Acca fundamental principles pdf. Its year end was 31 October 2012.

CHAPTER 1 – FUNDAMENTAL PRINCIPLES OF TAXATION (Part 1) ACC C202 Income Taxation - Week 1 Related Lecture Topics (for the 2 nd Semester, S. which may pose threats to compliance with the Fundamental Principles and Standards. ACCA F3 (FA) Financial Accounting is a fundamental component of the ACCA qualification, a globally recognized program for aspiring accountants. The Fundamental level includes 9 examinations (F1 – F9). Professional Ethics. For the tax papers, ACCA will publish examinable Oct 29, 2023 · As chartered management accountants, CIMA members (and registered students) throughout the world have a duty to observe the highest standards of conduct and integrity, and to uphold the good standing and reputation of the profession. If you have previously prepared for your exam under the 2023/24 syllabus and are now preparing under the 2024/25 syllabus, refer to this interactive PDF so you can check whether there have been any syllabus changes, understand more about as a theoretical base, a statement of principles, a philosophy and a map. The five fundamental principles are: Integrity. This article was first published in the January 2019 China edition of Accounting and Business magazine. students are expected to be familiar with the principles of double-entry book keeping even if it is not something they have to do on a daily basis at work. Group accounts principles as documented in the ACCA FR textbook. If you have previously prepared for your exam under the 2023/24 syllabus and are now preparing under the 2024/25 syllabus, refer to this interactive PDF so you can check whether there have been any syllabus changes, understand more about 6 days ago · The ACCA course typically takes 2-3 years to complete, covering 13 exams across fundamental and professional levels, focusing on core accounting, financial management, and ethics. Professional Ethics - IFAC (IESBA) Code of Ethics - Quiz 2 / 4 Notes Quiz CBE Mock Notes Quiz CBE Mock 13. 4 Legal principles – health and safety 1. ACCA's Approved Content Programme is the programme through which ACCA approves learning materials from high quality content providers designed to support study towards ACCA’s qualifications. The International Auditing and Assurance Standards Board (IAASB) makes it clear that an understanding of this ISA is crucial to auditors, as this ISA sets out how the objectives, requirements, application and explanatory material contained in all ISAs are to be understood and applied. (The fundamental principles are integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. Being a confident, inspiring and trusted professional comes with experience so to qualify as an ACCA member you must complete a minimum 36 months’ relevant work experience and achieve 9 performance objectives. For FA2, candidates do not need to consider the time period that might be regarded as the ‘foreseeable future’. The fundamental ethical principles establish the standard of behaviour expected of a professional accountant. • The basic rules of meetings • Running a meeting • Responsibilities of the chairman • Communication and interpersonal skills Section 6: Emails • Introduction • Good practice with email • Do’s and don’ts of business emails Section 7: Report Writing • Purpose of reports • Best practices in report writing Section 8: Telephone Try our FREE ACCA AA Past Paper questions from syllabus A4. The basic point about the going concern principle is that it is assumed that the entity will continue to operate for the foreseeable future. These principles establish the standard of behavior expected of a professional accountant. Guide to ACCA examination assessment ACCA reserves the right to examine anything contained within any study guide within any examination session. The revised ICAP Code entails ensuring compliance with the five fundamental principles of professional ethics which are integrity, objectivity, professional competence and due Practical Experience Requirement. Please call for detaisl 5. We believe the framework of fundamental ethical principles upon which the IESBA Code is based is comprehensive, and complete compliance with the fundamental principles amounts to acting in the public interest. All new students and members are asked to sign an undertaking that they will comply with ACCA’s Regulations and Code of Ethics and Conduct, which exist within ACCA’s governance framework of its Royal Charter and bye-laws. APPLICATION PROCEDURE: Complete ACCA/ICAJ Initial registration form & ACCA/ICAJ enclose the following: o A passport sized photo with form-number clearly written on back • fundamental principles of ethical behaviour • the role of regulatory and professional bodies in promoting ethical and professional standards in the accountancy profession While the fundamental principles of ethics have not changed, there are major revisions to the unifying conceptual framework - the approach used by all professional accountants to identify, evaluate and address threats to compliance with the fundamental principles and, where applicable, independence. 