Ethics & Independence

Guide to Ethics
K. Treppides & Co Ltd fully comply with the Code of Ethics for professional accountants issued by the International Ethics Standard Board of Accountants of International Federation of Accountants (IFAC) and the Code of Ethics for professional accountants, issued by the Institute of Certified Public Accountants of Cyprus (ICPAC).

Ethics in Professional Accountancy
Professional Accountants are expected to demonstrate the highest standards of professional conduct and to take into consideration the public interest. Ethical behavior by Professional Accountants plays a vital role in ensuring public trust in financial reporting and business practices and upholding the reputation of the accountancy profession.

Professional accountants must not only be qualified, but should also act ethically under any circumstances. Because of these high expectations set out by IFAC, Professional Accountants have adopted codes of ethics; also known as codes of professional conduct. These ethical codes go beyond the requirements of law and regulations.

Ethics in K.Treppides & Co Ltd
Ethics are invaluable in K. Treppides & Co Ltd and to those who rely on the services offered. These include all stakeholders which are clients, banks, government authorities, taxation authorities, employees, investors, the business and financial community in general. These stakeholders perceive the Company as highly competent, reliable, objective and independent, in order to have confidence in the quality of services offered.

Ethical behaviour is embedded in K. Treppides & Co Ltd culture. Our company follows an action plan to ensure compliance with the Code of Ethics for Professional Accountants of International Ethics Standards Board for Accountants (IESBA) as well as local laws.

Our management team and members of staff are required annually to confirm that they are aware of and have complied with all relevant ethical and professional obligations.

Fundamental Principles of Ethical Behaviour
K. Treppides & Co Ltd acts in accordance with Section 100 of IFACs Code of Ethics for Professional Accountants and ensures that it takes into consideration all five fundamental principles set out below:

• Integrity: Honest and straightforward approach is embedded in all of the Company’s professional and business relationships.

• Objectivity: All necessary actions are taken in order not to allow bias, conflict of interest or undue influence of others that could override the Company’s professional or business judgments.

• Professional Competence & Due Care: There is a continuing duty to maintain professional knowledge and skills at the level required to ensure that a client or employer receives competent professional service. K. Treppides & Co Ltd acts diligently and in accordance with applicable technical and professional standards.

• Confidentiality: The confidentiality of information acquired as a result of professional and business relationships is respected in all aspects and no such information is disclosed to third parties without proper and specific authorisation unless there is a legal and or professional right or duty to disclose. This information shall never be used for the personal gain of K. Treppides & Co Ltd and strict Chinese Walls will be kept by separate Directors and teams for clients in similar industries. At K. Treppides & Co Ltd confidentiality is further reinforced with the sign off of a non Disclosure Agreement between our firm and third parties whereas necessary precautions are taken to keep the Confidential Information confidential.

• Professional Behaviour: The relevant laws and regulations are applied by K. Treppides & Co Ltd and any actions that discredit the profession are strictly avoided.

Categories of Threats
The various categories of threats discussed within the Code of Ethics and Conduct (under which there is a risk of breaching one or more of the Fundamental Principles) are:

• Self-interest threat – the threat that a financial or other interest will inappropriately influence the professional accountant’s judgment or behaviour.

• Self-review threat – the threat that a professional accountant will not appropriately evaluate the results of a previous judgment made or service performed by the professional accountant, or by another individual within the professional accountant’s firm or employing organisation, on which the accountant will rely when forming a judgment as part of providing a current service.

• Advocacy threat – the threat that a professional accountant will promote a client’s or employer’s position to the point that the professional accountant’s objectivity is compromised.

• Familiarity threat – the threat that due to a long or close relationship with a client or employer, a professional accountant will be too sympathetic to their interests and,

• Intimidation threat – the threat that a professional accountant will be deterred from acting objectively because of actual or perceived pressures, including attempts to exercise undue influence over the professional accountant.

Recommended Safeguards
K. Treppides & Co Ltd uses the safeguards recommended and created by the profession, legislation or regulation accordingly, in order to minimize the threats. These may include:

• Educational, training and experience requirements for entry into the profession.

• Continuing Professional Development (CPD) requirements

• Corporate Governance Regulation

• Professional or regulatory monitoring and disciplinary procedures

• External review by a legally empowered third party of the reports, returns, communications or information provided by the Company

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