Audit Regulatory Framework Essay Example

IFACs Code of Ethics desires to reinforce the professional accountancy and economics throughout the world by contribute a high level of ethical professional guidance, and desiring the Code to be adoptable globally. It is very important because it generates ninety nine percent consciousness among professional accountants and to promote an ethical culture with listing the five Fundamental Principle of Professional Ethics and lay down some threats to principles with its Conceptual Framework which leading to the independence enhancement of auditors (IFAC, 2009) [online].The principle-based ethical code is significantly encourages that EAs to exert ethics and independence in their thinking and behaviors, and it is optional to be performed because they are close with sensitive, private and confidential documents (IFAC, 2009) [online]. It increases the credibility, accountability and stewardship of directors by requiring internal and, or external au