The explanatory notes which should be adopted while applying ICAN‟s code of ethics. Give your view.

Auditing and Assurance Revision Questions and Answers

Answer:
The council of the Institute of Chartered Accountants of Nepal (ICAN) has determined that this Code should be adopted with the explanatory notes below. This code is mandatory for all members of Institute of Chartered Accountants of Nepal to observe in respect of the performance of professional services in Nepal after January 15, 2004 (Magh 1, 2060).
Section 8 ICAN has determined that the shares in an accounting practice may not be held those who are not members of the Institute of Chartered Accountants of Nepal. Thus Sec 8.11 of IFAC guideline has been suitably adopted.
Section 14 ICAN has determined that the professional accountants are not permitted to advertise their services. Thus Sec. 14 of IFAC guideline has been suitably adopted.



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