Ethics

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.

 

Contents

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 http://www.ifac.org/about-ifac/organization-overview

• 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.

 

• INTEGRITY

 

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

 

• OBJECTIVITY

 

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

 

• PROFESSIONAL COMPETENCE AND DUE CARE

 

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.

 

• CONFIDENTIALITY

 

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.

 

• PROFESSIONAL BEHAVIOUR

 

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.

 

 

 

We are entering the phase of recovery, says finance minister
The message that we are entering the phase of recovery was given on Tuesday by the Minister of Finance, Konstantinos Petridis. He ...
Borrell calls on Turkey to respect the sovereignty of Cyprus and Greece 
EU High Representative for Foreign Policy Josep Borrell said Tuesday Turkey needed to respect the sovereignty of Cyprus and ...
Coronavirus: experts discuss possibly relaxing more restrictions sooner than anticipated (Update 2)
Experts on Tuesday discussed the possibility of relaxing restrictive measures sooner than anticipated during a meeting with the ...
Coronavirus: cases found at Nicosia hospital and Limassol venue
The health ministry on Tuesday announced that among the latest coronavirus cases were people working at a reception venue in ...
Turkish Cypriots protest to be allowed to cross for work (updated)
Turkish Cypriots who work in the Republic held a protest in the north on Tuesday demanding to be allowed to return to their jobs. ...
3 Ways to Clear Negative Energy From Your House
The post 3 Ways to Clear Negative Energy From Your House appeared first on Cyprus Mail.
Instagram account highlights the words of Cyprus
By Theo Panayides Language separates us from the beasts – but also, alas, from each other. God came up with the Tower of Babel, ...
Amsterdam anti-racism rally criticised for lack of social distancing
Amsterdam’s mayor faced criticism from politicians and health experts on Tuesday after thousands of demonstrators packed ...
THE HOUSE OF FAIRYTALES – “The Magic Porridge Pot” story time with The Fairy Godmother
The post THE HOUSE OF FAIRYTALES – “The Magic Porridge Pot” story time with The Fairy Godmother appeared first ...
Cavusoglu condemns attack on Limassol mosque
Turkish Foreign Minister Mevlut Cavusoglu has joined the widespread condemnation of the vandalism at the Koprulu mosque in ...
Three dogs with homes to go to stolen from Paphos shelter, public asked to help (Updated)
Three dogs waiting to be flown to their new homes abroad were stolen from Paws dog shelter in Achelia in Paphos in the early ...
Louis Vuitton designer apologises for comments on US protests
Virgil Abloh, the designer for Louis Vuitton’s menswear collections and founder of streetwear label Off-White, has ...
Girl, 4, who asked president to chase away coronavirus, visits palace
The four-year-old girl who asked the president to chase the coronavirus away from Cyprus in a video that went viral during the ...
F1 set for a series of firsts with revised race calendar
Formula One is set for a series of firsts after publishing a revised eight-race schedule on Tuesday that will see Austria’s ...
Suspect arrested for illegal entry, robbery and assault
Police in Paphos police have arrested a man suspected of trespassing on two separate occasions on private property before ...
Reflect Festival unites those eager to shape the inevitable change
Reflect Festival (www.reflectfest.com) will return with its third edition on October 8-9 2020, in both a physical and virtual ...
Admin court cancels promotion of two ambassadors
The administrative court on Tuesday cancelled the promotions of two ambassadors, upholding appeals filed by other candidates ...
Next Cyprus football season to be played in two phases
The Cyprus Football Association has decided on next season’s start date as well as the general structure of the season. The 20-21 ...
JDE Peet’s €2.3 billion IPO helps global stocks
The first major IPO in some months, that of coffee brand JDE Peet’s on the Amsterdam Stock Exchange on Friday, raised $2.5 ...
Developers insist on Paralimni golf course
Developers are yet again trying to go ahead with constructing a golf course in the Paralimni area, the Cyprus News Agency ...
 

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