Topic 1: Ethics
(Code of Ethics for Professional Accountants)
Topic 1: Ethics
(Code of Ethics for Professional Accountants)

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Introduction
According to the Institute of Internal Auditors a Code of Ethics is a comprehensive statement of the values and principles, which should guide the daily work of auditors. The Code of Ethics states the principles and expectations governing the behavior of individuals and organizations in the conduct of internal auditing. It describes the minimum requirements for conduct, and behavioral expectations rather than specific activities.
Fundamental Principles
The Code of Ethics mandates that internal auditors behave and practice with integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. These are the fundamental principles of professional ethics and all members of the professional accounting bodies are to comply with these principles (APES 110, S.100.4).
Purpose of the Code of Ethics
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. A code of ethics is necessary and appropriate for the profession of internal auditing, founded as it is on the trust placed in its objective assurance about governance, risk management, and control. The Code of Ethics extends beyond the definition of internal auditing to include two essential components:
* Principles that are relevant to the profession and practice of internal auditing;
* Rules of Conduct that describe behavior norms expected of internal auditors.
These rules are an aid to interpreting the Principles into practical applications and are intended to guide the ethical conduct of internal auditors.
The Code of Ethics