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Ethical standards for accounting explained by our accountants for small business in Southbank - Part 1

In order to encourage accountants to act ethically, the Accounting Professional Ethical Standards Board enforces the APES110. The APES110 is a framework for ethical accounting to which members of the CPA, ICAA and IPA comply. There are five key principals of accounting ethical conduct that our accountants for small business in Southbank abide to. These include: integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.

Integrity
Integrity states that members should be straightforward and honest in professional and business relationships. Integrity also implies fair dealing and truthfulness, which is one of the most important principals for our small business accountants in Melbourne.

For a member to act with integrity, the member should not be associated with information that:

• Contains a materially false or misleading statement
• Contains statements or information furnished recklessly
• Omits or obscures information required to be included where such omission or obscurity would be misleading

Objectivity
Objectivity refers to the obligation on all members not to compromise their professional or business judgment because of bias, conflict of interest or the undue influence of others.

In part 2 of this article, our Melbourne small business accountants will explain the three remaining principals of ethical conduct.

For more information on these ethical standards, please contact our accountants for small business in Southbank.