55 The principle of professional competence and due care requires the person who performs accounting work and person who performs auditing work to fulfill the following responsibilities:
a) To maintain professional knowledge and expertise required to ensure the provision of highest quality professional service to clients or employers;
b) To act properly in accordance with the technical and professional standards in providing professional service.
A good professional service requires the person who performs accounting work and person who performs auditing work to have proper judgment when applying knowledge and expertise to performing that service.
Professional competence may be divided into two separate phases:
a) Attainment of professional competence: The attainment of professional competence mean qualifications evidencing education levels such as: secondary school, college, university, post graduate master, PhD or CPA Certificate and Accountancy Practicing Certificate etc. Professional competence may require work experience (period of practice).
b) Maintenance of professional competence:
(i) The maintenance of professional competence requires a continuing updating of changes in the accountancy and auditing profession including relevant national and international pronouncements on accounting, auditing and other relevant regulations and statutory requirements.
(ii) The person who performs accounting work and person who performs auditing work should at minimum attend the compulsory annual technical update program designed to ensure quality control in the provision of professional services consistent with appropriate national and international pronouncements.
• The maintenance of professional competence requires a continuing awareness and understanding of developments in professional techniques and business. The continuing professional development help building up and maintaining competencies with which the person who performs accounting work and person who performs auditing work are able to work properly in professional environments.
• Due care includes the duty to act in accordance with the requirements of service in a prudent, thorough and timely manner.
• The person who performs accounting work and person who performs auditing work should take measures so as to ensure that staff under their control must be properly trained and supervised.