Audit & Honour: The CA’s Compass to Professional Ethics [Part 1]

Institute of Chartered Accountants of India (ICAI) has launched a new Professional Ethics Series to de-mystify its Code of Ethics, which serves as a pillar of trust and integrity for the accounting profession. Part 1 of the series, launched in June 2025, de-mystifies the underlying principles and conceptual framework to which all Chartered Accountants (CA) are required to conform.

 

Key Highlights:

 

Five Global Principles: The Code is built on integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. These principles guide the CAs' ethical decision-making and professional behavior.

 

Conceptual Framework: The Code prescribes a risk-based approach, whereby CAs are required to identify, evaluate, and manage risks to compliance with the Code, and with appropriate protection in place.

 

Global Alignment: The standards of ICAI are aligned with global best practices, promoting public confidence and consistency in the profession.

 

Practical Advice: The series includes real-life examples and FAQs to facilitate members to tackle challenging ethical dilemmas, upholding the commitment of the profession to public interest and excellence.

 

Prospects: As the business environment changes, ICAI's Code of Ethics is a dynamic text that continues to evolve to address newer challenges while upholding the tried and tested values of the profession. CAs are urged to make use of the series for improved understanding and firmer ethical practice.

 

Sources: Taxscan, ICAI, ICAEW