Professional Ethics Assignment Solved
Added on 2020-10-23
13 Pages4200 Words334 Views
Professional Ethics
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...........................................................................................................42.2 Importance of objectivity and maintaining a professional distance between professionalresponsibilities and personal life.................................................................................................42.3 Importance of adhering to organisational and professional values, code of ethics andregulations...................................................................................................................................52.4 Importance of adhering to organisational policies to handle clients' money........................52.5 Situations where confidential information needs to be disclosed.........................................52.6 Importance of working within limits and confines of own professional experience,knowledge and expertise.............................................................................................................6TASK 3............................................................................................................................................63.1 Identify relevant Authorities and internal departments where suspected illegal acts or othermalpractice are reported..............................................................................................................63.2 Action to take in instances when requests for work are beyond the employee’s competence.....................................................................................................................................................63.3 How to report inappropriate behaviour of client...................................................................73.4 Internal and external procedures to be followed for stopping illegal and unethical practices.....................................................................................................................................................7
3.5 Strategies used to prevent ethical conflicts...........................................................................8TASK 4............................................................................................................................................84.1 Importance of an ethical approach to sustainability..............................................................84.2 Responsibilities of finance professionals in upholding the principles of sustainability.......8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONProfessional ethics can be defined as a knowledge based unit, which assists an individualto follow the principles of ethical working. People associated with organisations should behaveethically when dealing with internal and external clients. In context with accounting andfinancing, concept of ethics and sustainability are much important to understand by professionals(Cheng, 2012). The present report is focussed on the concept of ethical principles which areneeded to be followed by individuals dealing in organisations. In this report, Morgan Stanley istaken to understand how its professionals behave ethically while dealing with confidentialinformation of business clients. It is a multinational investment bank of UK which providesfinancial services in more than 42 countries. The purpose of this unit is to describe importance ofworking within ethical code which in context with accounting and finance professionals. It alsohighlights roles and responsibilities of financiers in upholding principles of sustainability. TASK 11.1 Principles of ethical behaviourValues and ethics are considered as central part of organisation which defines how tobehave while working with internal and external stakeholders. The main core values of anybusiness are integrity, professionalism, teamwork and ethical behaviour. As per Code ofProfessional Ethics, an accountant is required to comply with knowledge of following five mainkey principles as given below:-Integrity: A professional accountant must be straightforward and work with honestywhile handling confidential information of business clients. Objectivity: People dealing in finance sector are not allowed to make bias judgementsand conflict of interest to override other professionals. Professional Competence and Due Care: It is main duty of professionals in accountingsection to maintain level of knowledge and skills for ensuring that business clients andother stakeholders will receive competent services (Forster, 2012). They must actdiligently as well as in accordance with technical standards while providing professionalservices. Confidentiality: Accountant should concern regarding confidentiality of information ofclients which must not be disclosed without proper authority. 1
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