The COVID-19 pandemic will continue to have an economic impact long after the virus itself is contained. The pandemic created myriad opportunities for unethical behavior and it is argued that uneven economic recovery might breed more of these opportunities. Many entities may be eager to show a quick recovery and some may find themselves on the brink of insolvency. Accordingly, professional accountants must anticipate a continued period of heightened uncertainty and prioritize ethics in carrying out their out their duties.

 

Requirement 1. 

Identify and explain how accountants may be in breach of the five fundamental principles of the ICAEW Code of Ethics and what are the safeguards, which may eliminate or reduce the threats to the fundamental principles.

Answer rating: 100% (QA)

The International Code of Ethics binds professional accountants for Professional Accountants the ICAEW Code which outlines five fundamental principles of ethical behavior integrity objectivity profess... View the full answer