Final answer:
The IFAC Code of Ethics for Professional Accountants requires that marketing be done professionally and ethically, similar to codes in other fields such as engineering. It prohibits misleading or exaggerated claims, thereby maintaining public trust in the profession.
Step-by-step explanation:
With regard to marketing professional services, the IFAC Code of Ethics for Professional Accountants stipulates that marketing must be conducted in a manner that is professional, factual, and in keeping with the reputation of the profession. Like the IEEE-CS's Software Engineering Code of Ethics, the IFAC Code of Ethics ensures that accountants market their services responsibly and ethically. They must not make exaggerated claims about the services they offer, mislead or deceive clients, or disparage the work of others. Therefore, the marketing must reflect the professional nature of the services and should not undermine the public's trust in the profession.In addition to direct stipulations concerning marketing, the code demands that professional accountants maintain their independence, integrity, and objectivity. This extends to the marketing activities of their services. For example, if an accountant advertises tax-saving schemes, they must ensure that such communications are consistent with actual laws and regulations and do not promise results that are unachievable or potentially illegal.