Members of the Institute have a duty to observe high standards of professional conduct taking into consideration the public interest. The MICPA Code of Ethics sets out the fundamental principles of professional ethics and provides guidance on the application of these principles to help members meet these obligations.
This Code consists of four parts. Parts A to C of this Code are based on the Code of Ethics for Professional Accountants issued by the International Federation of Accountants (IFAC). As a member body of IFAC, the Institute is required to adopt and apply the IFAC Code of Ethics in so far as these requirements are not inconsistent with national laws and requirements.
Part D of the Code contains additional ethical requirements and guidance on specific matters which are of relevance to members in public practice not covered by the IFAC Code of Ethics for Professional Accountants.
This Code applies to all members of the Institute and the firms through which the members act or perform their professional work where relevant. Registered students of the Institute are also bound by the ethical requirements set out in this Code.
A member or registered student who fails to observe the ethical requirements set out in this Code may be liable to disciplinary action as provided in Article 22 of the Institute’s Articles of Association.
A member or registered student who is also a member of another professional body or bodies is normally obliged to observe the ethical requirements of that body or bodies at the same time. Where conflict between the ethical requirements of such other body or bodies and those of the Institute exists, the member or registered student should comply with the stricter requirement.
Members and registered students working overseas should comply with this Code unless to do so would amount to a breach of local laws and regulations.
A member who is in doubt as to his ethical standing, and who cannot resolve this doubt by reference to this Code, should consult the Institute.
The Council of the Institute has resolved that this Code replaces the Institute's Code of Professional Conduct and Ethics issued in November 1991.