Code of Professional Conduct
The Code of Professional Conduct of SAICA is consistent in all material respects with the Code of Ethics for Professional Accountants issued by the International Federation of Accountants (IFAC). IFAC has from time to time amended and revised its Code and SAICA has followed suit in order to maintain the consistency.
In 2001, IFAC adopted a conceptual framework approach for the section dealing with Independence. IFAC has now adopted a revised Code which establishes a conceptual framework for the entire Code to ensure compliance with the five fundamental principles of professional ethics. These principles are integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour. Under the framework, all professional accountants will be required to identify threats to these fundamental principles and, if there are threats, apply safeguards to ensure that the principles are not compromised. The framework applies to all professional accountants, both those in public practice and those in business, and government.
The revised Code also conforms to the International Framework for Assurance Engagements, issued by the International Auditing and Assurance Standards Board, and definitions contained in the International Standard on Quality Control (ISQC) 1.
The Board of SAICA has adopted the revised Code in its entirety, which has resulted in a reordering and renumbering of the sections of the Code, which will facilitate the easier insertion of later amendments. As SAICA's Code had a number of additional sections which were either of local application or an amplification of other sections, the Board has also agreed to the insertion of a Section D into the Code, which applies to all professional accountants (as defined) in South Africa.
IMPLEMENTATION DATE
The Board has agreed on 30 June 2006 as the date for the implementation of the Code.
J H Dijkman
PROJECT DIRECTOR: ETHICS AND DISCIPLINE