QUESTION TWO

The code of professional ethics was anchored upon fundamental principles and general safeguards and these were introduced so that accounting and auditing practitioners and professionals apply the spirit of the code to every day practice. The framework and principles would be of little use if they could not be enforced. In this regard, all Professional bodies including ACCA therefore reserve the right to discipline its members who infringe the rules through a process of disciplinary hearings which can result if found wanting in either one either being; fined, suspended or indeed their membership withdrawn.

Required:

1. Identify and describe the five (5) fundamental principles of audit professionals (15 marks)
2. Identify and describe the three (3) general safeguards of the profession (10 marks)