At KDC adherence and compliance with Ethics Standards is something we take extremely seriously. Our approach to Ethics highly supports this position and is something that we will make all necessary efforts and actions to ensure that it touches every piece of our firm.



A. Sources of Ethics

B. The 5 Fundamental Principles of Ethics

C. Threats over the 5 Fundamental Principles

D. Recommended Safeguards


1. Source of the Code of Ethics


Chartered Accountants are expected to demonstrate the highest standards of professional conduct and to take into consideration the public interest. Ethical behavior by Chartered Accountants plays a vital role in ensuring public trust in financial reporting and business practices and upholding the reputation of the accountancy profession


KDC uses as a guide to ethics the followings:

• The IFAC’s Code of Ethics for Professional Accountants -For more information can be found at

• The ICAEW Code of Ethics

• The Code of Ethics and Conduct is set out in section 3 of the ACCA Rulebook.


2. The 5 Fundamental Principles


The above sources of code of Ethics sets out five fundamental principles, which we are taking into an absolute consideration.




To be straightforward and honest in all professional and business relationships.




To disallow bias, conflict of interest or undue influence of others to override professional or business judgments.




To maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical and professional standards.




To respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose nor use the information for the personal advantage of the professional accountant or third parties.




To comply with relevant laws and regulations and avoid any action that discredits the profession.


3. Threats on the Fundamental Principles


Compliance with the fundamental principles may potentially be threatened by a broad range of circumstances.

Many threats fall into the following categories:

self-interest – the threat that a financial or other interest will inappropriately influence the professional accountant’s judgment or behavior;

self-review – the threat that a professional accountant will not appropriately evaluate the results of a previous judgment made or service performed, on which the accountant will rely when forming a judgment as part of providing a current service;

advocacy – the threat that a professional accountant will promote a client’s or employer’s position to the point that the professional accountant’s objectivity is compromised;

familiarity – the threat that due to a long or close relationship with a client or employer, a professional accountant will be too sympathetic to their interests or too accepting of their work; and

intimidation – the threat that a professional accountant will be deterred from acting objectively because of actual or perceived pressures.


4. Safeguards and Actions


KDC is committed to assess the threats and implement safeguards where those threats are significant.

When we think there is a threat over the Fundamental Principles we assess whether the threat is significant, we take the necessary action to remove or mitigate it.




Coronavirus: Three repatriation flights scheduled for Saturday
Three flights are due to depart on Saturday from Larnaca airport, repatriating visitors to Cyprus back to their home countries. ...
Two arrested for attack on elderly woman
A 79-year-old woman managed to fight off two intruders, one of whom tried to strangle her, late Friday night in her apartment, ...
Finding common ground between biology and art
The creative side of science has always interested artist Marisa Satsia. From a young age she was fascinated by how it was ...
‘It’s been like a war zone’: frontline doctors share accounts
Dr. Arabia Mollette, an emergency medicine physician at Brookdale University Hospital Medical Center in Brooklyn, New York, and ...
European airlines resist mounting refund claims, offer vouchers
European airlines waiting in line for coronavirus bailouts want to tap another source of interest-free loans: their customers. ...
Lennie Ware: ‘for Nigella we talked about the menu for months!’
The Table Manners cookbook – courtesy of singer Jessie Ware and her mum Lennie – is here. ELLA WALKER catches up with ...
Coronavirus: 129 booked for violating movement restrictions
Between 6pm on Friday and 6am on Saturday police booked 129 drivers and pedestrians for violating the government lockdown on free ...
Post office to step up deliveries to limit movement of people
The Cyprus Post announced on Saturday that from Tuesday, March 31, mail deliverers will make every effort to deliver as many ...
Free delivery system great in principle but seriously flawed
The idea is great in principle, however the process is totally flawed and written by civil servants with no experience in project ...
Saturday, March 28: Coronavirus global update
As of 10.40 this morning more than 600,900 people have been infected across the world and over 27,410have died but at the same ...
Historic $2.2 trillion coronavirus bill passes U.S. House, becomes law
The U.S. House of Representatives on Friday approved a $2.2 trillion aid package – the largest in history – to help ...
Coronavirus: Look out for your neighbour
SOCIAL media is awash with comments highlighting the need to look out for our neighbours and in particular those that live alone, ...
The EU and the coronavirus pandemic
By Nikos Korogiannakis and Antigoni Pafiti On 11 March 2020 US President Donald Trump stunned EU leaders by announcing a 30-day ...
Our View: Parents should be fined for letting their teens roam free during a lockdown
WE WOULD have hoped that this tradition with the bonfires would have been suspended now that the country is on lockdown. The ...
Real GDP could shrink by up to 9.2 per cent in 2020
Real GDP in Cyprus could decrease by between 3.5 per cent and 9.2 per cent in 2020, according to a study published by ...
Turkey adopts ‘voluntary’ stay-at-home quarantine
President Tayyip Erdogan called on Friday for a “voluntary quarantine” in which Turks stay at home except for ...
Iran urges U.S. to free Iranian prisoners amid coronavirus
The Tehran government urged the United States on Friday to release Iranians held in U.S. jails on sanctions-related issues due to ...
Pope holds dramatic solitary service for relief from coronavirus
Pope Francis said the coronavirus had put everyone “in the same boat” as he held a dramatic, solitary prayer service ...
Coronavirus: Cypriots take to balconies and windows to applaud healthcare workers
The sound of applause could be heard through the streets of Cypriot cities on Friday night for healthcare workers batting the ...
Cash-strapped airlines resist mounting coronavirus refund claims
European airlines waiting in line for coronavirus bailouts want to tap another source of interest-free loans: their customers. ...

Featured Services

Upcoming Events

The KDC in the ongoing effort to grow its network of partners and associates in Cyprus and abroad organized and organizes frequent visits to associates and various exhibitions abroad and in-house seminars to associates.   Upcoming Events For ...

Cyprus Tax Services

Tax can be complicated. Even the most basic tasks of sorting out tax returns often require in-depth specialist knowledge. It is essential to be armed with this knowledge to avoid paying more tax than you need to. Our tax specialists ensure that our ...

Indirect Tax Services

Our tax specialists assist clients with VAT compliance obligations and provide services in relation to VAT reviews thus assisting in early identification of problem areas. They also advise clients on international transactions involving VAT. ...

Past Events

The KDC in the ongoing effort to grow its network of partners and associates in Cyprus and abroad organized and organizes frequent visits to associates and various exhibitions abroad and in-house seminars to associates.   Past Events ...

Internal Audit

Is an objective assurance and consulting activity designed to add value and improve an organisation's operations. It can help an organization accomplish its strategic objectives by bringing a systematic, disciplined approach to evaluating and ...

Specific ADIT course provider in Cyprus

CIOT's Advanced Diploma in International Taxation (ADIT)    1. Introduction We KDC Chartered Accountants Limited in cooperation with Pantelis Stylianides Institute of Accountancy, are able to provide the course (ADIT) through one of the most ...

© Copyright 2020 - KDC Chartered Accountants Ltd
Developed By: Dynamic Works  |  Powered By: DWCMS