Standard of Professional Practice on Ethics
In June 2006 the Chartered Institute of Public Finance and Accounting (CIPFA) adopted a new Standard of Professional Practice (SOPP) on Ethics.
This was based on a CIPFA foreword and the IFAC Code of Ethics.
In addition, CIPFA published an accompanying guide, 'Ethics and You: A Guide to the CIPFA Standard of Professional Practice on Ethics', targeted specifically at professional accountants working in public practice.
Members of this Institute working in public practice are required to follow the ICAEW Code of Ethics. However, as it is also based on the IFAC Code, it uses the same fundamental principles and much of the same content as the CIPFA code. Members may therefore find it helpful to refer to the 'Ethics and You' guide which includes a discussion on the interaction between the IFAC fundamental principles and the Principles of Public Life (Nolan Principles). In addition the guidance contains a number of case studies on issues of particular relevance to those working in public practice.