an asset account called Inventory

an expense account called Cost of Goods Sold

a revenue account called Sales

an expense account called Purchases

Quality performance

Comparability

Competence

Integrity

provides the basis for

disciplinary actions when necessary

helps members to avoid being

punished by the law

helps members understand their

professional power in society

is irrelevant and inappropriate

for members in the commercial environment

can choose whether or not to comply with the Code of Ethics

are bound to comply with Code of Ethics.

do not need to worry about any breaches to the Code of Ethics as they will not be penalised.

can select the fundamental principles in the Code of Ethics that they want to comply with.

innovation, materialism,

enterprise

truth, excellence, honesty

rewards, professional status,

respect

challenge, responsibility,

reputation

accountants are often required to make decisions that have ethical implications

accountants are important business people

accountants need to dress appropriately

accountants handle a lot of money

control and regulation of the profession of accountancy by its members

punctuality by its members

Integrity in the profession by its members

quality and expertise in the profession of accountancy by its members

passive

interactive

reactive

systematic

members must perform their

professional work with due care and diligence.

members must behave with

integrity in all professional and business

members must act in a manner

consistent with the profession's responsibility to 

act in the public interest in all professional and business activities and relationships.

members must only undertake

professional work in which they have the