Fundamentals of Ethical Behaviour Assignment

Added on - 12 Jan 2021

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Professional Ethics
INTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................41.1 Fundamental principles of ethical behaviour........................................................................41.2 Relevant legal, regulatory and ethical requirements affecting accounting and financesector...........................................................................................................................................51.3 Role of professional bodies in relation to accounting and finance sector.............................51.4 Why individual, organization or industry are expected to operate within codes of conduct61.5 Risk of improper practice to an organization and significance of vigilance.........................61.6 Opportunities for maintaining and up-to-date knowledge of changes to codes of practice,regulation and legislation influencing finance sector..................................................................7TASK 2............................................................................................................................................72.1 How act ethically when working with clients, suppliers, colleagues and others..................72.2 Importance of objectivity and maintaining a professional distance between professionalduties and personal life................................................................................................................82.3 Importance of adhering to organizational and professional values and codes of practices. .82.4 Importance of adhering to organizational policies for handling clients................................92.5 Situations when confidential information get disclosed and who is entitle for that.............92.6 Importance of working within limits and confines of one’s own professional experience. .9TASK 3..........................................................................................................................................103.1 Relevant authorities and internal departments to which unethical behaviour and breachesof codes of practice should be reported.....................................................................................103.2 Actions taken in instances when requests for work are beyond the employees competence...................................................................................................................................................103.3 Inappropriate client behaviour and how to report it............................................................103.4 Internal and external reporting procedures.........................................................................113.5 Strategies that could be used for preventing ethical conflict..............................................11TASK 4..........................................................................................................................................114.1 Importance of an ethical approach to sustainability............................................................114.2 Responsibilities of finance professionals in upholding the principles of sustainability.....11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONProfessional ethics covers principles and code of practices which governs the behaviourof an individual or a team at workplace. For example; values that direct a person working in anorganization and assist them that “how an individual have to act towards other people or in acertain situations”. M&Co. is an organization who is engaged in designing clothes for women’s,men’s and children’s wanted to improve their organizational performance more or more byrunning their association in smooth manner. Therefore, this whole assignment is fully revolvedaround the ethical behaviour of a person which is expected by an enterprise with their staffmembers while performing their job role (Brooksand Dunn,2011). Initially, project showsfundamental principles of ethical behaviour and outline necessary legal, regulatory or ethicalneed that influence the finance sector. Furthermore, Ethical nature of an individual whileperforming internally and externally with consumers is further framed in this assignment.Moreover, project will highlight when and how an organization has to take suitable actions inagainst to that person whosoever has breaches the ethical codes. Lastly, ethical obligation offinance professional is also discussed in the project in order to promote sustainability.TASK 11.1 Fundamental principles of ethical behaviourM&Co. always tries to encourage their staff members to follow fundamental principleswhile performing their assigned job.Integrity- First principle of ethical behaviour is that an individual needs to have a qualityof being honest towards its association with strong moral principles. This shows thetrustfulness behaviour of a person.Objectivity- This means that employees must free from its independent subjectivity thatcaused through perception, emotions and imaginations. It means, if a person isperforming its job in an enterprise must have some motive or organizational objective.On the other hand, scientific objectivity states that a capability of judging without beingpartial or getting influenced by external factors(Rossouwand et. al., 2010).Professional and technical competence and due care- As per this element, anindividual needs to maintain its official knowledge and skills at that level in order tomake sure that client or employer of an association received competent professional
service rely on recent growth in practice. It means, an employee is liable for actingdiligently in accordance with applicable technical as well as official standards whileaccomplishing assigned activities.Confidentiality– It involves cluster of rules or a promise which is implemented throughconfidentiality agreements which constraints the accessing or places restrictions onspecific kinds of information.Professional behaviour- This term shows that how an employee or employer have to actwhile performing its job role such as; employers are responsible for dealing in a verypolite manner with their subordinates. Along with this, person who is working atworkplace is responsible for creating a positive working environment in an organizationwith their professional behaviour.1.2 Relevant legal, regulatory and ethical requirements affecting accounting and finance sectorAccounting is a practice of mentioning or settling all the financial components andidentifies necessary income and expenses for tax as well as for other financial motives.According to legal bodies, it is highly used for identifying the nature or amount of damages.Fundamental principles of professional ethics in accounting and finance industry means that thisdepartment needs to consider all the necessary provisions, rules and regulations while handlingbusiness funds. International Ethics Standards Board of Accountants Code of Ethics was issuedin around 2009 by International Federation of Accountants. Their main objective is to apply allthe fundamental principles while performing their finance activity such as; needs to be honestwhile preparing balance sheet of an association. However, in accounting professional number ofassociations have publish their own ethical guidelines but still there are some common codes ofpractices are; the Association of Certified Public Accountants, Chartered Institute ofManagement Accountants and Institute of internal Auditors(Hartman, DesJardins andMacDonald, 2011).On the other hand, there are some ethical codes such as IIA’s are completedjust in two pages but at the same time few like AICPA’s code of professional conducts arestretched till almost 191 pages.Apart from these regulatory frameworks, there are some laws related with civil law andcriminal law that are designed by English Common law in order to impose it on financial sectorwhile performing their business operations. For example; Actus reus and Mens rea is one of the
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