1. By setting out the very basic theory of accounting the Framework points the way for the development of new accounting standards. From the Professional level, you must complete 5 exams prior to receiving your certification. IMPORTANT NOTES: Registration is on a fi rst-come-fi rst-served basis. ACCA AA Syllabus A. [2] b) Define and apply the conceptual framework, including the threats to the fundamental principles of self-interest, self-review Having covered the core areas of the basic taxes, students should be able to compute tax liabilities, explain the basis of their calculations, apply tax planning techniques for individuals and companies and identify the compliance issues for each major tax through a variety of Part 1 – Complying with the Code, Fundamental Principles and Conceptual Framework, which includes the fundamental principles and the conceptual framework and is applicable to all professional accountants. The principles provide a common bond for the National Societies, which vary greatly in Feb 18, 2024 · LEARNING OUTCOME 4. 7/30/24, 5:52 PM A question of ethics | ACCA Global Menu A question of Sub-topic This free sample shows two topics (shaded pink) Pages Questions Answers Cover 24 126 The purpose and types of business organisation 25 127 The business organisation structure and design 26 128 The formal and informal business organisation 33 141 Organisational culture in business 35 149 Stakeholders in business organisations 37 155 fundamental principles and determines that they are not at an acceptable level, the chartered accountant needs to ensure whether appropriate safeguards are available or not. 2 Legal principles - money laundering 1. ) EPSM unit 1. This document outlines the Code of Ethics and Conduct for ACCA members. Five fundamental principles (taken from the ACCA code of conduct) are shown above. Our programmes can be customsi ed to meet your in-house training requirements. 2. 1 Overarching principles of tax policy In a context where many governments have to cope with less revenue, increasing expenditures and resulting fiscal constraints, raising revenue remains the most important function of taxes, which serve as the primary An introduction to ACCA FR A4b. ’ The five fundamental ethics principles: time for evaluation? A discussion paper issued by ICAS (March 2016) ACCA responds to Institute of Chartered Accountants of Scotland proposals for entering a new ethical principal to the International Ethics Standards Board for Accountants Code: 'moral courage'. As this is an optional exam, aimed at those requiring/desiring more than basic tax knowledge for their future professional lives, the ACCA reserves the right to examine anything contained within the study guide at any examination session. ACCA AFM Syllabus A. For the financial accounting, audit and assurance, law and tax exams except where indicated otherwise, ACCA will As you study and train for the ACCA Qualification, there are lots of qualifications you can achieve along the way as you progress towards ACCA membership. 5 Legal principles – document retention and submission 1. ONLY the exam title is changing, the exam syllabus is not impacted View ACCA-PER_Kamal-Khatri. This is a new section, containing the principles relating to how items should be presented and disclosed. Some financial aspects of Shariah law, and, therefore, the legitimacy of the financial instruments used can be open to interpretation, with the result that some Islamic banks may agree transactions that would be rejected by other banks. However, any changes to the fundamental ethical principles should be made with care. Computerisation : The double-entry bookkeeping system is well suited to computerisation because the initial capturing of volumes of repetitive data and the day-to-day recording of 2. docx Author: user Created Date: 7/24/2020 2:49:33 PM 4 (a) Identify and explain each of the FIVE fundamental principles contained within ACCA’s Code of Ethics and Conduct. For specified financial accounting, audit and tax examinations, except where indicated The framework also helps identify threats to compliance with the principles and then applies safeguards to eliminate or reduce those threats to acceptable levels. The five fundamental principles of ethics for professional accountants set out in Section A of our Code are: Integrity – to be straightforward and honest in all professional and business relationships. Related topics: Fundamental Principles. Integrity. Its year end was 31 October 2012. Integrity implies fair dealing and truthfulness. adhere to the fundamental principles set out in the ACCA Rulebook in section 3. pdf from AA 11: Professionalism and ethics Approved Description Examples of activities Linked exams The fundamental principles of ethical behaviour mean you should always Helpsheet C: dealing with errors (PDF, 155KB) Helpsheet D: request for data by HMRC (PDF, 209KB) Helpsheet E: members’ personal tax affairs (PDF, 83KB) Helpsheet topical guidance: the provision of R&D tax credit services – issued 1 June 2020 (PDF, 160KB) In this latest update, the fundamental principles and standards have not changed. The Rulebook is a valuable asset to our members and students, and to firms. Section A comprises the entire IESBA code, including some augmentations relevant to ACCA registered students, affiliates and members. Fundamental Principles of The ACCA Code also defines fundamental principles. pdf copy of Understanding the Friction Chart and a filled in Manual D Speedsheet sample problem are included in the course package, and have full access to the 3 hour video series. On your way to ACCA membership you can achieve: Revision of the basic principles of consolidation When answering SBR exam questions that test control, candidates don’t often focus on the inter-related principles of control despite the fact that the requirement asks them to do so. ๏ These are subject to risks ๏ Accountants should use safeguards to avoid or to respond to risks. 