Fundamental Principles Relating To Ethics.

Q6. Explain fundamental principles relating to ethics?

Ans. Fundamental principles are:

  1.  The Principle of Integrity: This principle requires accounting and finance professional to adhere to honesty and straightforwardness while discharging their respective professional duties.
  2. The Principle of Objectivity: This principle requires accounting and finance professional to stick to their professional judgment.
  3. Principle of Confidentiality: This principle requires practitioners of accounting and finance management to retrain from disclosing confidential information relating to their work.
  4. The Principle of Professional Competence and due care: This principle requires practitioners of accounting and finance professional to update their professional skills from time to time in order to provide competent  professional services to their clients.
  5. The Principle of Professional Behavior: This principle requires accounting and finance professional to comply with relevant laws and regulations and avoid such actions which may result in discrediting the profession.

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