Code of Conduct
(Adopted 15 February, 1999)
The Stocktakers’ Institute of Australia Inc. is the organisation of and for the stocktaking profession throughout Australia.
All stocktakers who are members of the Stocktakers’ Institute of Australia Inc. must abide by the Institute’s Code of Practice. Members of the Stocktakers’ Institute of Australia Inc. can be approached with confidence on any question of business performance related to stock turnover, stock audit and inventory control or stock in trade valuation. Membership of the Stocktakers’ Institute of Australia Inc. indicates a strong commitment to:
Code of Practice
1. To impartially act with the highest standards of competence and integrity in all dealings with their clients.
2. To only accept and work on those assignments for which the member has the necessary competence.
3. To safeguard the confidentiality of their clients, and any information and data imparted by them.
4. To establish with the client, or clients, the reason for and the basis of, any valuation.
5. For conveyancing and other tasks as might be necessary, to confirm to the client or clients, that the member’s independent judgment and expertise shall be accepted in determining any aspect of the valuation, unless otherwise specifically agreed in writing.
6. For conveyancing tasks, to enquire from the client, or his solicitor, whether there are any qualifying clauses in the agreement between the parties affecting the valuation, and to follow those terms as necessary. The Certificate of Valuation will be qualified accordingly.
7. In the case of stocktaking, to carry out instructions with the maximum accuracy allowed by conditions, with regard to health and safety requirements and continuity of the business, using the best methods of assessment pertinent to the type of goods and their condition.
8. To advise, before commencement, an estimate or firm quotation of the cost of completion of the work, together with terms of payment.
9. To liaise with the client’s auditors where necessary.
10. To specify on any statement of valuation, that basis of that valuation and any qualifying statements that the stocktaker may deem necessary.
11. In the event of inability to agree valuations with other parties, to follow the guidelines of The Stocktakers’ Institute of Australia Inc. and to cooperate with any appointed arbitrator.
12. To ensure that, in all business dealings, consultations, advice and conduct, every effort is made to ensure that the client’s fair and reasonable requirements are met.
13. To undertake to engage staff on not less than the minimum provisions of the appropriate award in pay and conditions.
14. To abide by any subsequent guidelines established by the Institute.