What should be done if a professional accountant Cannot implement appropriate safeguards?
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What should a professional accountant do if a certain threat to fundamental principle Cannot be reduced to an acceptable level?In those extreme situations where all available safeguards have been exhausted and it is not possible to reduce the threat to an acceptable level, a professional accountant in business* may conclude that it is appropriate to disassociate from the task and/or resign from the employing organisation.
What will be the consequence if professional accountant does not comply with the ethical principles of their profession?Depending on certain circumstances, non-compliance with ethical principles can result in fines, sentenced to prison, withdrawal of license, and other legal punishments to such guilty accountants.
How do accountants deal with ethical issues?Identify potential legal issues. Explore whether the issue is regulated by law or policy. ... . Take an outsider's view. Think about, as a student, what you learned about ethics in your accounting studies. ... . Identify the parties affected ... . Get professional advice.. How does a professional accountant evaluate threats to compliance with the fundamental principles of ethics?100.8 A professional accountant shall evaluate any threats to compliance with the fundamental principles when the professional accountant knows, or could reasonably be expected to know, of circumstances or relationships that may compromise compliance with the fundamental principles.
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