These are the rules of conduct that govern the behaviour of an accountant. These are issued by ICPAK.
The auditor gives credibility to financial statements and to do this he must be credible himself. To be credible, the auditor must possess and be seen to possess certain qualities:
- Integrity: Straightforward honest and sincere in his approach to his professional work. A member must be aware of his role in the society and maintain high standards of conduct and should not certify what he knows is untrue as true and should take caution not to mislead intentionally or unintentionally.
- Competence: He should carry out his work with due care and skill in conformity with professional and ethical standard issued by ICPAK or the laws of Kenya. A member should not undertake or continue professional work, which he himself is not competent to perform unless he obtains such advice and assistance as will enable him to perform such work. To be competent a member should be fully conversant with accounting bookkeeping, auditing, financial management, information technology, receivership, liquidation and bankruptcy law, contract law, taxation both personal and corporate and must be aware of the economic environment within which his clients operate. To be competent, he must also possess sound judgement. This is in professional as well as economic issues. He should be a good communicator.
- Confidentiality: The guide to professional ethics states that information acquired in the course of professional work should not be disclosed except consent has been acquired from clients employer or other proper source or where there is public duty to disclose or where there is a legal or professional duty or right to disclose.A member acquiring information in the course of professional work should neither use nor appear to use that information for his personal advantage orfor the advantage of a third party.
- Independence: The guide states that this is a fundamental concept to the accounting profession. It is essentially an attitude of mind characterised by objectivity and integrity. A member in public practice should be and should appear to be free in every professional assignment he undertakes of any interest which might distract him from being objective. He must be impartial and must not allow prejudice or bias to affect his judgement. A member not in practice may be unable to be or seen to be free of any interest which might conflict with the proper approach to his professional work. However this does not diminish his duty of objectivity in relation to that work.