1. Overview

The code utilizes certain terms to enhance the clarity of the interpretations and definitions.

• Consider: Used when the member is required to think about several matters.

• Evaluate: Used when the member has to assess and weigh the significance of a matter.

• Determine: Used when the member has to come to a conclusion and make a decision on a matter.

The code is separated into three parts:

1. Members in public practice

2. Members in business

3. Other members

2. Principles

• Responsibilities: "In carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgments in all their activities."

• 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." This relates to the profession's acceptance of responsibility to the public.

• Integrity: "To maintain and broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity." Integrity addresses the question of what is right and just.

• Objectivity and Independence: "A member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact and appearance when providing auditing and other attestation services." (Emphasis added.)

• Due Care: "A member should observe the profession's technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member's ability."

• Scope and Nature of Services: "A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope and nature of services to be provided."

This requires members to:

• Have adequate internal quality control measures to ensure quality work;

• Determine whether, for audit clients, conflicts of interest arise due to the scope and nature of other services; and

• Assess whether the firm's activities are consistent with professionalism.