The Institute of Chartered Accountants of India requires every Chartered Accountant to follow certain ethics in their practice. The code of ethics lays down the fundamental principles of ethics for a professional Chartered Accountant (CA) are:
It is mandatory for every Chartered Accountant to comply with the above-mentioned principles of ethics. However, there might be certain circumstances where a particular law or regulation might already exist in respect of the conduct of CAs. Under such circumstances, the other law shall prevail but otherwise, this code shall apply.
A professional accountant shall comply with the principle of confidentiality, which requires an accountant to respect the confidentiality of information acquired as a result of professional and employment relationships.
It further provides that a Chartered Accountant (CA) has the obligation to stay alert to the possibility, including social environment, and particularly to a close business associate or an immediate or a close family member and further the CA should take all reasonable steps to ensure that personnel under the accountant’s control, and individuals from whom advice and assistance ae obtained, respect the accountant’s duty of confidentiality.
A professional accountant shall continue to comply with the principle of confidentiality even after the end of the relationship between the accountant and a client or employing organization.
When changing employment or acquiring a new client, the accountant is entitled to use prior experience but shall not use or disclose any confidential information acquired or received as a result of a professional or employment relationship.
A CA audits the financial records of an individual or business entity, helps in filing tax returns and so on. Basically, they transact financial information on a daily basis. Financial information is considered to be sensitive information. For various reasons, people will want to keep their financial information private.
The right to privacy includes financial information. Further, the CA has the obligation to keep their past/present clients’ information private and secure. Revealing such information has consequences.
He/she has to take reasonable care to prevent a breach of such confidentiality. In today’s day and age, most documents are stored and transacted virtually. From the news, it is evident that “data theft” is a serious problem.
Chartered Accountants have to choose the right platform to store their data. Choosing the right platform is taking reasonable care. Especially, when a person audits a famous person/ business entity, there is a high probability that the cloud-storage company will have access to such information. Therefore, picking the right cloud-storage system is very important.
If you are a Chartered Accountant, and you want to take all reasonable care in order to maintain confidentiality, we at Dcirrus will definitely be able to help. Choosing DCirrus means that you are choosing privacy. Store your data with us and decide who gets access to your data. Ensure your clients, their data will remain safe.
Let us help you keep up your promise of confidentiality. It has to be noted that we won’t have access to your data. If there is a third party involved in the transaction, you can limit their access. You can give them only view rights, that is, they won’t be able to download the document that you shared with them.
Also, you can make it a one-time view document, that is, once they view it, the document will automatically get deleted from their system. Storing and transacting your documents via DCirrus, you won’t have to worry about data theft or data breach. We have it all covered. Your privacy is our number one priority!
Looking for a reliable cloud solution? Try DCirrus
Related article: Virtual Data Room – Everything you need to know about VDR