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Standard of Professional Practice on Ethics

Guidance and case studies for members working in the public sector

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.

Further resources

Auditor independence changes post-Brexit

This page considers specifically changes to auditor independence provisions resulting from UK legislation which will to be implemented immediately at the point the UK leaves the European Union, in the event of a no-deal Brexit. The changes impact only upon audits of Public Interest Entities (PIEs) but would apply without any transitional arrangements.

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Bribery Act 2010

Details of the Bribery Act 2010, including core offences of paying or receiving a bribe; bribery of a foreign public official; corporate offence of failure to prevent bribery; offences by senior officers and enforcement of the Act.

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FRC Ethical standards for auditors

The FRC’s Ethical Standard applies in the audit of financial statements and other public interest assurance engagements in both the private and public sectors. It is read in the context of the Statement “The Financial Reporting Council – Scope and Authority of Audit and Assurance Pronouncements” which sets out the application and authority of the FRC’s Ethical Standard.

Visit the FRC website
Professional conduct in relation to taxation

PCRT now consists of the fundamental principles and the standards for tax planning. Compliance with PCRT is mandatory for members advising on UK tax matters. Members must be familiar with and comply with PCRT and a failure to do so may result in disciplinary action.

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Trustee of trust with shares in an audit client

Technical helpsheet issued to help members to determine how relationships can impact audit independence, especially in regard to whether a firm can continue to act if a partner in the firm is a trustee of a trust that holds shares in an audit client.

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