What is the duty of members in terms of professional competence and due care?

Members have a responsibility to maintain professional knowledge and skill at an adequate level, which ensures their ability to provide competent and high-quality services. This duty is central to the ethical framework of accounting and auditing professions, reflecting the importance of continuous professional development. By staying updated with the latest regulations, standards, and techniques, professionals can deliver services that adhere to quality requirements and meet the evolving needs of clients.

Choosing this option demonstrates an understanding that the effectiveness of an audit or assurance process directly correlates with the professional capabilities of its members. Adequate professional knowledge not only contributes to the credibility of the service provided but also upholds the trust of stakeholders, maintaining the integrity of the profession as a whole. It is essential in safeguarding public interest and ensuring that professionals act with the due care expected in their roles.

The focus on maintaining knowledge and skills surpasses the implications of other choices, which do not align with the fundamental standards of professional practice necessary for effective auditing and assurance services.