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    EthicsChapter VIII

    Uploaded by

    Madhusudan Yadav

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    EthicsChapter VIII

    Uploaded by

    Madhusudan Yadav
    1 views2 pages

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    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    1 views2 pages

    EthicsChapter VIII

    Uploaded by

    Madhusudan Yadav

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    Chapter VIII

    34. Members to Observe the Conduct:

    1) Members and members holding Certificate of Practice shall fully abide this Act and the
    Regulations framed under this Act.
    2) Auditing, either in partnership or in collusion in any manner with a person who has not
    obtained the Certificate of Practice of one's class, is prohibited.
    3) One shall not share or distribute as profit the auditing fees or remuneration with any
    person other than a member of the Institute; and shall not pay any commission,
    brokerage etc. out of the professional fees earned to any person or member.
    4) One shall not, directly or indirectly, influence any person by way of fear, threat, terror or
    enticement in order to secure any professional business.
    5) One shall not disclose or divulge any information and explanations acquired in the course
    of professional service to any person other than the employer employing him and the
    person whom he is compiled by the law to do so.
    6) Members holding Certificate of Practice shall not certify any financial statement or give
    report of any type until they or their partner or employee checks and verifies it.
    7) Member holding Certificate of Practice shall, while certifying financial statements or
    making report thereon of any corporate body in which he or his partner has interest,
    clearly mention the extent of his or his partner's interest therein. Provided that being
    merely a shareholder in a company shall not be deemed to have interest therein.
    8) Member holding Certificate of Practice shall, in order to truly present the financial
    statement certified by him, clearly indicate all the material facts or any false statements or
    explanations known to him or to the best of his knowledge.
    9) Members holding Certificate of Practice shall discharge their duties with due care in the
    course of their profession and shall draw attention of all concerned to all material facts
    which are or have take place contrary to the prevailing law and do not comply with
    generally accepted principles of auditing.
    10) Members holding Certificate of Practice shall not base their remuneration as a
    percentage on the profit or on any other uncertain results.
    11) One shall not knowingly or recklessly mention any false matter in a notice, explanation or
    statement required under the prevailing law to be provided to any office, department of
    His Majesty's Government or any organisation.
    12) One shall not perform audit of accounts of any organization where he has served until
    the elapse of at least three years of his leaving the service.
    13) A member holding Certificate of Practice shall not accept his appointment as an auditor of
    an organisation without ascertaining that all required procedures for appointment as the
    auditor under the prevailing law has been duly fulfilled.
    14) One should have obtained sufficient information prior to give audit opinion.
    15) Other matters concerning the conduct to be observed by the members and members
    holding Certificate of Practice shall be as prescribed.

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