Financial Reporting and Ethics - The Institute of Chartered ...

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FINANCIAL REPORTING AND ETHICSare admonished that the fact that a particular conduct not featuringamongst a list of examples does not prevent it from amounting tomisconduct.Under paragraph 6.2.2, “Table 1: Analysis of Ethical Standards issuedby The Institute of Chartered Accountants of Nigeria,” effort was madeby listing out the statements of moral requirements.Further brief discussion of the attributes or virtues of behaviour includethe following:(a)(b)(c)(d)IntegrityAccording to Section 110.1 of the Code of Ethics for ProfessionalAccountants (IFAC, 2009), ‘integrity’ goes beyond honesty. Amember should exhibit fair dealing and truthfulness in all hisbusiness and professional relationships.ObjectivityA chartered accountant and member of the Institute should notbe influenced by bias or emotion in the performance of hisprofessional obligations. His mind should be set on all considerationsconcerning the task in hand but no other. “The principle ofobjectivity imposes an obligation on all professional accountantsnot to compromise their professional or business judgmentbecause of bias, conflict of interest or the undue influence ofothers” (IFAC, 2009);IndependenceA professional accountant should not be under the control of otherpeople or things. He should act independently of the proprietorsof the firm that engaged his services;ConfidentialityInformation which is confidential to a client and obtained in thecourse of professional assignment should not be divulged to thirdparties, unless with the knowledge and consent of the client oremployer, or there is legal compulsion to do. Nevertheless, thechartered accountant should first notify his client or employerbefore making the disclosure. In case a member has a dilemmaas to his right or duty to disclose information, he should seeklegal advice or consult the Institute for guidance. It should beclarified that in certain situations, it could be criminal to useconfidential information unjustly.234
CORPORATE GOVERNANCE(e)ConsultancyAll affiliates, employees of practising firms and practisingmembers who engage in auditing, accounting and all forms ofconsultancy come under Statement No. 5 of ICAN’s Rules ofProfessional Conduct. The rule states that “if a member inpractice, that is, the practitioner obtains the advice of anothermember (that is, the consultant on a consultancy basis on behalfof a client), the consultant or any practising firm with which heor his consultancy organisation is associated should not, withoutthe consent of the practitioner, accept from that client withinone year of completion of the consultancy assignment any workwhich was, at the time the consultant was first retained inrelation to that client’s affairs, being carried out by thepractitioner.” According to the rules, the same considerationshave effect where a practitioner brings in one of his clients tothe consultant for consultancy work.11.11 OTHER PROFESSIONAL RESPONSIBILITIESThere are laid down ethical standards which cover the following professionalresponsibilities:(a)Obtaining (or securing) professional work is covered in Statement No.8 of the ICAN Code. It is applicable to practising members, affiliates,and where applicable, employees of practising firms.A chartered accountant is guided in the way he handles various methodsof obtaining professional work, such as seeking publicity throughadvertising of his or her services, achievements and products. Advertisementsshould be legal, decent, clear, honest, and truthful. Promotional materialsshould not make disparaging references to or “de-marketing”comparisons with the services of others. There should be no harassmentof a prospective client, no “cold calling” (that is, making unsolicited contactthrough phone or personal visit) of a non-client, with a view to obtainingprofessional work from him. Any of the acts stated above would constitutemisconduct.When trying to secure a non-audit work, for example, insolvency,assignments or appointment as receivers and liquidators, members ofthe Institute ought to exercise due care and diligence. For instance, theappointment of a partner of a firm as receiver or liquidator should notbe accepted if at any time within the preceding two years, the followingsituations existed:(i)(ii)A member firm acted as auditor to the insolvent company;A partner or employee of a member firm has been a director ofthe insolvent company; and235
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FINANCIAL REPORTING AND ETHICS1.3.3
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ACCOUNTING AND REPORTING POLICIESsu
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ACCOUNTING AND REPORTING POLICIES(j
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ACCOUNTING AND REPORTING POLICIES(i
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ACCOUNTING AND REPORTING POLICIES2.
