There may be occasions during the course of an Auditor's career when he/she is faced with an "ethical dilemma". This may arise due to a conflict of interest or where a choice must be made between two or more ethical principles.

Using your knowledge of ethics, as outlined in theAPES 110 Code of Ethics for Professional Accountants, explain the five (5) fundamental ethical principles and discuss what auditors can do to resolve ethical dilemmas when presented with conflicts of interest.