Professional Ethics Assignment

Added on - 22 Nov 2020

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Professional Ethics
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Fundamental principals of ethical behaviour........................................................................11.2 Legal, regulatory and ethical requirements affecting the accounting and finance sector.....21.3 Role of professional bodies in relation to accounting and finance sector.............................21.4 Importance of operating in code of conduct for individuals, organisation or industry.........31.5 Risk of improper practice to an organisation and importance of vigilance..........................31.6 Opportunities for maintaining an up-to-date knowledge of changes to code of practice.....3TASK 2............................................................................................................................................42.1 Explain how to act ethically when working with clients, suppliers, colleagues and others..42.2 Importance of objectivity and maintaining a professional distance between professionalduties and personal life................................................................................................................42.3 Importance of adhering to organisational and professional values, code of practice andregulations...................................................................................................................................42.4 Importance of adhering to organisational policies for handling clients................................52.5 Circumstances in which confidential information should be disclosed and entitlement ofthe information............................................................................................................................52.6 Importance of working within the limits and confines of one's own professionalexperience, knowledge and expertise..........................................................................................6TASK 3............................................................................................................................................63.1 Relevant authorities and internal departments to which unethical behaviour, breach ofconfidentiality, suspected illegal acts should be reported...........................................................63.2 Appropriate actions to be taken in instance when requests for work are beyond theemployees competence................................................................................................................63.3 Identify inappropriate client behaviour and how to report it................................................7
3.4 Internal and external reporting procedure.............................................................................73.5 Strategies that could be used to prevent ethical conflict.......................................................7TASK 4............................................................................................................................................84.1 Importance of an ethical approach to sustainability..............................................................84.2 Responsibilities of finance professionals in upholding the principles of sustainability.......8CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
INTRODUCTIONEthics or moral philosophy is a branch of philosophy that involves systematizing,defending and recommending concept of right and wrong conduct. Ethics has to do with socialstandards and morality that involves personal beliefs. Professional ethics is defined as personaland corporate rules that governs behaviour of individuals that are working in a particularprofession. Professionally accepted standards of personal and business behaviour, values andguiding principles. Code of professional ethics are often established by professionalorganisations (Professional ethics,2018). These codes helps to guide members of the variousorganisation in performing their job function according to sound and consistent ethicalprincipals. Decisions and behaviour in an organisation are very much affected by the code ofethics. System of moral principals governs the appropriate conduct of a person or a group in theorganisation. In this project report principals of ethical working, ethical behaviour whenworking with internal and external consumers is discussed. Together with this actions that needsto be taken for breach of ethical code and ethical responsibility of the finance professional inpromoting sustainability is mentioned in the report.TASK 11.1 Fundamental principals of ethical behaviourIntegrity- It is the quality of being honest and having strong and moral principals. It isregarded as honesty and truthfulness or accuracy of one's actions. Ethical behaviour in anorganisation is very much affected by integrity that each individual possess while working in theorganisation.Objectivity- It refers to a view that a persons actions can always be seen as right orwrong regardless of the consequences. This helps not to allow bias, conflicts of interest or underinfluence of others to override professional or business judgements (Knapp, VandeCreek andFingerhut, 2017).Professional and technical competence and due care- To maintain professionalknowledge and skill at the level required to ensure that a client or employer receives professionalservices. These services are based on developed practices, legislation, techniques and actaccording to professional standards.1
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