3 Legal principles – security and data protection 1. 2) Objectivity. Guide to ACCA examination assessment ACCA reserves the right to examine anything contained within any study guide within any examination session. For specified financial accounting, audit and tax examinations, except where indicated otherwise, ACCA will publish examinable documentsonce a Learn the underlying principles and concepts of financial accounting, accounting techniques and the preparation of basic financial statements. For specified financial accounting, audit and tax examinations, except where indicated otherwise, ACCA will publish examinable documentsonce a The Fundamental Principles are key to the Movement’s identity. Adherence to these principles ensures the humanitarian nature of the Movement’s work and brings consistency to the broad range of activities it undertakes around the world. Role Of The Senior Financial Adviser - Fundamental Principles - Past Papers 1 / 6 5. Holders of ACCA’s CAT qualification can receive exemption from Part/ Level 1 exams No exemptions are offered from any Part/ Level 3 exams. txt) or read online for free. However, if you wanted to progress as fast as possible through the FIA diplomas, you could complete all of the studying and exams in around 12-18 months. Fundamental principles The ACCA’s fundamental principles are as follows: ๏ First, integrity, basically this means that members should be honest, straightforward. 2020-2021) Prepared by: Ariel Serrano, CPA (Jose Rizal University) Source/Reference: Income Taxation by Enrico Tabag & Earl Jimson Garcia (2020 edition) SCOPE OF THE POWER TO TAX Taxation has the broadest scope of all the powers of the government. If Free ACCA notes t Free ACCA lectures t Free ACCA tests t Free tutor support t StudyBuddies t ACCA forums Chapter 13 STANDARD COSTING AND BASIC VARIANCE ANALYSIS 1. The Independent Auditor’s Report . Professional ethics and ACCA’s Code of Ethics and Conduct a) Discuss the fundamental principles of professional ethics of integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour. 1520 Belle View Blvd #5220 Alexandria, VA 22307 (703) 575-4477 The Code requires professional accountants in public practice to comply with the fundamental principles and be independent when performing audit, review and other assurance engagements. These are widely used to prevent breached of laws or policy, as well as to minimise risks relating to health and safety. The next section deals with cost The basic point about the going concern principle is that it is assumed that the entity will continue to operate for the foreseeable future. Both ACCA members and students are bound by and therefore must comply with ACCA’s Code of Ethics and Conduct. It should be noted that the Framework is not an accounting standard, and where there is perceived to be a 5. ACCA has three Approved Content Providers, Becker Professional Education, BPP Learning Media and Kaplan Publishing. Threats to compliance with the fundamental principles The IESBA Code states that threats may be created by a broad range of relationships and circumstances. Guide to ACCA examination assessment ACCA reserves the right to examine anything contained within the study guide. We would like to show you a description here but the site won’t allow us. Consequently, members must consider and observe the PCRT Fundamental Principles and Standards across all their professional activities. pdf from BUSINESS 1234 at Tunku Abdul Rahman University College, Kuala Lumpur. 1 Legal principles – theft, fraud, insider trading, bribery 1. We have adopted a principles-based approach which allows practitioners and regulated firms ๏ Ethical principles to be followed. Failure to ACCA qualifications, from FIA right up to the full ACCA qualification, are designed to allow maximum flexibility so there is no fixed timetable for completion. June 2014. The first of these principles is that income and expenses should be included in the statement of profit or loss unless relevance or faithful representation would be enhanced by including a change in the current value of an asset or a PLEASE NOTE: This technical article has been based on a previous version of the Paper F7 exam that did not use multiple-choice questions – to confirm the format of the Paper F7 exam from December 2014 onwards, please access the specimen exam (see 'Related links'). Learn the underlying principles and concepts of financial accounting, accounting techniques and the preparation of basic financial statements. The