FICA Supplementary Code of Ethics

1. In September 1979 the Council of the Institute in exercise of the powers conferred by section 28 of the Fiji Institute of  Chartered Accountants Act, made “The Fiji Institute of Chartered Accountants Ethical Rulings” to regulate the conduct of members.  

2. With the growth in the variety and complexity of assignments being undertaken by professional accountants to keep pace with the development and expansion of industry and commerce, it became increasingly obvious that the initial Ethical Rulings would need to be re-examined and reviewed. The membership of the Institute has grown considerably over the last twenty five years. 

3. At the same time, the expectation of the level of conduct on the part of those occupying positions of trust in the community has risen appreciably. 

4. The Council decided therefore to repeal the Fiji Institute of Chartered Accountants Ethical Rulings issued in September 1979 and replace them with a new Code of Ethics which came into effect from 01 July 2001. 

5. In preparing the new Code of Ethics we have relied partly on the old Ethical Rulings but also drew upon the provisions of the International Federation of Accountants Code of Ethics revised in July 1996, the Rules of Ethical Conduct of the Institute of Chartered Accountants in Australia as amended in 1990, and the Code of Ethics of the Institute of Chartered Accountants of New Zealand to all of whom the Council acknowledges its indebtedness. 

6. The reliance of the public generally, and the business community in particular, on true and fair financial reporting and competent technical advice, imposes special obligations upon members of the Institute and establishes its social usefulness.  The rulings of the Council on professional conduct flow from these particular obligations. 

7. In 2005, the International Federation of Accountants issued a draft set of Statements of Membership Obligations (SMOs) which were intended initially to serve as guidelines for all IFAC member bodies, in a move towards adoption of common international standards. These have since developed into a set of requirements for continued membership and FICA has honoured its obligations by agreeing to adopt the IFAC Code of Ethics for its members with effect from 01 July 2008. 

8. However, since the IFAC Code does not adequately cover all aspects of the old FICA Code, and some activities of the accountancy profession in Fiji, the Council has decided to produce a Supplementary Code of Ethics which will provide guidance for its members in respect of these additional areas. The Supplementary Code of Ethics came into force with effect from 01 July 2008.