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Chapter 8

Ethical safeguards

4.1 Safeguards

 Safeguards are actions or other measures that may eliminate threats or reduce
them to an acceptable level.

4.2 Safeguards created by the profession, legislation or regulation

 Educational, training and experience requirements for entry into the profession.

 CPD requirements.

 Corporate governance regulations.

 Professional or regulatory monitoring and disciplinary procedures.

 External review by a legally empowered third party of the reports, returns,
communications or information produced by a professional accountant.

4.3 Safeguards in the work environment

 Firm-wide safeguards.

 Engagement-specific safeguards.

Illustrations and further practice

Now try TYU 4 to 8 from Chapter 8.

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