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Why are fundamental ethical principles as guidance and not rules? Can you give me an example where taking the principles as rules will lead to the wrong answer.
Probably because rules are very strict and procedural. For example, when you look at the need for independence, then I’m not sure how rules would be set out. We would all probably agree that auditing your brother’s company, would no be independent; but what about a cousin’s, or a second cousin’s or a friend’s company?
Guidelines allow flexibility and professional judgement; rules do not.
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