1.1 Firms should be aware of and comply with all their statutory and regulatory obligations.
- This will include compliance with ACCA's Rules of Professional Conduct and statutory obligations such as health and safety and employment legislation. ACCA members should ensure that non-member partners and staff conduct business in accordance with the fundamental principles in ACCA's Code of Ethics. Where firms' work is subject to statutory monitoring firms will also need to have satisfied the monitoring process.
1.2 Firms should clearly identify all clients' needs.
- This will include existing and new clients and will involve re-assessing the services it provides to continuing clients on an ongoing basis as well as establishing services required by new clients. It may also involve declining to act for a client for ethical reasons or where the services required are beyond available resources.
1.3 Firms should maintain and document paper-based or electronic systems for ensuring timely and accurate fulfilment of client requirements.
1.4 Firms should ensure partners and staff maintain up to date technical knowledge and skills and should provide suitable training and development for staff and exercise appropriate supervision.
1.5 Firms should communicate effectively with clients, tax authorities and other statutory authorities, ACCA and other regulators.
- This will include providing clients with sufficient, timely and accurate information to meet their needs and informing clients of obligations or opportunities they may have been unaware of. It will cover any advertising or promotion undertaken by firms and all information they are required to supply to ACCA, tax or other statutory authorities or other regulators whether on their own or on clients' behalf.