Code sets out fundamental principles of ethics for professional accountants, reflecting the profession’s recognition of its public interest responsibility. As a member, you have a responsibility to safeguard the fundamental principles set out in the ACCA Code of Ethics and Conduct (the Code) and to ensure that any threats to them are adequately addressed by applying safeguards. The syllabus starts by introducing business organisations and the specific role of management accountant within the organisation. Audit Framework And Regulation - Fundamental Principles - Past Papers 1 / 8 Notes Video Quiz Paper exam Mock Check out this exam question worked through in the classroom ICAEW's Code of Ethics (the Code) applies to all members, students, affiliates, employees of member firms and, where applicable, member firms, in all of their professional and business activities, whether remunerated or voluntary. The conceptual framework helps the professional accountant to identify threats to the fundamental principles and safeguard those principles. All ACCA notes are simple and easy-to-understand. That’s why it’s so important that you recognise any threats to our fundamental principles early on. The fundamental principles are: integrity, objectivity, professional competence and due As a member, you have a responsibility to safeguard the fundamental principles set out in the ACCA Code of Ethics and Conduct (the Code) and to ensure that any threats to them are adequately addressed by applying safeguards. GUIDE TO EXAMINATION ASSESSMENT ACCA reserves the right to examine anything contained within the study guide at any examination session. There are only five fundamental principles, and independence is not one of them. [S] b) Describe the detailed requirements, and application of professional ethics, in the – 2. 2, ‘The fundamental principles’, and reiterated in section 3. A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgments. Air Conditioning Contractors of America Association, Inc. This is a great way to demonstrate to employers the knowledge and skills you have acquired and helps keep you on track and motivated. This includes papers P1, P2, and P3, which are compulsory, followed by 2 out of the 4 optional papers P4, P5, P6, and P7. It discusses the five Fundamental Principles of Integrity, Objectivity, Professional Competence and Due Care, Confidentiality, and Professional Behavior. Professional bodies help their members to navigate Students can continue to prepare for the exam using ACCA X or through one of our Approved Learning Partners. 14. Once you have completed the videos, you can take, and pass, a 16 question online exam to earn a course 5. 1 ACCA The Fundamental Principles (COBIC) Integrity (I) Members should behave with integrity in all professional, business and The ACCA Syllabus FUNDAMENTALS LEVEL (nine papers in total) Knowledge Module Accountant in Business (AB) <Syllabus PDF Guide September 2019-August 2020> Accountant in Business (AB) is changing its name to Business Technology (BT) from September 2020. For the financial accounting, audit and assurance, law and tax exams except where indicated otherwise, ACCA will The five fundamental principles outlined. The following three Fundamental Principles of Ethical Behaviour Previous Next ACCA BT Syllabus F. 4. . Business Ethics as documented in the ACCA BT textbook. Once you are in, you will see that you can download a . 1 Ethical behaviour in the tax profession is critical. For specified financial accounting, audit and tax examinations, except where indicated ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. Fundamental ethical principles. UL/IRL exams: The FRC (Financial Reporting Council) Ethical Standard for the UK and the IAASA Ethical Standard for Auditors (Ireland) have an additional threat: Management threat to the overarching principles of The five fundamental principles 1) Integrity. 2. A circumstance or relationship may create more than one threat, and a threat may affect compliance with more than one fundamental principle. You are the audit manager and the year-end audit is due to commence shortly. 13. Guide to ACCA examination assessment ACCA reserves the right to examine any learning outcome contained within the study guide. Find out more about the ACCA Code of Ethics and Conduct. Y. Objectivity – not to compromise professional or business judgments because of bias, conflict of interest or undue influence of others. Question 3d You’ll develop knowledge and understanding of the underlying principles and concepts relating to financial records and technical proficiency in the use of double-entry accounting techniques including the preparation of basic financial statements. An introduction to ACCA BT F1. A professional accountant should be straightforward and honest in all professional and business relationships. What a member does reflects not just on themselves but on the profession as a whole. If you’re ‘up against the wall’, you might feel pressured into breaking one of these fundamental principles. This article focuses on some of the main principles of consolidated financial statements that a Paper F3/FFA candidate must be able to understand and provides examples