What are the three parts of the code of ethics for professional accountant?

ISCA Codes of Professional Conduct and Ethics

Members of ISCA must adhere to:

(a)     Ethics Pronouncement (EP) 100 Code of Professional Conduct and Ethics issued by ISCA (ISCA Code); and

(b)     EP 200 Anti-Money Laundering and Countering the Financing of Terrorism – Requirements and Guidelines for Professional Accountants in Singapore.

Please refer to our section Ethics Pronouncements and  Implementation Guidances for more details on EP 200.

ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting

All public accountants in Singapore must adhere to the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities issued by ACRA (ACRA Code). The ACRA Code can be found in the Fourth Schedule of the Accountants (Public Accountants) Rules, a subsidiary legislation of the Accountants Act.

Please click here  to access the ACRA Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities.

IESBA Code of Ethics for Professional Accountants

The Code of Ethics for Professional Accountants issued by IESBA (IESBA Code) establishes ethical requirements for professional accountants. A member body or firm may not apply less stringent standards than those stated in the IESBA Code.

The objective of setting the IESBA Code is to harmonise ethical standards and practices on a global basis. Public trust in the accountancy profession can only be enhanced when it is made mandatory for professional accountants to observe and follow strict regulations and ethics codes throughout the world.

Please click here to access the IESBA Code of Ethics for Professional Accountants.

EP 100 Code of Professional Conduct and Ethics

All ISCA members must adhere to EP 100 Code of Professional Conduct and Ethics. EP 100 is modelled after the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC). It also encompasses any SG provisions included in the Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities issued by the Accounting and Corporate Regulatory Authority (ACRA). EP 100 contains four parts.

• Part 1 – Complying with the Code, Fundamental Principles and Conceptual Framework, which includes the fundamental principles and the conceptual framework and is applicable to all professional accountants.
• Part 2 – Professional Accountants in Business, which sets out additional material that applies to professional accountants in business when performing professional activities. Part 2 is also applicable to individuals who are professional accountants in public practice when performing professional activities pursuant to their relationship with the firm, whether as a contractor, employee or owner.
• Part 3 – Professional Accountants in Public Practice, which sets out additional material that applies to professional accountants in public practice when providing professional services.
• Part 4 – Independence Standards, which sets out additional material that applies to professional accountants in public practice when providing assurance services.

Ethics Pronouncements (EPs)

Description

Effective Date

EP 100
(First issued on 25 November 2015)

Code of Professional Conduct and Ethics

Download 

1 January 2016

EP 1001
(Revised on 14 August 2018)

Code of Professional Conduct and Ethics

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15 December 2018

EP 1002, 3
(Revised on 11 December 2019)

Code of Professional Conduct and Ethics

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1 April 2020

EP 1004
(Revised on 28 July 2020)

Code of Professional Conduct and Ethics

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1 April 2020

EP 1005
(Revised on 14 August 2020)

Code of Professional Conduct and Ethics

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1 March 2021

EP 1006
(Revised on 7 July 2021)

Code of Professional Conduct and Ethics

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31 December 2021

EP 1007
(Revised on 7 September 2022)

Code of Professional Conduct and Ethics

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15 December 2022

Notes:

1. EP 100 (revised on 14 August 2018)

   EP 100 was revised on 14 August 2018 to reflect the changes to the provisions on long association of senior personnel with an audit or assurance client. The provisions deal with familiarity and self-interest threats created when the firm uses the same senior personnel on an audit or assurance engagement over a long period of time.

   The revised EP 100 was effective from 15 December 2018.

2. EP 100 (revised on 11 December 2019)

   ISCA has revised EP100 on 11 December 2019 to adopt the pronouncement of Responding to Non-Compliance with Laws and Regulations (the NOCLAR Pronouncement) based on the final pronouncement of Responding to NOCLAR issued by IESBA.

   The NOCLAR Pronouncement is effective as of 1 April 2020.

3. ISCA issued a communique to inform that certain financial institutions (“FIs”) are not public interest entities (“PIEs”) for purpose of ISCA EP 100. Money changers and representative office are amongst the few FIs that are not PIEs. For more information, please click here.
4. EP 100 (revised on 28 July 2020)

   ISCA has revised EP 100 on 28 July 2020 to incorporate consequential amendments to the definition of financial institutions due to the implementation of the Payment Services Act 2019. Arising from this, changes have been made to the definition of financial institutions in EP 100.

   EP 100 (revised on 28 July 2020) is effective as of 1 April 2020.

5. EP 100 (revised on 14 August 2020)

   ISCA has revised EP100 on 14 August 2020 to adopt the Final Pronouncements relating to the Restructured Code and Revisions to the Code Pertaining to the Offering and Accepting of Inducements issued by IESBA. For more information, please refer to  EP 100 Local News.

   The revised EP 100 is effective as of 1 March 2021.

6. EP 100 (revised on 7 July 2021)

   ISCA has revised EP 100 on 7 July 2021 to adopt two IESBA’s Final Pronouncements, Revisions to Part 4B of the Code to Reflect Terms and Concepts Used in ISAE 3000 (Revised) and Revisions to the Code to Promote the Role and Mindset Expected of Professional Accountants. For more information, please refer to EP 100 Local News.

   The revised EP 100 is effective 31 December 2021.

7. EP 100 (revised on 7 September 2022)

   ISCA has revised EP100 on 7 September 2022 to adopt four IESBA’s final pronouncements (FPs) and a revised SG provision:

   What are the Code of Ethics of professional accountant?

   The fundamental principles within the Code – integrity, objectivity, professional competence and due care, confidentiality and professional behavior – establish the standard of behavior expected of a professional accountant (PA) and it reflects the profession's recognition of its public interest responsibility.

   What are the Code of Ethics for professional accountant in the Philippines?

   It contains the fundamental principles with which accountants are expected to comply—integrity, objectivity, professional competence and due care, confidentiality and professional behavior.

   What are the ethics in accounting?

   Ethics of accounting are guidelines established by different accounting bodies to deter accountants from misusing financial information. They include confidentiality, integrity, and professional competence. Confidentiality mandates that all accountants should not disclose financial information to third parties.

   What is the code governing professional accountants in Kenya?

   The Institute of Certified Public Accountants of Kenya (ICPAK) was established in 1978 by the laws of Kenya under CAP 531 to regulate the activities of all Certified Public Accountants by ensuring credibility, professionalism and accountability in the accounting profession in Kenya.