6. In marketing and promoting themselves and their work, individual professional accountants are required by IFAC`s code of Ethics to avoid three main aspects.

Question

Required: Briefly explain these three main aspect.

Answer 1

The three main aspects that individual professional accountants are required to avoid in marketing and promoting themselves and their work, according to IFAC's code of Ethics, are as follows:

1) Misleading or exaggerated statements: Accountants are not allowed to make false or exaggerated statements about their professional qualifications or services, or make any misleading promises that they cannot fulfill.

2) Overemphasis on self-interest: Accountants are required to maintain a high level of integrity and objectivity in their marketing and promotion efforts, and avoid any practices that could be perceived as putting their self-interest above the interests of their clients.

3) Disparaging or discrediting competitors: Accountants are prohibited from making any statements that denigrate or discredit their competitors or their services, as such statements could be perceived as being unethical and unprofessional.