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Principles of Professional Conduct Responsibilities--in carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgments in all their activities. The public interest --Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism Integrity - To maintain and broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity. There are six fundamental principles that auditors are expected to abide by. The first two serve to reinforce that the auditors are there principally to serve the public Integrity. 1. adherence to moral and ethical principles, soundness of moral character; honesty. ACCT 4304 - Ethics Exercise for the ethical dilemma thal Juan is facing usia that Juan is facing using the step by step Read the case below and solve the s work on an audit, he finds an instance of what Juan is a staff assistant for a CPA 6. he believes might be fraud committed department. Further, Juan believes the financial statements. He shows the inform thanks him for showing him the informat issue. Juan later learns that Derek only spoke with discussion of the issue in the work par they need to keep this issue quiet so that it CPA firm. During his work on an audit, he finds an mitted by Brett, the supervisor of the client's accounting sues that the fraud has caused a material misstatement in the information to Derek, the in-charge on the audit. Derek information and tells Juan that he will finish the work on the moke with Brett about this and did not include any overhears Derek and Brett discussing how e in the work papers. Further, he overhears Derek and B. so that it does not become a problem for both of them. Juan he situation and Derek states that it is not a problem and it is just Juan's lack of experience that has led him to think it his colleagues that junior staff members usually do auditor and that new employees who are not "team players" don't last later tells Derek that he is concerned about the situation and because it is immaterial and it is just Juan's actually is a problem. Derek has heard from his colleagues that iunie not question the in-charge auditor and that new e long at this firm. 1. What are the relevant facts? 2. What was the Ethical issue? 3. Who is affected and how? 4. What are Juan's available alternatives? 5. What are the Consequences of each alternative? 6. What is the appropriate action for Juan to take? Principles Cont. Maintain objectivity and be Objectivity -- A member she free of conflicts of interest in dischar responsibilities. A member in public independent in fact and appearance auditing and other attestation service discharging professional in public practice should be searance when providing Due care --A member sho member should observe the professione dards, strive continually to sponsibility to the best of the technical and ethical standards, strive cor improve competence and the quality of servis discharge professional responsibility to thehes, and member's ability Scope and nature of services - A member in public practice should observe the Principles of the Code Brofessional Conduct in determining the scope and nature of services to be provided. Obiective free of bias. When a person is object, they make their decision based on the facts before them and are not influenced by anything else. Scope -service rendered should be consistent with professional requirements