The Institute of Chartered Accountants in England and Wales (ICAEW) has adopted a code of ethics based on the IFAC Code. In commenting on the principles-based approach used in these codes, the ICAEW states that a principles approach “focuses on the spirit of the guidance and encourage responsibility and the exercise of professional judgment, which are key elements of professions.”91 Explain how factors underlying professional judgment come into play in the global environment.

Contemporary Auditing
11th Edition
ISBN:9781337650380
Author:KNAPP
Publisher:KNAPP
Chapter4: Ethical Responsibilities Of Accountants
Section4.3: Suzette Washington, Accounting Major
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The Institute of Chartered Accountants in England and Wales (ICAEW) has adopted a code of ethics based on the IFAC Code. In commenting on the principles-based approach used in these codes, the ICAEW states that a principles approach “focuses on the spirit of the guidance and encourage responsibility and the exercise of professional judgment, which are key elements of professions.”91 Explain how factors underlying professional judgment come into play in the global environment.

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