This question is asked many times in examination. Please answer this question sir 😀
Prerequisites or fundamental principles in Auditor: It is in the best interest of the
accountancy profession to make known to users, of the services provided by an auditor
that they are executed at the highest level of performance and are in accordance with
ethical requirements that strive to ensure such performance. In order to achieve the
objectives of accountancy profession, the auditor have to observe a number of
prerequisites’ or fundamental principles as under:
(i) Integrity: An auditor should be straight forward and honest.
(ii) Objectivity: An auditor should be fair and should not allow prejudice or bias,
conflict of interest or influence of others to override objectivity.
(iii) Professional competence and due care: An auditor should perform his duty with
due care, competence and diligence and has a continuing duty to maintain
professional knowledge and skill at a level required to ensure that a client or
employer receives the advantage of competent professional service based on up-to-
date developments in practice, legislation and techniques
(iv) Confidentiality: An auditor should respect the confidentiality of information
acquired during the course of an audit and should not use or disclose any such
information without proper and specific authority or unless there is a legal or
professional right or duty to disclose.
(v) Professional behavior: An auditor should act in a manner consistent with the good
reputation of the profession and refrain from any conduct which might bring discredit
to the profession.
(vi) Technical Standard: An auditor should carry out professional services in
accordance with the relevant technical and professional standards.
ICAI included only this much in the answer what to write please suggest me. This is from may 11 suggested answers.
I have shared a pic on WhatsApp in this regard from the following number: