Code of Ethics for Professional Accountants

One of the main ways in which a professional qualification differs from an academic one is that a professionally-qualified person is expected to observe high ethical standards.Professional accountants are held in a position of trust which can be easily damaged by unscrupulous behaviour or poor practice. Having a code of ethics and framework will help individuals to inform their professional and managerial decisions and conduct. It can also govern and regulate behaviour and identifies professional accountants as members of a profession.

The Institute of Certified Public Accountants (ICPA) is a professional accountancy body that qualifies and regulates professional accountants, and it therefore has a responsibility to the public to ensure its members appreciate and abide by their ethical responsibilities. The ICPA, , has adopted the IFAC Code of Ethics and its Fundamental Principles for this purpose. IFAC’s Code of Ethics is reviewed on a regular basis by the IFAC Ethics Standards Board for Accountants (composed of both practising and business accountants from among its worldwide membership) and is therefore applicable in all countries.

The application of consistent standards and demonstration of attitudes and conduct that are appropriate for a professional accountant are recommended in this Code of Ethics. The ICPA expects its members to have a good understanding of the fundamentals of
professional ethics and to know the constraints placed on them as individuals, whether in practice or employed in business. Appropriate values, ethics and attitudes should influence everything ICPA members do irrespective of sector, job role or level of seniority.
Section A of the Code outlines the fundamental principles on which the Code is based. For ICPA professional accountants in business, Section B provides core advice on how the conceptual framework should be applied in their areas of activity. Accountants in practice
should be aware that the principles outlined in Section C do not only apply to auditors, but to all practising accountants and tax advisers. The Code of Ethics, having been adopted by the ICPA Council, may be regarded as part of the laws of the ICPA; failure to observe the Code
may be regarded as a disciplinary offence.

The Institute of Certified Public Accountants Council


“This material is sourced from IFAC. See link.”

with due permission, thanks and acknowledgement to the
International Federation of Accountants (IFAC)


Click here to access the latest 2015 Edition of Code of Ethics for Professional Accountants





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