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Elements of Ethical Issues and Application of Code of Ethics for Professional Accountants

   

Added on  2023-06-04

8 Pages2382 Words389 Views
Law
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ETHICS
Elements of Ethical Issues and Application of Code of Ethics for Professional Accountants_1

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Introduction
The current assignment is being produced in order to identify analyse and discuss the various
elements of ethical issues. Once the elements have been identified, the assignment will deal with
a demonstration of the application of the code of ethics for professional Accountants to deal with
a wide spectrum of ethical issue that a professional may face in accounting as well as business.
The assignment will also try to recognise the influence and significance of the cultural issues
when resolving ethically challenging topics. After conducting an in-depth study, the assignment
will try to present solutions to the identified elements of the ethical issues.
Trust and honesty In a business, trustworthiness as well as
honesty are key elements of business-related
ethics as it is directly proportional to the
client's ability to trust the business
organisation. This trust is not only dependent
on the ability of the organisation to do quality
work in a timely fashion but also depends on
the truthfulness and fairness of the business
practices that are followed by the organisation
(Ferrell & Fraedrich 2015). Commitments
made to clients need to be honest and must be
fulfilled. Shady business practices do not
generate a lot of Reliability among the clients
which can be detrimental to the growth of the
organisation.
Confidentiality Another crucial element of business ethical
issueis confidentiality. Business organisations
have a hold on a considerable amount of
private information which are related to the
client’s business. This is because there is a
mutual agreement to work together and hence
it is very much necessary to maintain the
Elements of Ethical Issues and Application of Code of Ethics for Professional Accountants_2

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confidentiality of information. As pointed out
by Chell, Spence, Perrini& Harris (2016), the
team members and employees are required to
strictly adhere to confidentiality policies and
clauses which have been highlighted in the
contracts. If one business organisation is not
able to maintain the confidentiality of
information of the partnering organisations,
there will be a chance of disruption of the
partnership.
Technical integrity Globalisation has led to technological
advancement and in turn, technological
advancement has led to a simplification of
business practices and operations. The
Internet is one aspect of technology which is
being utilised by Business organisations for
obtaining crucial information.While it is
necessary to make optimum use of these
Technologies it is also necessary to
understand that copyright infringement during
use of software and Hardware is a very
significant element of the ethical issue
(Palliam 2018).
Open environment Another element of ethical issues is the
availability of an environment which is free
and non-critical of those who bring forward
issues of wrongdoings. According to
Fernández & Camacho (2016), it is necessary
to perpetuate an environment where the
employees can report non-adherence of ethics
Elements of Ethical Issues and Application of Code of Ethics for Professional Accountants_3

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