There are five fundamental principles in the Auditing Code of Ethics and Conduct. These are set out below:
1. Integrity. Professional Members must be straightforward and honest in all professional and business relationships. Integrity implies not just honesty but also fair dealing and truthfulness.
2. Objectivity. Professional Members must not allow bias, conflicts of interest or undue influence of others to override their professional or business judgements.
3. Professional competence and due care. Members have a duty to maintain their professional knowledge and skill at such a level that a client or employer receives a competent service, based on current developments in practice,legislation and techniques. Members must act diligently and in accordance with applicable technical and professional standards.
4. Confidentiality. Professional Members must respect the confidentiality of information acquired as a result of professional and business relationships and must not disclose such information to third parties without authority or unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships must not be used for the personal advantage of members or third parties.
5. Professional behavior. Professional Members must comply with relevant laws and regulations and must avoid any action which discredits the profession. They must behave with courtesy and consideration towards all with whom they come into contact in a professional capacity.