Question

Describe the 5 fundamental principles of professional ethics given in the International Ethics Standards Board for Accountants (IESBA)

Answer 1

The International Ethics Standards Board for Accountants (IESBA) has established 5 fundamental principles of professional ethics: integrity, objectivity, professional competence and due care, confidentiality, and professional behavior.

Step-by-step explanation:

The International Ethics Standards Board for Accountants (IESBA) has established 5 fundamental principles of professional ethics:

1. Integrity: Accountants should be straightforward and honest in all professional and business relationships. They should not allow any bias, conflict of interest, or undue influence to compromise their professional judgment.
2. Objectivity: Accountants should not allow personal feelings, beliefs, or interests to influence their professional judgment. They should provide impartial and unbiased advice and avoid conflicts of interest.
3. Professional Competence and Due Care: Accountants should maintain professional knowledge and skill at the level required to ensure that their clients or employers receive competent professional services. They should also act diligently and in accordance with relevant technical and professional standards.
4. Confidentiality: Accountants should respect the confidentiality of information acquired during their professional work and should not disclose such information without proper and specific authority, unless there is a legal or professional right or duty to disclose.
5. Professional Behavior: Accountants should comply with relevant laws and regulations and should avoid any conduct that could discredit the profession. They should also avoid any actions that could harm the reputation of the profession.