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Maintaining our reputation for excellence (4 of 4)
A revised code of ethics
In May 2006 the Institute approved a new code of ethics for all its members which came into effect from September. The revised guidance is based on IFAC’s code of ethics and retains a principles-based approach, with members being responsible for assessing threats and safeguards against five fundamental principles of behaviour: integrity; objectivity; competence and due care; confidentiality; and professional behaviour.
In addition, the new ACA due to be launched in 2007, places an ethical component at the heart of each of the main papers students must take to qualify for the profession.
‘Ethics goes to the heart of what it is to be a chartered
accountant. By building ethical components into each
stage of the ACA we can ensure students actively
consider threats and safeguards in accordance with
the principles of the revised code.’
Raymond Madden, Executive Director,
Learning & Professional Development.
Quality assurance
Each year as part of the annual return we canvass members on their experience of our Practice Assurance visits and our CPD regime. In particular, member views on our Practice Assurance initiative have been encouraging. According to Vernon Soare, Executive Director, Professional Standards:
‘Practice Assurance was designed to ensure members in practice are able to keep abreast of professional developments relevant to them. In 2006 over 99% of firms responding to our questionnaire said they were satisfied with the interaction with our teams, while 98% found this engagement constructive. We will endeavour to remain responsive to their needs.’
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