Table of Contents
- 1 What does professional competence and due care mean?
- 2 What is professional competence in ethics?
- 3 How do you demonstrate due care?
- 4 What is competence example?
- 5 What does professional competence mean?
- 6 What are the principles of professional competence and due care?
- 7 When do you need to use due professional care?
What does professional competence and due care mean?
Professional competence and due care – Members have a continuing duty ‘to maintain professional knowledge and skill at a level required to ensure that clients or employers receive competent professional service’.
What are the threats to professional competence and due care?
320.4 Threats to compliance with the fundamental principles, for example self-interest or intimidation threats to objectivity or professional competence and due care, may be created where a professional accountant in business* may be pressured (either externally or by the possibility of personal gain) to become …
What is professional competence in ethics?
Ethical competence is a key distinguisher between simply having skills and having a true sense of professionalism. It is the stage beyond technical competence where ethical competence must be considered when extending policies to support skill and competencies to training and education for professional occupations.
What is professional competence in auditing?
The aim of this standard is to ensure that professional accountants acquire the specific capabilities (i.e., the professional knowledge, professional skills and professional values, ethics and attitudes) required to work as competent audit professionals.
How do you demonstrate due care?
Due care is a level of responsibility that a person in a particular situation is expected to practice. For example, due care is practiced when a person drives his car safely. He is expected to adhere to the rules of the road so as to prevent injury to himself and to others.
Why is professional competence and due care important?
(c) Professional Competence and Due Care – to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services* based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical …
What is competence example?
An example of competence is when a pianist has the ability to play the piano well. An example of competence is when people are tested to determine whether they have sufficient skills to perform a specific job. Condition or quality of being competent; ability; fitness; specif., legal capability, power, or jurisdiction.
How do you ensure competence in professional ethics?
Professional ethics means to develop professional competence with ethical human conduct. Developing ethical competence in the individual (profession) is the only effective way to ensure professional ethics. The development of ethical competence is a long term process to be achieved through appropriate value education.
What does professional competence mean?
Professional competencies are skills, knowledge and attributes that are specifically valued by the professional associations, organizations and bodies connected to your future career.
How do you maintain professional competence?
Below there are some ways.
- On the job learning and training is an important way of developing competence.
- Participate in new projects / working groups in your workplace.
- Attend training courses / seminars / conferences in and outside your company.
- Pursue doctoral studies.
- Study for another complementary degree.
What are the principles of professional competence and due care?
Charging a Client a professional fee based solely on the value of the Client’s assets or funds under management (or changes in such values) creates the threat of self-interest which impacts on the Member’s ability to comply with the following fundamental principles of the Code: • Integrity; • Objectivity; and • Professional competence and due care.
What is the definition of competent professional service?
130.2 Competent professional service requires the exercise of sound judgment in applying professional knowledge and skill in the performance of such service. Professional competence may be divided into two separate phases: (b) Maintenance of professional competence.
When do you need to use due professional care?
Due professional care is required and applied when audits are carried out in accordance with the standards set for the profession. The auditor is normally obligated to exercising due professional care by the terms of the engagement letter; the obligation exists even if it isn’t always specifically said in the engagement letter.
What are the two phases of professional competence?
Professional competence may be divided into two separate phases: (b) Maintenance of professional competence. 130.3 The maintenance of professional competence requires a continuing awareness and an understanding of relevant technical, professional and business developments.
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