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.

 

 

 

Australia asks people to isolate more even as coronavirus spread slows
Australians were asked on Sunday to further isolate themselves from the public to keep the coronavirus from spreading even as ...
Coronavirus: Famagusta hospital treating 28, three could be discharged Sunday
Twenty-eight coronavirus patients are currently hospitalised at Famagusta general. Four patients are being treated in the ...
Two women remanded in Paphos after claim they made threats
Two women aged 39 and 33, were both remanded by the Paphos court on Sunday for three days for allegedly making threats against a ...
Coronavirus: An enforced stay in the mountains
Many of the 1,200 people still in mandatory quarantine are complaining about their living conditions, but for one man it’s not ...
Qatar Airways will have to seek state support, warns cash running out
Qatar Airways will have to seek government support eventually, Chief Executive Akbar al-Baker told Reuters on Sunday, warning the ...
Coronavirus: health workers offered hotel stays close to hospitals
The minister of health has arranged for a number of healthcare workers who expressed interest in an alternative solution to ...
UK’s Johnson warns on coronavirus: Things to get worse before they get better
Prime Minister Boris Johnson is warning Britons in a letter to 30 million households that things will get worse before they get ...
Oil and gas companies on the retreat
By Charles Ellinas The combined effect of the massive decline in global oil and gas demand due to Covid-19 depressing the global ...
China guards against second wave of coronavirus coming from abroad
The growing number of imported coronavirus cases in China risked fanning a second wave of infections at a time when ...
Sunday, March 29: Coronavirus global update
As of 11.15 today more than 664,891 people have been infected across the world and over 30,893 have died but at the same time ...
Police still looking for missing 28-year-old man
Police are still looking for a missing 28-year-old man, Demetris Antoniou, in the Akamas peninsula area, where he was reportedly ...
Coronavirus: Cyprus and Israel reference hospitals to exchange info on virus
Famagusta Reference Hospital and Sheba Medical Centre in Israel, will cooperate and exchange expertise amid the Covid-19 pandemic. ...
Coronavirus: foreign ministry announces special platform coming Tuesday for students abroad
The foreign ministry announced has announced that as of Tuesday, a special online platform will be launched on which all Cypriot ...
Malaria drug is biggest hope against coronavirus, says Novartis CEO
Novartis Chief Executive Vas Narasimhan said his Sandoz generics unit’s malaria, lupus and arthritis drug ...
Coronavirus: Over 350 more people booked for violating movement ban
In the last 24 hours 370 people were booked for violating the ban on unnecessary movement, police said on Sunday. According to a ...
Coronavirus: Two arrivals and departures at Paphos airport on Sunday
Two arrivals and two departures are expected Sunday at Paphos Airport. All of the flights are two and from Gatwick An easyJet ...
N.Korea fires more missiles than ever amid coronavirus outbreak
North Korea fired what appeared to be two short-range ballistic missiles into the ocean off its east coast on Sunday, the latest ...
Five arrested on suspicion of dealing cannabis
Five men in their early twenties have been arrested on suspicion of drug dealing after police said they found 1.2kg in Nicosia on ...
Why 150% is the new 100% for public debt/GDP
Swaha Pattanaik When it comes to age, 70 is supposed to be the new 50. A similar rethink is on the cards for public debt. ...
Sunshine interspersed with isolated showers expected Sunday
Sunshine for most of Sunday will be interspersed with some isolated showers in the afternoon, the met office said. There could be ...
 

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