Professional Ethics and-Professional misconduct-concepts

Professional Ethics
The expression "Professional Ethics" is not defined by the Chartered Accountants Act,1949.Noble and learned Professions like Doctors, Lawyers, Chartered Accountants despise conducts of their fellow professionals which are inconsistent with the values held and cherished by the fraternity of these professionals.  These  values  are called Professional Ethics. Professional Ethics  goes beyond what is specified in statutes. Conduct of learned professionals which is contrary to professional ethics is professional misconduct

Professional or Other Misconduct 

• The expression "Professional Misconduct"  has been defined by the Act. However, the definition is inclusive but not exhaustive.  
• The Act  contains two Schedules which specify acts and omissions which are regarded as breach of professional ethics and hence, professional misconduct. 
• However, the Schedules are not exhaustive as the definition of “Professional or Other Misconduct” in the Act is an inclusive definition.
• Stroud’s Judicial Dictionary defines “professional misconduct” or “'infamous conduct in a professional respect”  as  something  which will be reasonably regarded as disgraceful, or dishonourable by  professional brethren of good repute and competency
• Thus, any  act or omission by a CA which will be reasonably regarded as disgraceful, or dishonourable by his professional brethren of good repute and competency”may be regarded professional misconduct by CA even if not specified in the Schedules.
• This adherence to Professional Ethics enforceable by law is necessary to build public confidence in the Profession.