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Subsection 113 – Professional competence and due care

R113.1         A professional accountant shall comply with the principle of professional competence and due care, which requires an accountant to:

(a)   Attain and maintain professional knowledge and skill at the level required to ensure that a client or employing organisation receives competent professional service, based on current technical and professional standards and relevant legislation; and

(b)  Act diligently and in accordance with applicable technical and professional standards.

113.1 A1      Serving clients and employing organisations with professional competence requires the exercise of sound judgment in applying professional knowledge and skill when undertaking professional activities.

113.1 A2      Maintaining professional competence requires a continuing awareness and an understanding of relevant technical, professional and business developments. Continuing professional development enables a professional accountant to develop and maintain the capabilities to perform competently within the professional environment.

113.1 A3      Diligence encompasses the responsibility to act in accordance with the requirements of an assignment, carefully, thoroughly and on a timely basis.

R113.2         In complying with the principle of professional competence and due care, a professional accountant shall take reasonable steps to ensure that those working in a professional capacity under the accountant’s authority have appropriate training and supervision.

R113.3              Where appropriate, a professional accountant shall make clients, the employing organisation, or other users of the accountant’s professional services or activities, aware of the limitations inherent in the services or activities.