preview

Essay On APES 110

Decent Essays
Open Document

Comparing the FIA code of Ethics with International Code of Ethics for Professional Accountants APES 110
The APES 110 and the FIA code of ethics for professional accountants are more similar than different even though there are a number of differences which is important. Nevertheless, this piece of writing will focus mostly on the differences between the two codes of ethics, in a lot of cases, applying the codes to similar information pattern will give in similar results. Furthermore there are some difference and drafting conventions. For APES 110 it consists of three parts: Part A applies to all members. In this part of the code it explains the overarching accountability to perform in the public interest and the fundamental principles of …show more content…

Professional accountants are required to comply with the fundamental principles of APES 110 code and apply to the “conceptual framework approach” in order to determine their compliance with the fundamental principles whenever they know that situation or relationships may compromise their compliance. While the responsibility is on the professional accountant to do this, the bulk of APES 110 code of ethics explains how the conceptual framework works in specific situations, for example when receiving gifts or other inducements form a superior may threaten corporate accountants independence. (Catherine Allen, 2010). Like the FIA code, the APES 110 provides guidance for the more ordinary but certainly not all applied situations. In all the other instance, once a threat is recognized, the APES 110 requires a professional accountant to evaluate the significance of the threat and if the treat is irrelevant, no further evaluation is required, or if the threat is relevant than consider whether safeguards could eliminate or adequately reduce the threat to an acceptable level. Despite the principles vs. rule argument, the APES 110 code of ethics does contain actually rules, in several instance the code states that the threat are so significant that no safeguards can be functional to reduce or eliminate treats to an acceptable level for example, an audit team member could not own stock in his or her client and apply safeguards to ease the threat to independence because the APES 110 code of ethics prohibits audit team members from investing in their clients. (Catherine allen,

Get Access
Related
Get Access