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A summary list of the explicit prohibitions in the Code is provided below. This list details those provisions that contain a "shall not" statement and is a subset of the Requirements set out in the Code.  

A professional accountant is required to apply the principles-based provisions in the conceptual framework set out in Section 120 to identify, evaluate and address threats to compliance with the fundamental principles of ethics and, where applicable, to independence. These explicit prohibitions are the result of the IESBA applying that conceptual framework to certain situations and determining that threats to compliance with the fundamental principles are at a level at which actions or safeguards cannot be applied. Accordingly, the activity, interest or relationship is prohibited by the Code.  This list should not be viewed as all-inclusive because the application of the conceptual framework might result in the professional accountant concluding that the threats created by a particular situation can only be addressed by declining or ending the specific professional activity.

Some of these prohibitions apply to audits of entities that are public interest entities only.

 

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COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK > THE FUNDAMENTAL PRINCIPLES > Integrity

R111.2

A professional accountant shall not knowingly be associated with reports, returns, communications or other information where the accountant believes that the information: Contains a materially false or misleading statement; Contains statements or information provided recklessly; or Omits or obscures required information where such omission or obscurity would be misleading. ...

COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK > THE FUNDAMENTAL PRINCIPLES > Objectivity

R112.2

A professional accountant shall not undertake a professional activity if a circumstance or relationship unduly influences the accountant’s professional judgment regarding that activity....

COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK > THE FUNDAMENTAL PRINCIPLES > Professional Behavior

R115.1

A professional accountant shall comply with the principle of professional behavior, which requires an accountant to comply with relevant laws and regulations and avoid any conduct that the accountant knows or should know might discredit the profession. A professional accountant shall not knowingly engage in any business, occupation or activity that impairs or might impair the integrity, objectivity or good reputation of the profession, and as a result would be incompatible with the fundamental principles....

COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK > THE FUNDAMENTAL PRINCIPLES > Professional Behavior

R115.2

When undertaking marketing or promotional activities, a professional accountant shall not bring the profession into disrepute. A professional accountant shall be honest and truthful and shall not make: Exaggerated claims for the services offered by, or the qualifications or experience of, the accountant; or Disparaging references or unsubstantiated comparisons to the work of others. ...

PROFESSIONAL ACCOUNTANTS IN BUSINESS > Conflicts of Interest

R210.4

A professional accountant shall not allow a conflict of interest to compromise professional or business judgment....

PROFESSIONAL ACCOUNTANTS IN BUSINESS > PREPARATION AND PRESENTATION OF INFORMATION

R220.5

Preparing or presenting information might require the exercise of discretion in making professional judgments. The professional accountant shall not exercise such discretion with the intention of misleading others or influencing contractual or regulatory outcomes inappropriately....

PROFESSIONAL ACCOUNTANTS IN BUSINESS > ACTING WITH SUFFICIENT EXPERTISE

R230.3

A professional accountant shall not intentionally mislead an employing organization as to the level of expertise or experience possessed....

PROFESSIONAL ACCOUNTANTS IN BUSINESS > FINANCIAL INTERESTS, COMPENSATION AND INCENTIVES LINKED TO FINANCIAL REPORTING AND DECISION MAKING

R240.3

A professional accountant shall not manipulate information or use confidential information for personal gain or for the financial gain of others....

PROFESSIONAL ACCOUNTANTS IN BUSINESS > INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY

R250.7

A professional accountant shall not offer , or encourage others to offer, any inducement that is made, or which the accountant considers a reasonable and informed third party would be likely to conclude is made, with the intent to improperly influence the behavior of the recipient or of another individual....

PROFESSIONAL ACCOUNTANTS IN BUSINESS > INDUCEMENTS, INCLUDING GIFTS AND HOSPITALITY

R250.8

A professional accountant shall not accept, or encourage others to accept, any inducement that the accountant concludes is made, or considers a reasonable and informed third party would be likely to conclude is made, with the intent to improperly influence the behavior of the recipient or of another individual....

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