International Accountants Consortium - I.A.C.

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Code of Ethics

Human beings need ethical values. Ethical values must govern human beings lives, namely on personal and professional levels. I.A.C. members are professionals. So, despite the great importance of personal ethical values (and I.A.C. has as lemma: professional advising based on a person to person philosophy) personal ethics belongs to the environment of professional ethics, that is, is out of the inner circle of professional ethics, the matter of this Code.

Professions, its definitions, organization and regulation vary from country to country. I.A.C. members are auditors, accountants and tax consultants.

In general, each profession in each country has its own Code of Ethics. So, each member of I.A.C. is already regulated by the national Code of Ethics of his profession.

In general, I.A.C. members are accountants. So, they are included in IFAC - International Federation of Accountants circle and are members of national professional organizations, which are members of IFAC.

IFAC has its own Code of Ethics, that inspired to and is subsidiary of national codes of ethics.

Accordingly to points 3 and 4, in general I.A.C. members are already regulated by two codes of ethics: the national one and that of IFAC. The purpose of this I.A.C. Code of Ethics is to stress the importance of ethics and to make explicit ethical values and to regulate its application in an international ambiance, considering the Organization (I.A.C.), its members, their partners and employees/collaborators and relationships among them and with clients/costumers, as well as with others organizations or entities, public or private ones.

I.A.C. is an association, under Swiss law, which has its Articles governing the Association. I.A.C. articles has some implicit dispositions on ethics, that must be taken in consideration in a first level. Selection, acceptance and retention of members must be done accordingly to Articles and this Code.

I.A.C. CODE OF ETHICS

ARTICLE 1 – Scope

This Code of Ethics is applicable to I.A.C. - International Accountants Consortium, its members, their partners and employees/collaborators (whenever they act with I.A.C. or in the name of I.A.C. or deal with any matter related with I.A.C.) and relationships among them and with I.A.C. clients/costumers, as well as with others organizations or entities, public or private ones.

ARTICLE 2 – Fundamental principles

All I.A.C. members have to exercise his profession in an independent, conscientious, confidential manner and on their own responsibility. They have to behave themselves both in their professional work and outside it in a manner so as to justify the confidence and esteem, which is indispensable for the profession.

All I.A.C. members must exercise their profession with politeness, considering moral, legal and professional rules and duties towards I.A.C., colleagues, clients/customers and other entities, (namely in advertising and all others forms of communication) taking legitimately in due care their rights.

All I.A.C. members must organize their practice and their work according with good standards, considering local professional guidelines issued by national Institutes, standards approved by I.A.C. and guidelines from IFAC.

All I.A.C. members must abstain from all activities which are incompatible with their profession or the standing of the profession. All I.A.C. members must ruled their personal and professional behaviour accordingly to this Code, giving prestige to I.A.C., their profession and themselves.

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