial information and
disclosure, including reenforcement documentations.
- Refrain from (directly or indirectly) taking any
action to fraudulently influence, coerce,
duck or mislead persons preparing the
financial statements or any action that would
cause such financial statements to be materially
incorrect or misleading.
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