Section 230 acting with sufficient expertise

230.1

The fundamental principle of professional competence and due care requires that a professional accountant in business should only undertake significant tasks for which the professional accountant in business has, or can obtain, sufficient specific training or experience. A professional accountant in business should not intentionally mislead an employer as to the level of expertise or experience possessed, nor should a professional accountant in business fail to seek appropriate expert advice and assistance when required.

230.2

Circumstances that threaten the ability of a professional accountant in business to perform duties with the appropriate degree of professional competence and due care include:

  • insufficient time for properly performing or completing the relevant duties
  • incomplete, restricted or otherwise inadequate information for performing the duties properly
  • insufficient experience, training and/or education
  • inadequate resources for the proper performance of the duties.

230.3

The significance of such threats will depend on factors such as the extent to which the professional accountant in business is working with others, relative seniority in the business and the level of supervision and review applied to the work. The significance of the threats should be evaluated and, if they are other than clearly insignificant, safeguards should be considered and applied as necessary to eliminate them or reduce them to an acceptable level. Safeguards that may be considered include:

  • Obtaining additional advice or training
  • Ensuring that there is adequate time available for performing the relevant duties
  • Obtaining assistance from someone with the necessary expertise
  • Consulting, where appropriate, with:
    • superiors within the employing organisation
    • independent experts
    • a relevant professional body.

230.4

Where threats cannot be eliminated or reduced to an acceptable level, professional accountants in business should consider whether to refuse to perform the duties in question. If the professional accountant in business determines that refusal is appropriate the reasons for doing so should be clearly communicated.

*see Definitions