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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 statement best describes the effect of ACCA's Code of Ethics and Conduct on its members?

The Code is binding on ACCA members, and a breach can lead to disciplinary action by ACCA. It applies to members in practice and in business, not only to auditors, and it operates alongside the law rather than replacing it.

  1. AIt is voluntary guidance that members may disregard if their employer disagrees
  2. BIt applies only while a member is working on audit engagements
  3. CIt is binding on members, and breaches can lead to disciplinary action by ACCACorrect
  4. DIt replaces the need for members to comply with the law

Explanation

ACCA members must comply with the Code, and breaches can be investigated and sanctioned through ACCA's disciplinary process. It applies to members in practice and in business, not only to audit work. It does not replace legal obligations, which members must also meet.

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