Question

As per APES 110 Code of Ethics for Professional Accountants (issued November 2018), what is the distinguishing mark of the accountancy profession?

Answer 1

According to section 100 of APES 110 Code of Ethics for Professional Accountants, "A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest,"

This means that a professional accountant must not act only in his/her employer's interest, but also in the public interest. This is because a company's financial information is relevant to a huge group of entities, including the company's management, shareholders, government, and the general public. Hence, being a professional accountant comes with the huge responsibility of acting in the public interest. That is the distinguishing mark of the accountancy profession.