Exposure Draft - ACRA

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CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS PART B: APPLICATION GUIDANCE Section 200 Introduction Section 210 Professional Appointment Section 220 Conflicts of Interest Section 230 Second Opinions Section 240 Fees and Other Types of Remuneration Section 250 Marketing Professional Services Section 260 Gifts and Hospitality Section 270 Custody of Client Assets Section 280 Objectivity–All Services Section 290 Independence–Assurance Engagements 15
Section 200 Introduction CODE OF PROFESSIONAL CONDUCT AND ETHICS FOR PUBLIC ACCOUNTANTS 200.1 This Part of the Code illustrates how the conceptual framework contained in Part A is to be applied by public accountants. The examples in the following sections are not intended to be, nor should they be interpreted as, an exhaustive list of all circumstances experienced by a public accountant that may create threats to compliance with the principles. Consequently, it is not sufficient for a public accountant merely to comply with the examples presented; rather, the framework should be applied to the particular circumstances faced. 200.2 A public accountant should not engage in any business, occupation or activity that impairs or might impair integrity, objectivity or the good reputation of the profession and as a result would be incompatible with the rendering of public accountancy services. Threats and Safeguards 200.3 Compliance with the fundamental principles may potentially be threatened by a broad range of circumstances. Many threats fall into the following categories: (a) (b) (c) (d) (e) Self-interest; Self-review; Advocacy; Familiarity; and Intimidation. These threats are discussed further in Part A of this Code. The nature and significance of the threats may differ depending on whether they arise in relation to the provision of services to a financial statement audit client * , a nonfinancial statement audit assurance client * or a non-assurance client. 200.4 Examples of circumstances that may create self-interest threats for a public accountant include, but are not limited to: (a) A financial interest * in a client or jointly holding a financial interest with a client. (b) Undue dependence on total fees from a client. (c) Having a close business relationship with a client. (d) Concern about the possibility of losing a client. (e) Potential employment with a client. (f) Contingent fees * relating to an assurance engagement. (g) A loan to or from an assurance client or any of its directors or officers. 16
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Exposure Draft - ACRA

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