Ethical guidance may follow principles / rules based approach.
The essence of principles based approach to ethics :
1. Compliance with spirit of ethics
2. Accountants to exercise professional judgment in every situation - based upon their professional knowledge, skill & expertise
Rules based approach to ethics :
1. Strictly follows clearly established rules
2. Lead to narrow outlook & spirit of ethics may be overlooked
3. Rigid - may not be possible to deal with every practical situation relying upon rules
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5. 11. Auditing Ethics
Random"Ethics" means moral principles - which govern a person's behavior or his conducting of an activity. It is the branch of knowledge - deals with moral principles. It is a state of mind - to act & perform in accordance with moral principles The scienc...
