Identify and explain the fundamental principles being referred to in the following cases. (i) Professional accountants should act diligently and in…

Fundamental Principles: (i) Act diligently and in accordance with applicable technical and professional standards: In the given case, professional competence and due care fundamental principle is being referred to since a professional accountant shall comply with the principle of professional competence and due care, which requires an accountant to attain and maintain professional knowledge and skill at the level required to ensure that a client or employing organization receives competent professional service, based on current technical and professional standards and relevant legislation; and act diligently and in accordance with applicable technical and professional standards.