7.1. Application

The five Principles set out in this section apply to every Audit Principal.

Guidance

(1) These Principles are derived from the fundamental principles published in the Code of Ethics for Professional Accountants.

(2) In circumstances where an Audit Principal breaches a Principle, the AFSA may consider suspending or withdrawing the registration of the Audit Principal and if that person is the only Audit Principal, the Auditor on that basis