Ethical conceptual framework

The professional ethical conceptual framework provides a process for identifying, evaluating and addressing threats to compliance with fundamental ethical principles. Apply professional judgement and consider whether a reasonable and informed third party would regard the threat as acceptable. Appropriate responses can include eliminating the cause, applying effective safeguards or declining or ending the activity when the threat cannot be addressed. The framework applies to accountants in business as well as public practice; it is not a separate list of invented principles or a permission to proceed whenever no explicit prohibition is found.