Ethics & independence
ETHICS & INDEPENDENCE Ethics and independence are of fundamental importance to our culture and success. To fulfil our responsibility to act in the public interest, BDO is dedicated to creating an ‘ethics & independence first’ culture.
GLOBAL ETHICS & INDEPENDENCE MANAGEMENT PROGRAMME
2. GLOBAL TECHNOLOGY BDO clients, including a large number of public interest entities, operate across multiple jurisdictions. Working ‘conflict-free’ and maintaining independence, where required, is a priority for BDO. Continuous investment in global technology assists in managing global risk exposure, including independence risks. We are currently in the process of designing and implementing a new generation of our global entity management system and global conflict of interest tool, which will futureproof our system of internal control. Technology designed to identify, evaluate, and address threats to the fundamental ethical principles including independence and/or potential Conflicts Of Interest (COIs) further contributes to our control environment.
The Global Ethics & Independence Management Programme (‘the Programme’) provides a framework to assist firms in complying with relevant ethical & independence requirements and is comprised of five elements: Standards & Policies; Processes, Data & Tools; Training & Communication; Monitoring & Reporting, and Leadership & Governance. We have continued to invest in growing the Global Ethics and Independence function. This growth reflects the commitment to driving consistent standards across our global organisation. 1. STANDARDS & POLICIES The Global Ethics & Independence policies and procedures form the basis of the Programme, supported by technology where possible, to ensure that BDO continues to adhere to the Relevant Ethical Requirements (RERs) (including independence, both in fact and appearance). All policies are published in the Global Ethics and Independence Manual, which outlines the minimum requirements and describes the ethics & independence principles that BDO applies when providing professional services.
THE IMPORTANCE OF TRUST Ethics and independence remain central to
reinforcing trust and confidence in BDO and in the accountancy and auditing profession. The trust of the public can only be maintained and enhanced if BDO firms, their partners and members of their staff conduct themselves in accordance with the fundamental principles of ethics - as outlined by the International Ethics Standards Board for Accountants (IESBA) in the IESBA Code for Professional Accountants, and the International Independence Standards.
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Conflicts of Interest The principle of objectivity imposes an obligation to avoid the compromise of professional or business judgement as result of bias, conflict of interest or the undue influence of others. Engagement Partners are responsible for the identification of potential conflicts of interest during the client acceptance process. International conflict of interest checks are performed using our global technology. Where potential conflicts are identified, procedures are in place to ensure they are appropriately managed. Where it is concluded that a conflict is not manageable, or where it cannot be managed to an acceptable level, the engagement will be declined.
TRANSPARENCY REPORT 2023
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