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Professional and corporate ethics

The public interest

2.1 What is the “public interest”?

The public interest can be defined as that which supports the good of
society as a whole (as opposed to what serves the interests of
individual members of society or of specific sectional interest groups).

 The distinguishing mark of a profession is the acceptance of a
responsibility to the public.

2.2 Accountants and the public interest

 Accountants do not generally act against the public interest.

 The ethical code applicable to most accountants confirms that such action is not
normally appropriate.

NB An area of particular relevance to accountants will be that of disclosure of
information:

Illustrations and further practice

Now try TYU questions 1 and 2

Now read illustration 3

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