Final answer:
The ICAEW Code of Ethics applies to members, employees of member firms, and ICAEW students, which is reflected in statement C. Codes of ethics are important for upholding professional standards and trust within a profession.
Step-by-step explanation:
The correct statement regarding who the ICAEW Code of Ethics applies to is C; the Code applies to its members, employees of member firms, and ICAEW students.
The ICAEW (Institute of Chartered Accountants in England and Wales) sets out a professional code of ethics that guides the conduct and ethical responsibilities of its members.
This includes ICAEW members, those employed by member firms, and also students registered with the ICAEW as they navigate through their professional education and career.
Professional ethics codes, such as the one issued by the ICAEW, are crucial for maintaining standards and public trust in the field. They set parameters for professional behavior and help ensure that individuals act in a manner that is consistent with the values of the profession.
The adoption of such codes reflects an awareness of the role that professions play in society and underscores the importance of ethical practices.