The Code of Ethics for Professional Accountants comprises:

1. Integrity
2. Objectivity
3. Confidentiality
4. Competence and Due Care

QUESTIONS

Discuss the following four situations with regards to the Code of Ethics for Professional Accountants:

• Bill has been asked to advise Company A on the purchase of Company B, particularly around the value of Company B. Company A does not know that Bill is related to the CFO of Company B.
• Jill is an accountant for a small coffee shop. She was asked by her friend to see the accounting records of the shop, because the friend is thinking about opening a coffee shop herself and wants to know more about their profitability.
• Phil was asked to advise a client about tax issues in Vietnam. Phil is not familiar with tax requirements in Vietnam, but he does not want to lose the client, so he agrees.
• Will thinks that his client did not pay him correctly for previous services. To get back at the client, Will lies about accounting rules that impact the client.