The International Ethics Standards Board for Accountants (IESBA) develops high-caliber, globally relevant ethical standards for professionals in the accounting field, including requirements for auditor independence.
<h3>What are the five core values of professional accounting ethics?</h3>
A revised Code of Ethics for Professional Accountants was published by the IESBA (previously the Ethics Committee) in June 2005. The updated Code creates a theoretical framework for all professional accountants to assure adherence to the following five core ethical principles:
Integrity - An accountant should always be straightforward and honest in all commercial and professional interactions.
Objectivity - A professional accountant should not permit prejudice, conflicts of interest, or excessive outside influence.
Professional Competence and Due Care - A professional accountant has a continuing duty to keep their knowledge and expertise at the level necessary to guarantee that a client or employer receives professional services that are competent and based on the most recent advancements in practice, law, and methodology. When offering professional services, a professional accountant should do it with diligence and by all relevant technical and professional standards.
Confidentiality: A professional accountant should uphold the confidentiality of information acquired through professional and business relationships and should not disclose any such information to third parties without proper and specific authorization unless there is a legal or professional obligation to do so. The professional accountant and other parties shall refrain from using private information gained as a result of business and professional relations for their benefit.
Professionalism: A professional accountant should adhere to all laws and regulations that are relevant and should refrain from any actions that can damage the reputation of the industry.
High levels of knowing and willful (mis)conduct are what Richard Walker and others at the SEC have argued should be the factor that causes the leadership at an investigated company to "flaunt the law".