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3AMALGAMATION, ABSORPTION ANDRECONS
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AMALGAMATION, ABSORPTION AND RECONS
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4ANALYSIS AND INTERPRETATION TION O
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ANALYSIS AND INTERPRETATION OF FINA
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5ACCOUNTING STANDARDS5.0 LEARNING O
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ACCOUNTING STANDARDS(i)(ii)(iii)(iv
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ACCOUNTING STANDARDSThere is no SAS
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ACCOUNTING STANDARDS5.2.4 Borrowing
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ACCOUNTING STANDARDS(iii)Certain pe
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ACCOUNTING STANDARDSby venture capi
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ACCOUNTING STANDARDSIFRS 7 Financia
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ACCOUNTING STANDARDSactivity, non-c
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ACCOUNTING STANDARDSin the year inc
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ACCOUNTING STANDARDS(v)(vi)(vii)whe
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ACCOUNTING STANDARDS(v)Actions requ
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ACCOUNTING STANDARDSAccounting stud
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6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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ETHICAL FRAMEWORK, CONCEPTS AND VAL
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7THE ENVIRONMENT: CORPORATE,PROFESS
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THE ENVIRONMENT: CORPORATE, PROFESS
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8PROFESSIONAL ETHICS8. 0 LEARNING O
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PROFESSIONAL ETHICSobjectivity are
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PROFESSIONAL ETHICS(c)(d)The type o
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PROFESSIONAL ETHICSabout conflicts
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PROFESSIONAL ETHICS(d)(e)Confidenti
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PROFESSIONAL ETHICSA. III onlyB. II
Page 183 and 184: 9DECISION MAKING IN ETHICS9. 0 LEAR
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Page 187 and 188: ETHICAL THREATS AND SAFEGUARDS(d)We
Page 189 and 190: DECISION MAKING IN ETHICS4. A perso
Page 191 and 192: 10ETHICAL THREATS TS AND SAFEGUARDS
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Page 195 and 196: ETHICAL THREATS AND SAFEGUARDSto th
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Page 201 and 202: ETHICAL THREATS AND SAFEGUARDSimmin
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Page 205 and 206: ETHICAL THREATS AND SAFEGUARDS(iii)
Page 207 and 208: 11CORPORATE GOVERNANCE11.0 LEARNING
Page 209 and 210: CORPORATE GOVERNANCE11.3.1 Nature(a
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Page 213 and 214: CORPORATE GOVERNANCEtrust, possible
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Page 217 and 218: CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
Page 219 and 220: CORPORATE GOVERNANCE11.6.1 The law
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Page 225 and 226: CORPORATE GOVERNANCE(a)(b)Greenbury
Page 227 and 228: CORPORATE GOVERNANCE11.9.2 Boards d
Page 229 and 230: CORPORATE GOVERNANCErelationship wi
Page 231 and 232: CORPORATE GOVERNANCE(e)(f)(g)(h)(i)
Page 233: CORPORATE GOVERNANCE(vi)Inquisitive
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Page 239 and 240: CORPORATE GOVERNANCEIn summary, acc
Page 241 and 242: CORPORATE GOVERNANCEAccording to Th
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Page 245 and 246: 12SOCIAL AND ENVIRONMENTALISSUES IN
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Page 269 and 270: APPENDIX IICOMPREHENSIVE QUESTIONS
Page 271 and 272: COMPREHENSIVE QUESTIONS AND SUGGEST
Page 277 and 278: APPENDIX IIICASE STUDY 1Karsashi, a
Page 279 and 280: CASE STUDIES(iii)(iv)The floor sale
Page 281 and 282: CASE STUDIESShare price and dividen
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CASE STUDY 3The following informati
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CASE STUDIESCASE STUDY 4Ologobojo i
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APPENDIX IVTable 1:SUMMARY OF INTER
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SUMMARY OF INTERNATIONAL ACCOUNTING
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APPENDIX VGLOSSARY OF TERMSAbsorpti
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GLOSSARY OF TERMSEthical Objectivis
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APPENDIX VIBIBLIOGRAPHYChambers Ham
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APPENDIX VIISTUDY AND EXAMINATION T
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STUDY AND EXAMINATION TECHNIQUES7.3
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INDEXAAbsorption, 17, 19, 39, 40, 4
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INDEXProfessional Behaviour, 136, 1
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