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Fundamental principles of ethical behaviour in the accounting and finance sector

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Added on  2021-01-01

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Professional Ethics INTRODUCTION 1 TASK 11 1.1 Fundamental principles of ethical behaviour:1 1.2 Outline the relevant legal, regulatory and ethicalrequirements affecting the accounting and finance sector: 2 1.3 Role of professional bodies in relation to the accounting and finance sector: 2 1.4 Why individuals, organisations or industry sectors are expected to operate within codes of conduct and practice:3 1.5 Risks of improper practice to an organisation and the importance of vigilance: 3 1.6 Identify opportunities for maintaining an up-to-date knowledge of changes

Fundamental principles of ethical behaviour in the accounting and finance sector

   Added on 2021-01-01

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Professional Ethics
Fundamental principles of ethical behaviour in the accounting and finance sector_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Fundamental principles of ethical behaviour:.......................................................................11.2 Outline the relevant legal, regulatory and ethical requirements affecting the accountingand finance sector:.......................................................................................................................21.3 Role of professional bodies in relation to the accounting and finance sector:......................21.4 Why individuals, organisations or industry sectors are expected to operate within codes ofconduct and practice:...................................................................................................................31.5 Risks of improper practice to an organisation and the importance of vigilance:..................31.6 Identify opportunities for maintaining an up-to-date knowledge of changes to codes ofpractice, regulation and legislation affecting the accounting and finance sector:.......................4TASK 2............................................................................................................................................42.1 How to act ethically when working with colleagues, suppliers and clients:.........................42.2 Importance of objectivity and maintaining professional distance between professionalduties and personal life: .............................................................................................................52.3 The importance of adhering to organisational and professional values, codes of practiceand regulations:...........................................................................................................................52.4 Importance of adhering to organisational policies for handling clients’ monies:.................52.5 Identify circumstances when confidential information should be disclosed and who isentitled to the information:..........................................................................................................62.6 Importance of working within the limits and confines of one’s own professionalexperience, knowledge and expertise:.........................................................................................6TASK 3............................................................................................................................................73.1 Identify the relevant authorities and internal departments to which unethical behaviour,breaches of confidentiality, suspected illegal acts or other malpractice should be reported:.....73.2 Identify the appropriate action to take in instances when requests for work are beyond theemployee’s competence:.............................................................................................................73.3 Identify inappropriate client behaviour and how to report it:...............................................73.4 internal and external reporting procedures:...........................................................................8
Fundamental principles of ethical behaviour in the accounting and finance sector_2
3.5 Outline strategies that could be used to prevent ethical conflict:..........................................8TASK 4............................................................................................................................................94.1 Explain the importance of an ethical approach to sustainability:.........................................94.2 Responsibilities of finance professionals in upholding the principles of sustainability:......9CONCLUSION................................................................................................................................9REFERENCES................................................................................................................................9
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INTRODUCTIONProfessional ethics are rules that regulate the behaviour of a group and persons in theenvironment of business. Professional ethics gives rules that how an employee should behaveand act I an organisation with their managers, colleagues, co-workers etc. Ethical principlesinclude honesty, respect for others, loyalty, accountability, doing good, adherence to the law,trustworthiness etc. In this report include, fundamental principles of ethical behaviour such aintegrity, confidentiality, professional behaviour etc. and relevant ethical, regulatory and legalneeds which affect the financial and accounting sector. Roles of professionals bodies, risks ofimproper practices to an organisation and opportunities for maintaining the up-to-dateknowledge, codes of practices. In this considered the importance of objectivity, codes ofpractices, regulations and organisational policy(Biedenweg, Monroe and Oxarart, 2013). In thisalso includes circumstances when confidential information should be disclosed and importanceof working within the limits and scope of the professional knowledge and experience. They considered how identify client behaviour and how to report it. Internal and externalreporting procedure and strategies which could be used to prevent ethical conflicts. At last theyinclude importance of an ethical approach to sustainability and the responsibilities of financeprofessionals in upholding the principles of sustainability.TASK 11.1 Fundamental principles of ethical behaviour:Ethical behaviour is a new area of scientific social research that want to interpret howindividuals really behave when meet with dilemmas of ethical. It defines behaviour of peoplethat is evaluate as per to mostly accepted standard of behaviour. Ethical behaviour attends to bebest for an organisation and include exhibit respect for fundamental moral principles whichinvolve individual rights, dignity, honesty, diversity, equality and fairness. There are someprinciples of ethical behaviour which are as follows:Integrity: It is a behaviour of being genuine and having strong uprightness morale andprinciples of moral. Its a personal choice in which a person can doing proper manner in right waywith other persons. It is behaviour based moral excellence in which include honesty, accuracy,truthfulness of an individual. 1
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