49 iv)
Confidentiality: A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without the permission of his client or employer. Also confidential information acquired as a result of business relationship should not be used for personal advantage of the professional accountant. vi Professional behaviour: A professional accountant should comply with the relevant laws and regulations and should avoid any action that discredits the profession.
C.2.6 Possible Sanctions for Breach of Ethical Compliance in Accounting Profession Punishment/Sanctions (a) Additional professional education b) Reprimand c) Monetary fined) Removal of authority to engage in public practice or to practice in specific areas of work e) Suspension from membership fora specified period f) Exclusion from membership g) Refund of fee h) Work to be completed by another accountant i) Payment of cost of the hearing j) Sanctions
against the member firm, etc.
C.3 Corporate Governance Corporate governance can be seen as the way in which formally constituted authorities like investors or board of directors affect the strategic plans and direction of the organisation through the formalized process of overseeing and supervising the executive decisions and actions.
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