Explain the five fundamental principles of ethics for Chartered Accountants. (4 Marks)

Five fundamental principles of ethics for Chartered Accountants: (1) Integrity – to be straightforward and honest in all professional and business relationships. (2) Objectivity – not to compromise professional or business judgments because of bias, conflict of interest or undue influence of others. (3) Professional Competence and Due Care – to: (i) 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 (ii) act diligently and in accordance with applicable technical and professional standards. (4) Confidentiality – to respect the confidentiality of information acquired as a result of professional and business relationships. (5) Professional Behaviour – to comply with relevant laws and regulations and avoid any conduct that the Chartered Accountant knows or should know might discredit the profession.