demonstrate their ability to discharge this responsibility in a competent
manner.
(b) Professional accountants in all sectors hold positions of importance
involving financial reporting, public accountability and maintaining the
public trust.
(c) The public is likely to rely on the designation or professional standing of
the professional accountant. Moreover, all professional accountants carry
the professional designation, and any lack of competence or ethical
behavior has the same consequences to the reputation and standing of the
profession, irrespective of the sector or role in which they operate.
(d) All sectors are affected by the rapidly changing environment and the
consequential need to adapt the strategic or business plans of those
organizations relying on the professional accountant’s professional
competence.
(e) Employers hiring professional accountants in any sector rely, at least to
some extent, on the professional designation as proof of professional
competence.