Professional competence and due care
Professional competence and due care require a professional accountant to attain and maintain appropriate knowledge and skill and act diligently in accordance with applicable standards. A firm should obtain needed expertise or decline work it cannot perform competently.
Worked example
An audit partner involves a valuation expert where the engagement requires specialised valuation skills beyond the team’s expertise.
Common mistake
Prior experience alone does not justify accepting work when current competence and resources are inadequate.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Direct | September 2026–June 2027 |
| ACCA | AAA (INT) | Direct | September 2026–June 2027 |
| ACCA | BT | Direct | September 2026–June 2027 |
| ACCA | SBL | Direct | September 2026–June 2027 |
| FIA | FBT | Direct | September 2026–June 2027 |