Code of Ethics for Professional Accountants

Core concepts

1. 01Fundamental principles: Integrity, Objectivity, Professional Competence & Due Care, Confidentiality, Professional Behaviour.
2. 02Threats: Self-Interest, Self-Review, Advocacy, Familiarity, Intimidation.
3. 03Safeguards: created by profession/legislation, or within the firm/engagement.
4. 04Conceptual framework approach — identify, evaluate, address.
5. 05ICAI Code (2nd Edition) aligned with IESBA Code.

Exam-critical pointers

• ⭐Confidentiality continues even after relationship ends.
• ⭐Independence — in fact and in appearance — for assurance engagements.
• ⭐Non-audit services restrictions: bookkeeping, valuation, internal audit, etc. (Sec 144 Companies Act).
• ⭐Sec 22 (Schedule I & II) — Other Misconduct / Professional Misconduct in CA Act 1949.