of how they may be tested in multiple-choice questions 1 day ago · View Notes - A question of ethics _ ACCA Global. For the financial accounting, audit and assurance, law and tax exams except where indicated otherwise, ACCA will publish examinable documents ACCA applauds the intentions behind the changes proposed in the discussion paper. In particular accountants should not be associated with any reports containing information which the accountant believes to be misleading in any way The ACCA syllabus consists of 14 examinations. The IESBA code contains the following material: Part 1 – Complying with the Code, Fundamental Principles and Conceptual Framework, which includes the fundamental principles and the conceptual framework and is 5. For specified financial accounting, audit and tax examinations, except where indicated otherwise, ACCA will publish examinable documents once a Fundamental Principles from past papers in ACCA AFM. Control is not simply a matter of owning more than 50% of the voting Feb 12, 2024 · A) Define and apply the fundamental principles of professional ethics of integrity, objectivity, professional competence and due care, confidentiality and professional behavior. The Code also requires them to apply the conceptual framework to identify, evaluate and address threats to compliance with the fundamental principles. 7, ‘The ethical responsibilities of members in business’. The ACCA Rulebook 2019 incorporates the restructured IESBA International Code of Ethics for Professional Accountants (including International Independence Standards) within section A of the ACCA Code of Ethics and Conduct. The Code requires professional accountants to comply with the fundamental principles of ethics. For specified financial accounting, audit and tax examinations, except where indicated TX – ZWE (F6) 2018 1 ADDITIONAL MATERIAL FOR: TAXATION – ZIMBABWE (TX - ZWE) (F6) JUNE AND DECEMBER 2018 EXAMS This document is intended to assist you while studying the syllabus of TX – ZWE (F6). You'll demonstrate technical proficiency in the use of double-entry techniques, including the preparation and interpretation of basic financial statements for sole traders, partnerships, companies and 5. The IESBA Code is arranged in five parts: The fundamental principles are: integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. – Fundamental Principles of Effective Communication The above programme fee is inclusive of 6% GST. This includes knowledge, techniques, principles, theories, and concepts as specified. These fundamental principles may be subject to areas of threat of self-review, self-interest, advocacy, familiarity, and intimidation. Relevant to Foundations in Audit (FAU) and Audit and Assurance (AA) This article will focus on assertions as identified by ISA 315 (Revised 2019) and also provides useful guidance to candidates on how to tackle questions dealing with these. The Code provides a conceptual framework that professional accountants are to apply in order to identify, evaluate and address threats to compliance with the fundamental principles. principles test - Free ACCA & CIMA online courses from OpenTuition Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams Section 3: Rules vs principles a Rules vs principles b Some differences between rules and principles c Summary d Rules vs principles quiz Section 4: Fundamental principles a About ACCA’s fundamental principles b IFAC’s five fundamental principles c Summary d Fundamental principles quiz Section 5: The framework a The framework b The Fundamental Principles, Independence and Conceptual Framework. accounting for partnerships $ $ The five fundamental principles outlined. For the financial accounting, audit and assurance, law and tax exams except where indicated otherwise, ACCA will publish examinable ACCA Ethics Code - Free download as PDF File (. The five fundamental ethics principles: time for evaluation? A discussion paper issued by ICAS (March 2016) ACCA responds to Institute of Chartered Accountants of Scotland proposals for entering a new ethical principal to the International Ethics Standards Board for Accountants Code: 'moral courage'. 20. In particular accountants should not be associated with any reports containing information which the accountant believes to be misleading in any way Internal controls can be: Mandatory or voluntary: Mandatory controls are those which must be applied, irrespective of circumstances. The work carried out by a member needs to be trusted by society at large as well as by clients and other stakeholders. Even with five fundamental principles, it can be difficult to establish how the various principles interact. For information about ACCA's Students can continue to prepare for the exam using ACCA X or through one of our Approved Learning Partners. 3 Brief introduction to fundamental ethical principles HTTP/2 200 date: Thu, 18 Jul 2024 03:24:46 GMT content-type: application/pdf content-length: 5843661 last-modified: Wed, 17 Jul 2024 19:33:51 GMT etag: "66981c9f-592acd" cache-con Title: Microsoft Word - ACCA-AA Study Guide. 