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Professional Ethics in Accounting and Finance

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Added on  2020-12-10

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Professional Ethics INTRODUCTION 1 TASK 11 1.1 Principles of ethical behaviour 1 1.2 Legal, regulatory and ethical requirements that affect accounting and finance sector2 1.3 Role of professional bodies in relation to accounting and finance sector2 1.4 Reason about expectation to operate business within ethical code of conduct and practice 3 1.5 Risk of improper practice within an organisation and importance of vigilance3 1.6 Opportunities for maintaining an up-to-date knowledge of changes to codes of practice, regulation and legislation which affect accounting and finance sector4 TAS

Professional Ethics in Accounting and Finance

   Added on 2020-12-10

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Professional Ethics
Professional Ethics in Accounting and Finance_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Principles of ethical behaviour..............................................................................................11.2 Legal, regulatory and ethical requirements that affect accounting and finance sector.........21.3 Role of professional bodies in relation to accounting and finance sector.............................21.4 Reason about expectation to operate business within code of conduct and practice............31.5 Risk of improper practice within an organisation and importance of vigilance...................31.6 Opportunities for maintaining an up-to-date knowledge of changes to codes of practice,regulation and legislation which affect accounting and finance sector.......................................4TASK 2............................................................................................................................................42.1 Way to work ethically when working with clients, suppliers, colleagues and others...........42.2 Importance of objectivity and maintaining a professional distance between professionalduties and personal life................................................................................................................52.3 Importance of adhering to organisational and professional values, codes of practice andregulations...................................................................................................................................52.4 Importance of adhering to organisational policies for handling clients’ monies..................52.5 Identification of circumstances when confidential information should be disclosed andwho is entitled to information.....................................................................................................62.6 Importance of working within limits and confines of one’s own professional experience,knowledge and expertise.............................................................................................................6TASK 3............................................................................................................................................63.1 Identifying relevant authorities and internal departments to which unethical behaviour,breaches of confidentiality, suspected illegal acts or other malpractice should be reported......63.2 Identifying appropriate action to take in instances when requests for work are beyondemployee’s competence..............................................................................................................73.3 Identifying inappropriate client behaviour and how to report it...........................................73.4 Internal and external reporting procedures to be followed if employee suspects employer,colleague or client to be committing an illegal or unethical act..................................................83.5 Strategies that could be used to prevent ethical conflict.......................................................8
Professional Ethics in Accounting and Finance_2
Offer Ethics Training.........................................................................................................8Visibly Reward Ethical Acts and Punish Unethical Ones.................................................8Provide Protective Mechanisms........................................................................................8TASK 4............................................................................................................................................94.1 Importance of an ethical approach to sustainability..............................................................94.2 Responsibilities of finance professionals in upholding principles of sustainability.............9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONEthics is a branch of philosophy which governs the behaviour of an individual whileconducting an activity. Professional ethicsare those principles that deals with a person's orgroup's conduct in business environment. They provide rules in relation to the behaviour of aperson or organisation towards other people, institutions and environment (Han, Park and Jeong,2013). The present report is based upon HSBC Bank PLC which is one of the largest financialand banking sector organisation of the world. This report focuses on the concept of professionalethics in context of a business entity. Also, it would explore the principles of ethical working.Along with this, the ethical behaviour that is required to be maintained when working withinternal and external customers is discussed. Furthermore, the ethical responsibility of financesprofessional is discussed in relation to promotion of sustainability.TASK 11.1 Principles of ethical behaviourEthical behaviour is concerned with acting in ways that comply with the values ofsociety. In banking and financial sector also, a professional is required to follow certainprinciples which govern their ethical behaviour in business environment, these are discussedbelow:-Integrity:This refers to the act of being honest and complying with all the moralprinciples that govern ethics for any professional. A professional needs to be morallyupright and truthful when utilising the finance invested by public in a manner that it isused only for the welfare of society.Objectivity: This means that a professional must be unbiased towards an activity orsituation. While dealing with the day-to-day activities, an individual may get exposed tocertain scenarios that may impair their objectivity (Harfield, 2012). Every professional isrequired not to indulge in such activities.Professional competence and due care: Professionals are required to act diligently andpossess such skills and knowledge that makes sure that the clients get competentprofessional services. These services must be in accordance with the developments inlaws, regulations in relation to the practice.1
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