C-26, r. 48 - Code of ethics of certified general accountants

Section 3.05.03 Disposition versions

2012-09-01

3.05.03. A member must at all times safeguard his professional independence and avoid any situation in which he would be in conflict of interest. Without restricting the generality of the foregoing, a member:

(a)  is in conflict of interest when the interests in question are such that he might tend to favour certain of them over those of his client or where his judgment and loyalty towards the latter might be unfavourably affected;

(b)  is in conflict of interest when acting within the scope of the law as an auditor for an enterprise, organization, partnership or joint-stock company in which the member or one of the following persons has a financial interest or holds office as a director:

i.  partners, shareholders, directors or officers of the partnership or joint-stock company within which the member practises;

ii.  the spouse, an ascendant or descendant, brother or sister, or a relative by marriage of the member or of one of the persons referred to in subparagraph i; or

iii.  the member’s employer or employee;

(c)  is not an independent counsellor in respect of a given act if he gains personal advantage therefrom, whether direct or indirect, present or future.

For the purposes of subparagraph b of the first paragraph, “financial interest” means a security within the meaning of the Securities Act (chapter V-1.1), capital stock, including an option to acquire such a security or capital stock and their derivatives or any other debt obligation.

R.R.Q., 1981, c. C-26, r. 30, s. 3.05.03; O.C. 1095-2005, s. 11.