Professional Accountant: A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the need of an individual client or employer. In acting in the public interest a professional accountants should observe and comply with the ethical requirements of this code. Fundamental principles of professional ethics for professional accountants provides a conceptual framework. For applying those principles the conceptual framework provides guidance on fundamental ethical principles. Professional accountants are required to apply this conceptual framework to identify threats to compliance with the fundamental principles to evaluate their significance and if such threats are other than clearly insignificant to apply safe guards to eliminate them or reduce them to an acceptable level such that compliance with the fundamental principles is not compromised.