What committee is responsible for establishing a code of ethics within IFAC?

What committee is responsible for establishing a code of ethics within IFAC?

• A. Audit committee
• B. Ethic's committee
• C. Regulation committee
• D. Accountants committee

Answer: (B)

The Ethics Committee is the body within the International Federation of Accountants (IFAC) responsible for establishing a code of ethics. This committee plays a crucial role in developing and maintaining high ethical standards for the accountancy profession globally. It focuses on issues related to ethical conduct, integrity, objectivity, confidentiality, and professional behavior among accountants. While other committees, such as audit, regulation, and accountants committees, may deal with various aspects of financial reporting and compliance, they do not specifically create or oversee ethical frameworks for the profession. The Ethics Committee's primary focus ensures that all professional accountants adhere to the ethical standards that foster trust and accountability, key elements in maintaining the integrity of the financial reporting process. This specific focus on ethics differentiates this committee from others that may have broader regulatory or operational roles.

The Ethics Committee is the body within the International Federation of Accountants (IFAC) responsible for establishing a code of ethics. This committee plays a crucial role in developing and maintaining high ethical standards for the accountancy profession globally. It focuses on issues related to ethical conduct, integrity, objectivity, confidentiality, and professional behavior among accountants.

While other committees, such as audit, regulation, and accountants committees, may deal with various aspects of financial reporting and compliance, they do not specifically create or oversee ethical frameworks for the profession. The Ethics Committee's primary focus ensures that all professional accountants adhere to the ethical standards that foster trust and accountability, key elements in maintaining the integrity of the financial reporting process. This specific focus on ethics differentiates this committee from others that may have broader regulatory or operational roles.