4 If in doubt about the ethical or legal considerations of a particular case, a member should seek advice from Dec 15, 2022 · 13. For the financial accounting, audit and assurance, law and tax exams except where indicated otherwise, ACCA will The syllabus builds on the basic knowledge of core taxes from the earlier taxation exam and introduces students to stamp taxes. These case studies illustrate the application of the ‘conceptual framework’ approach to resolving ethical dilemmas and focus on the fundamental principles. The Fundamental Principles Overview of the fundamental principles 2. You'll demonstrate technical proficiency in the use of double-entry techniques, including the preparation and interpretation of basic financial statements for sole traders, partnerships, companies and simple groups of companies. It elaborates on the principles discussed earlier in the article as follows: Integrity – ‘Members should be straightforward and honest in all professional and business relationships. Sub-topic This free sample shows two topics (shaded pink) Pages Questions Answers Cover 24 126 The purpose and types of business organisation 25 127 The business organisation structure and design 26 128 The formal and informal business organisation 33 141 Organisational culture in business 35 149 Stakeholders in business organisations 37 155 change, Paul Harmon, describes four basic process redesign patterns: re-engineering, simplification, value-added analysis, and gaps and disconnects. Audit finalisation and the final review . It consists of the Royal Charter, bye-laws and Council Regulations, the Regulations, and the Code of Ethics and Conduct. (5 marks) (b) Rose Leisure Club Co (Rose) operates a chain of health and fitness clubs. The fundamental principles are: integrity, objectivity, professional competence and ACCA requires all practitioners and regulated firms to account to clients for commissions and referral fees (and other financial benefits) in accordance with the regulatory requirements set out in the ACCA Rulebook. Only fully completed registration form will be processed. Accountants should be straightforward and honest in all professional and business relationships. FUNDAMENTAL PRINCIPLES OF TAXATION 2. Section 3: Rules vs principles a Rules vs principles b Some differences between rules and principles c Summary d Rules vs principles quiz Section 4: Fundamental principles a About ACCA’s fundamental principles b IFAC’s five fundamental principles c Summary d Fundamental principles quiz Section 5: The framework a The framework The pass mark for all ACCA Qualification examination papers is 50%. She has asked you to familiarise yourself with Section 100 to Section 150 of the Code, paying particular attention to the five fundamental principles. Members of the CCAB Ethics Group have also published articles featuring the new CCAB Ethical Dilemmas Case Studies. The Code requires professional accountants in public practice to comply with the fundamental principles and be independent when performing audit, review and other assurance engagements. . Level Number of Exams Going concern 3. The fundamental principles are: integrity, objectivity, professional competence and The ACCA Code of Ethics and Conduct Leah is keen that as an apprentice accountant, you understand the requirement to comply with the ACCA Code of Ethics and Conduct (the Code). Written representations . ACCA reserves the right to examine anything contained within any study guide within any examination session. pdf), Text File (. Try our free ACCA BT online course and ACCA books covering the entire syllabus. The conceptual framework applies to independence in the same way as it does to the fundamental principles. AA Paper Exam. Auditing is a trusted profession around the globe and for this reason, the ACCA has assembled a set of guiding principles known as the ACCA Code of Ethics. 5. The ACCA Rulebook contains the bye-laws, regulations and Code Each Islamic bank’s adherence to the principles of Shariah law is governed by its own Shariah board. Members are encouraged also to follow the guidance set out below, which ACCA believes will be helpful in resolving ethical dilemmas. Re-engineering As one would expect, given the levels of change we looked at earlier, the re-engineering pattern relates to a fundamental rethinking of existing processes The syllabus for MA1, Management Information, introduces candidates to basic costing principles and techniques and the tools with which to use these principles and techniques. Professional Ethics and ACCA's Code of Ethics and Conduct a) Define and apply the fundamental principles of professional ethics of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. This examination assesses your understanding of financial accounting principles, financial statements, and more. Jul 1, 2010 · One of the standards that was revised and redrafted as part of the Clarity Project was ISA 200. Employability and technology skills The Fundamental Principles, Independence and Conceptual Framework. Introduction In an earlier chapter we stated that one important use that is made of budgets is that of controlling. These principles are the foundation of all business interactions and ensure that auditors maintain professional knowledge throughout their careers. rx pt ar sf sx oi li ww zs ur