LU 2 - Chapter 2 and 3: Ethics and Legal responsibilities of the auditor

Question 1

What are the differences between SAICA and IRBA Codes of Professional Conduct (CPC)?

Answer 1

SAICA is expected to adopt the 2018 International Federation of Accountant’s (IFAC) International Code of Ethics in full (Parts 1, 2, 3, and 4), with minor changes for South African circumstances, uses the phrase “Professional Accountant”, and applies to Chartered Accountants (SA) and Associate General Accountants (AGAs).

IRBA will adopt Parts 1, 3, and 4 of the IFAC Code, uses the phrase “Registered Auditor”, and applies to Registered Auditors (RAs).

Question 2

What is the guide to the CPC of SAICA?

Answer 2

A non-authoritative guide introduces the SAICA Code, explaining its purpose, structure, and use. The Code created fundamental principles that reflect the public interest responsibility of accountants. It also provides a conceptual framework to help identify, evaluate, and address ethical threats.

Question 3

What is SAICA part 1 A?

Answer 3

Complying with the Code (Section 100) – Fundamental Principles.

Question 4

What are the fundamental principles?