专业能力与关怀:这一原则是探讨个人专业知识最重要的原则。与客户保持良好关系需要技巧。会计专业人员将采用新的技能来维持标准。他们需要遵循最新的技术和专业服务(Devi, et al. 2011)。
保密:保护客户提供的信息的机密性是会计的基本职责。他们不应该向第三方透露任何信息，因为这会违反道德标准。法律或专业的披露将永远不会被允许，只有在客户同意传播信息的情况下才有可能。为了维护与客户之间的信任关系，应保护机密信息(Devi, et al. 2011)。
Ethical standards in accounting have been developed since then and still are used in accounting organizations and independent companies. Various groups have used these ethical principles for shaping their business practices and decision making. In 19th century private companies started using accounting ethics so they can make their practices reliable. Aspect of customer loyalty came and changed the situation. Aspect of trust and loyalty helped in reshaping the principles of accounting by adding ethical principles in them (Neu and Green, 2006).
During industrial revolution majority of accounts in Britain were following the ethical code of conduct at their jobs. Accounts were responsible for providing valid and detailed information about their contents. For making their work more reliable and for combating with criticism they had to provide more evidence. At that time Chartered accountants in England and Wales was established that looked after the practices of accountants. Around the world accountants started to worry about this issue and they started to use ethical guidelines in their practices. For upgrading their status they had to be loyal and develop a relation of trust with their clients. Element of confidentiality had to be maintained between both the parties so trust is developed (Tsamenyi and Uddin, 2009).
After discussions and debates by the IFAC and ACCA, 6 fundamental principles were established in accounting profession and these principles are as follows:
Objectivity: this principle discussed that professional accounts will not be biased towards anyone. They will not work under some influence or for personal interest. Their duty is to work in the best interest of the client by holding their professional and personal judgments about the client (Crouch, 2010).
Professional behavior: all accounts need to comply with the relevant and most recent accounting laws and regulations need to be fulfilled. It is suggested to avoid discretion and act in their best behavior (Duska, 2003).
Professional competence and care: this principle is most important principle discussing about the professional knowledge of individuals. Skills are required for maintaining good relations with the client. New skills will be adopted by accounting professional for maintaining the standards. They need to act in accordance with the latest techniques and professional services (Devi, et al. 2011).
Technical standards: accounts have the duty to maintain the quality of the work. They need to make sure that all work is performed by following the highest standards.
Integrity: accounts have the responsibility to be strait forward and honest during their professional relationships (Crouch, 2010).
Confidentiality: it is basic duty of the accountant to protect the confidentiality of the information provided by the client. They should not disclose any information to third party as it will violate ethical standards. Legal or professional disclosure will never be allowed, it is only possible in conditions where the client agrees to spread the information. Confidential information should be protected for maintaining a relationship of trust with the clients (Devi, et al. 2011).