Question

In: Accounting

I. An ACFE Member shall, at all times, demonstrate a commitment to professionalism and diligence in...

I. An ACFE Member shall, at all times, demonstrate a commitment to professionalism and diligence in the performance of his or her duties.

II. An ACFE Member shall not engage in any illegal or unethical conduct, or any activity which would constitute a conflict of interest.

III. An ACFE Member shall, at all times, exhibit the highest level of integrity in the performance of all professional assignments, and will accept only assignments for which there is reasonable expectation that the assignment will be completed with professional competence.

IV. An ACFE Member will comply with the lawful orders of the courts, and will testify to matters truthfully and without bias or prejudice.

V. An ACFE Member, in conducting examinations, will obtain evidence or other documentation to establish a reasonable basis for any opinion rendered. No opinion shall be expressed regarding the guilt or innocence of any person or party.

VI. An ACFE Member shall not reveal any confidential information obtained during a professional engagement without proper authorization.

VII. An ACFE Member shall reveal all material matters discovered during the course of an examination, which, if omitted, could cause a distortion of the facts.

VIII. An ACFE Member shall continually strive to increase the competence and effectiveness of professional services performed under his or her direct

add one or two sentences after each Code of Professional Ethics statement explaining to the class what you believe that statement means in plain words, or an example of what is means, in your opinion.

Solutions

Expert Solution

I) It implies that an ACFE member will perform his task in a manner which upholds the level of professionalism associated with the profession and be aware and updated at all times about current developments while discharging his professional duties.

II) Any activity which is dishonest i.e. which should not be undertaken for a person of integrity should not be undertaken by an ACFE.

For example, indulging in an act of bribery.

lII) An ACFE should not undertake assignments which he will not be able to complete with technical competency.

For example- an ACFE specializing in tax audit should not take up a fraud investigation if he is not confident that he will be able to execute it.

IV) Any order which has been passed by a court of law shall be honoured by an ACFE and shall he be called to testify in a court of law he shall speak only the truth and shall not indulge in any lie or deceit.

V) An ACFE should only state facts based upon his findings and should not pass any judgement.

VI) An ACFE will acquire detailed information about many companies while doing his work.However, he should maintain the utmost confidentiality and not divulge any details to a third party.

Example-News of a merger cannot be disclosed to friend who trades in stock.

VII) Any fact which might affect the judgement of a stakeholder should be disclosed by an ACFE.

For example- Loss in the sale of a division.

VIII) An ACFE will make persistent efforts to hone his skills and keep himself updates so as to provide the best services possible.


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