Professional Ethics in Audit Firms

Procurement and Audit notes revision

Ethics represent a set of moral principles, rules of conduct, or values. Ethics apply when an individual has to make a decision from various alternatives regarding moral principles. All individuals and societies possess a sense of ethics in that they have some sort of agreement as to what right and wrong are.
Professional procurement audit firms should be committed to upholding the highest ethical and professional standards and to maintaining public confidence in procurement. The following are the fundamental ethical audit principles that professional procurement audit should abide:
1) Integrity- acting honestly, reliably, in good faith and in the public interest. Integrity also implies fair dealing and truthfulness.
2) Professional competence and due care- Maintain professional knowledge and skill at the level required to ensure that clients or employers receive competent professional service; and Act diligently in accordance with applicable technical and professional standards when providing professional services.
3) Confidentiality- Respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific 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 should not be used for the personal advantage of members or third parties.
4) Professional behavior- Members should ensure they comply with relevant laws and regulations and should avoid any action that discredits the profession.
5) Independence and objectivity: being free from circumstances or influences that compromise, or may be seen as compromising, professional judgment and acting in an impartial and unbiased manner;

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