Ethics for Professional Accountants

After completion of this subject students will be able to identify, explain and apply ethical standards for professional accountants and professional accountants in public practice. The program establishes principles of objectivity, integrity and professional competence of accountants (and auditors) and is applied to all professional accountants (and auditors).

After passing the exam in this subject, students will be able to identify ethical principles that accountants and auditors should adhere to, and to identify cases of non-compliance with these standards that directly threatens objectivity of both financial statements and auditors' opinions.

Conceptual definition of ethics; Theoretical and methodological assumptions of business ethics; Introduction and basic principles of ethics; Business ethics, climate and culture of the corporation - the basis for successful quality management; General application of the IESBA Code; Integrity; Objectivity; Professional competence and due care; Confidentiality; Professional behavior; Professional accountants in public practice: professional appointment, conflict of interest, fees and other types of remuneration, advertising of professional services, gifts, disposal of client's assets; Code of ethics applicable to employed professional accountants: potential conflicts, preparation and presentation of information, acting with sufficient expertise, financial interests, incentives.

Lectures and exercises within the planned number of classes.

Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points)

IESBA – International Ethics Standards Board for Accountants. (2012). IFAC Code of Ethics for Professional Accountants. Banja Luka: Association of Accountants and Auditors of the Republic of Srpska; Subotić, D.; Lazić, J. Lj. (1997). Business Ethics. Belgrade: KIZ.