Principles of Ethical Behaviour Assignment
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Added on 2020-12-30
Principles of Ethical Behaviour Assignment
Added on 2020-12-30
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PROFESSIONALETHICS
Table of ContentsINTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1. Explanation of fundamental principles of ethical behaviour...............................................41.2. Legal, regulatory and ethical requirements affecting financial and accounting sector........51.3. Role of professional bodies in accounting and financial sector...........................................51.4. Need for individuals, organisations or industrial sectors to operate within codes ofconduct and practice....................................................................................................................61.5. Risks of improper practice to an organisation and importance of vigilance........................61.6. Opportunities for maintaining an up-to-date knowledge of changes to codes of practice,regulation and legislation affecting the accounting and finance sector......................................7TASK 2............................................................................................................................................72.1. Ethical working with clients, colleagues, suppliers and others............................................72.2. Importance of objectivity and professional distance between professional duties andpersonal life.................................................................................................................................82.3. Importance of adhering to organisational and professional values, codes of practice andregulations...................................................................................................................................82.4. Importance of adhering to organisational policies for handling clients’ monies.................82.5. Circumstances when confidential information should be disclosed and who is entitled tothe information............................................................................................................................92.6. Importance of working within the limits and confines of one’s own professionalexperience, knowledge and expertise..........................................................................................9TASK 3..........................................................................................................................................103.1. Relevant authorities and internal departments to which unethical behaviour, breaches ofconfidentiality, suspected illegal acts or other malpractice should be reported........................103.2. Appropriate action to take in instances when requests for work are beyond the employee’scompetence................................................................................................................................103.3. Identification of inappropriate client behaviour and how to report it................................103.4. Internal and external reporting procedures to be followed if employer, colleague or clienthas committed, or may commit, an unethical act......................................................................11
3.5. Strategies that could be used to prevent ethical conflict....................................................11TASK 4..........................................................................................................................................124.1. Explain the importance of an ethical approach to sustainability........................................124.2. Responsibilities of finance professionals in upholding the principles of sustainability....12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................15
INTRODUCTIONProfessional Ethics are a specific set of principles which includes the individual as wellas well as organisational standards of behaviours and values expected by employees working inan organisation. These encompass the rules and regulations of ways in which an individual mustact in various situations as well as with other individuals present in the organisations. It is ofvital importance that employees in the organisation follow these principles and encourage ethicalpractices within the firm. The following report is based Barclays Plc, one of the largest financialservices firm in the UK and covers the principles of ethical behaviour and its role while workingwith internal and external customers (Sadowski and Thomas, 2012). It also covers appropriateactions to be taken at times of breaches in ethical codes and ethical responsibility of financeprofessional in promoting sustainability.TASK 11.1. Explanation of fundamental principles of ethical behaviourIt is imperative for professionals in any organisation to work in ethical manner andencourage ethical practices within their respective organisations. However, there are certainfundamental principles of ethical behaviour which must be understood by individuals working inprofessional organisations. These principles are as follows:Integrity: It is necessary for professionals to follow and promotes transparency, honestyand straightforwardness. This requires professionals to follow these aspects with alltheir business and professional relationships throughout their professional lives. Objectivity: Professionals in organisations are required to pass certain judgementsthroughout their career. It expects these professionals to take their decisions withouthaving conflicts of interest, without being under external influence as well as withoutbeing biased.Professional and technical competence and due care: These professionals are expectedto possess and retail certain skills and professional knowledge to provide the mostappropriate type of professional services to employers or business clients.Confidentiality: This principle induces respect and protection of confidentialinformation which is acquired by the professionals through business and professionalrelationships(Stappenbelt, 2013).
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