REFLECTION One of the sub-topics relates to APES 110 Code of Ethics for Professional Accountants The

REFLECTION One of the sub-topics relates to APES 110 Code of Ethics for Professional

Accountants The code sets out the main ethical pronouncement for members

of professional accounting bodies in Australia, which are, CPA Australia,

Chartered Accountants Australia and New Zealand (CAANZ) and Institute of

Public Accountants (IPA) Section 1005 of APES 110 sets out five fundamental

principles of professional ethics that apply to all members

Assume that you have been working as an auditor for the past three years You

are currently an audit assistant in RJ and Associates You managed to complete

a professional accounting program with one of the professional accounting

bodies early this year Upon completion of the program, you applied to be a full

member of the accounting body Last week, you received a letter from the

accounting body advising that your application for a full membership had been

successful You told the good news to your colleagues in RJ and Associates The

firm organises a gathering to celebrate your success In the speech during the

gathering, the Managing Partner of RJ and Associates emphasises that “As a

member of professional accounting body, it is important that we adhere to the

code of professional ethics For example, we must always upheld the

professional competence and due care principles as well as professional

behaviour principles”

Professional competence and due care is one of the fundamental principles of professional ethics as stated in APES110

1Discuss why it is important for an auditor to adhere to this principle when working on an audit engagement You need to provide two justifications in your discussion You also need to provide specific examples to support your argument (The example can be the hypothetical examples or real world examples)

2Explain the difference between professional behaviour and professional competence and due care principles

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