The Code of Ethics for the members of the Institute of Chartered Accountants of Nepal, recognizes that the objectives of the accountancy profession are to work to the highest standards of professionalism, to attain the highest levels of performance and generally to meet the public interest requirement set out in the codes like credibility in information and information systems, professionalism in the accountancy field, assurance about the quality of service and confidence in the profession.
As per the Code of Ethics for the members of the Institute of Chartered Accountants of Nepal, in order to achieve the objectives of the accountancy profession, professional accountants have to observe a number of prerequisites or fundamental principles. The fundamental principles can be explained as under:
A professional accountant should be straightforward and honest in performing professional services.
A professional accountant should be fair and should not allow prejudice or bias, conflict of interest or influence of others to override objectivity.
Professional Competence and Due Care
A professional accountant should perform professional services with due care, competence and diligence and has a continuing duty to maintain professional knowledge and skill at a level required to ensure that a client or employer receives the advantage of competent professional service based on up-to-date developments in practice, legislation and techniques.
A professional accountant should respect the confidentiality of information acquired during the course of performing professional services and should not use or disclose any such information without proper and specific authority or unless there is a legal or professional right or duty to disclose.
A professional accountant should act in a manner consistent with the good reputation of the profession and refrain from any conduct which might bring discredit to the profession.
A professional accountant should carry out professional services in accordance with the relevant technical and professional standards. Professional accountants have a duty to carry out with care and skill, the instructions of the client or employer in so far as they are compatible with the requirements of integrity, objectivity and, in the case of professional accountants in public practice, independence.