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ACCA Applied Knowledge · Business and Technology · The role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession

Which of the following is the main reason why a professional accountancy body issues a code of ethics to its members?

A professional body issues a code of ethics to set minimum standards of behaviour that protect the public interest and maintain confidence in the profession. It does not guarantee fees, replace legislation or control where members work.

  1. ATo set minimum standards of behaviour that protect the public interest and maintain confidence in the professionCorrect
  2. BTo guarantee that every member will earn a minimum level of fees
  3. CTo replace the need for any national company legislation
  4. DTo ensure all members work for the same type of employer

Explanation

Professional bodies set ethical codes so that members act with integrity and in the public interest, which sustains trust in the profession. The codes do not guarantee income, replace legislation, or restrict employers.

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