Existing Code of Ethics
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF BELIZE
CODE OF ETHICS
PART A - APPLICABLE TO ALL MEMBERS
SECTION 1
Integrity and Objectivity
1.1 Integrity implies not merely honesty but fair dealing and truthfulness. The principle of objectivity imposes the obligation on all members as professional accountants to be fair, intellectually honest and free of conflicts of interest.
1.2 In selecting the situations and practices to be specifically dealt with in ethical requirements relating to objectivity, adequate consideration should be given to the following factors:
a) Members are exposed to situations which involve the possibility of pressures being exerted on them. These pressures may impair their objectivity.
b) Relationships should be avoided which allow prejudice, bias or influences of others to override objectivity or where not practicable, assignments should not be undertaken.
c) Members should neither accept nor offer gifts or entertainment which might reasonably be believed to have a significant and improper influence on their professional judgement or those with whom they deal.
Integrity and Objectivity
1.1 Integrity implies not merely honesty but fair dealing and truthfulness. The principle of objectivity imposes the obligation on all members as professional accountants to be fair, intellectually honest and free of conflicts of interest.
1.2 In selecting the situations and practices to be specifically dealt with in ethical requirements relating to objectivity, adequate consideration should be given to the following factors:
a) Members are exposed to situations which involve the possibility of pressures being exerted on them. These pressures may impair their objectivity.
b) Relationships should be avoided which allow prejudice, bias or influences of others to override objectivity or where not practicable, assignments should not be undertaken.
c) Members should neither accept nor offer gifts or entertainment which might reasonably be believed to have a significant and improper influence on their professional judgement or those with whom they deal.
Section 2
Resolution of Ethical Conflicts
2.1 From time to time members encounter situations which give rise to conflicts of interest. Such conflicts may arise in a wide variety of ways, ranging from the relatively trivial dilemma to the extreme case of fraud and similar illegal activities. It is not possible to attempt to itemise a comprehensive checklist of potential cases where conflicts of interest might occur. A member should be constantly conscious of and be alert to factors which give rise to conflicts of interest. It should be noted that an honest difference of opinion between a professional accountant and another party is not in itself an ethical issue. However, the facts and circumstances of each case need investigation by the parties concerned.
2.2 In applying standards of ethical conduct members may encounter problems in identifying unethical behaviour or in resolving an ethical conflict. When faced with significant ethical issues, members should follow the established policies of the employing organisation to seek a resolution of such conflict. Members are expected to take all reasonable steps to resolve ethical problems internally and if necessary to consult the Institute in order to seek objective advice.
Resolution of Ethical Conflicts
2.1 From time to time members encounter situations which give rise to conflicts of interest. Such conflicts may arise in a wide variety of ways, ranging from the relatively trivial dilemma to the extreme case of fraud and similar illegal activities. It is not possible to attempt to itemise a comprehensive checklist of potential cases where conflicts of interest might occur. A member should be constantly conscious of and be alert to factors which give rise to conflicts of interest. It should be noted that an honest difference of opinion between a professional accountant and another party is not in itself an ethical issue. However, the facts and circumstances of each case need investigation by the parties concerned.
2.2 In applying standards of ethical conduct members may encounter problems in identifying unethical behaviour or in resolving an ethical conflict. When faced with significant ethical issues, members should follow the established policies of the employing organisation to seek a resolution of such conflict. Members are expected to take all reasonable steps to resolve ethical problems internally and if necessary to consult the Institute in order to seek objective advice.
Section 3
Professional Competence
3.1 Members should not portray themselves as having expertise or experience they do not possess.
3.2 Professional competence may be divided into two separate phases:
a) Attainment of professional competence:
The attainment of professional competence requires initially a high standard of general education followed by specific education, training and examination in professionally relevant subjects, and whether prescribed or not, a period of work experience. This should be the normal pattern of development for a member.
b) Maintenance of professional competence:
i) The maintenance of professional competence requires a
continuing awareness of development in the accountancy
profession including relevant local and international
pronouncements on accounting, auditing and other relevant
regulations and statutory requirements.
ii) A member should adopt a programme designed to ensure
quality control in the performance of professional services
consistent with appropriate local and international
pronouncements.
SECTION 4
Confidentiality
4.1 Members have an obligation to respect the confidentiality of information a client’s or employer’s affairs acquired in the course of professional services. The duty of confidentiality continues even after the end of the relationship between the member and the client or employer.
4.2 It is in the interest of the public and the profession that the profession’s standards relating to confidentiality be defined and guidance given on the nature and extent of the duty of confidentiality and the circumstances in which disclosure of information acquired during the course of providing professional services shall be permitted or required.
Professional Competence
3.1 Members should not portray themselves as having expertise or experience they do not possess.
3.2 Professional competence may be divided into two separate phases:
a) Attainment of professional competence:
The attainment of professional competence requires initially a high standard of general education followed by specific education, training and examination in professionally relevant subjects, and whether prescribed or not, a period of work experience. This should be the normal pattern of development for a member.
b) Maintenance of professional competence:
i) The maintenance of professional competence requires a
continuing awareness of development in the accountancy
profession including relevant local and international
pronouncements on accounting, auditing and other relevant
regulations and statutory requirements.
ii) A member should adopt a programme designed to ensure
quality control in the performance of professional services
consistent with appropriate local and international
pronouncements.
SECTION 4
Confidentiality
4.1 Members have an obligation to respect the confidentiality of information a client’s or employer’s affairs acquired in the course of professional services. The duty of confidentiality continues even after the end of the relationship between the member and the client or employer.
4.2 It is in the interest of the public and the profession that the profession’s standards relating to confidentiality be defined and guidance given on the nature and extent of the duty of confidentiality and the circumstances in which disclosure of information acquired during the course of providing professional services shall be permitted or required.
Section 5
Tax Practices
5.1 Tax advice or opinions of material consequence given to a client or an employer should be recorded, either in the form of a letter or in a memorandum for the files.
5.2 A member rendering professional tax services is entitled to put forward the best position in favor of a client, or an employer, provided the service is rendered with professional competence, does not in any way impair integrity and objectivity, and is in the opinion of the member consistent with the law. Doubt may be resolved in favour of the client or the employer if there is reasonable support for the position.
Tax Practices
5.1 Tax advice or opinions of material consequence given to a client or an employer should be recorded, either in the form of a letter or in a memorandum for the files.
5.2 A member rendering professional tax services is entitled to put forward the best position in favor of a client, or an employer, provided the service is rendered with professional competence, does not in any way impair integrity and objectivity, and is in the opinion of the member consistent with the law. Doubt may be resolved in favour of the client or the employer if there is reasonable support for the position.
Section 6
Publicity
6.1 In the marketing and promotion of themselves and their work, Members should:
a) not use means which brings the profession into disrepute;
b) not make exaggerated claims for the services they are able to offer, the qualifications they possess, or experience they have gained; and
c) not denigrate the work of other accountants.
Publicity
6.1 In the marketing and promotion of themselves and their work, Members should:
a) not use means which brings the profession into disrepute;
b) not make exaggerated claims for the services they are able to offer, the qualifications they possess, or experience they have gained; and
c) not denigrate the work of other accountants.
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Therapy Center
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