Professional Ethics in Business - PDF
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Added on 2021-01-01
Professional Ethics in Business - PDF
Added on 2021-01-01
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Professional Ethics
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................31.1 Principles of ethical behaviour..................................................................................................31.2 Legal, regulatory and ethical requirements that affect accounting and finance sector..............31.3 Role of professional bodies in relation to accounting and finance sector.................................41.4 Reason about expectation to operate business within code of conduct and practice.................41.5 Risk of improper practice within an organisation and importance of vigilance........................51.6 Opportunities for maintaining an up-to-date knowledge of changes to codes of practice, regulation and legislation which affect accounting and finance sector............................................5TASK 2.................................................................................................................................................52.1 Way to work ethically when working with clients, suppliers, colleagues and others................52.2 Importance of objectivity and maintaining a professional distance between professional responsibilities and personal life......................................................................................................62.3 Importance of adhering to organisational and professional values, code of ethics and regulations........................................................................................................................................62.4 Importance of adhering to organisational policies to handle clients' monies............................72.5 Situations where confidential information needs to be disclosed..............................................72.6 Importance of working within limits and confines of own professional experience, knowledge and expertise..................................................................................................................7TASK 3.................................................................................................................................................83.1 Identify relevant Authorities and internal departments where suspected illegal acts or other malpractice are reported...................................................................................................................83.2 Action to take in instances when requests for work are beyond the employee’s competence...83.3 How to report inappropriate behaviour of client.......................................................................83.4 Internal and external procedures to be followed for stopping illegal and unethical practices...93.5 Strategies used to prevent ethical conflicts................................................................................9TASK 4...............................................................................................................................................104.1 Importance of an ethical approach to sustainability.................................................................104.2 Responsibilities of finance professionals in upholding the principles of sustainability..........10CONCLUSION..................................................................................................................................10REFERENCES...................................................................................................................................11
INTRODUCTIONEthics is a branch of psychology, which says about the morality of a person. Professionethics is concerned to the good habits that a business use to follow. This covers some importantpoints that help a business to grow and build a positive goodwill in their favour. It is a set of rulesand principles that insist an individual and team to follow them for a healthy business. In this report,it will get explained about how the employees of Morgan Stanley follows their ethics while dealingwith confidential informations of their clients ( Bertrand, 2018). It is a multi national bank of UK,which provides services in about 42 countries.TASK 11.1 Principles of ethical behaviourEthical behaviour is concerned with the following the rules of ethics which are made byorganisation for valuing the society. In banking and financing sector it is very important to maintainand monitor the ethics of the employees, some of these principles are:-1.Integrity: The act of honesty and following the moral principles for governing the ethic ofemployees. It is necessary for an employee in financial sector to be truthful about theinvestments by public, that they are investing the fund in society wale fare only.2.Objectivity: It states that a professional have to fair in all conditions and situations. Whiledealing with day-to-day problems, an individual or scenarios may get appeared which candamage their objectives.3.Professional competence and due care: Professionals must be skill full so they can providetheir products and services efficiently to their clients.4.Confidentiality: A professional have not to disclose the confidential informations of anclient or customer in front of third party.5.Professional behaviour: While performing an activity, professional have to follow the rulesand regulations designed by government and other authorities, this will help them tomaintain their professional ethics (Floridi, 2016).1.2 Legal, regulatory and ethical requirements that affect accounting and finance sectorThere are various legal laws, regulatory and ethical requirements which can affect afinancial sector, such as:-
1.Laws and regulation: Morgan Stanley deals with finance of public, therefore they have tokeep knowledge about the civil and criminal laws. This would help them to protect the rightsof the clients and the accounts, by not get fixed into any unethical activity.2.Compliance: The professional in financial sector have to follow the rules and regulationsvery carefully, as this sector is regularly inspected by government (GHORBANI, 2014).Thus the organisation belonging to financial sector, generally do not get fixed in unethicalactivities.3.Code of Practice: This is concerned with the manner of performing any activity in financesector which is related to the values and beliefs of an organisation. The code of practice helpa professional to keep them self away from getting witness to any unethical activity.1.3 Role of professional bodies in relation to accounting and finance sectorCountries have many different bodies which work to govern the activities performed byfinancial sectors. In UK, accountants are not required to be a part of any government organisation orbody, but Chartered Accountants are needed to be to the part of ICAEW, CAI or ICAS. There aremany government bodies present all over the world which use to monitor the accountants across theworld and verify that their work is ethical and according to professional standard or not.Accountants which use to for work for different organisations have to be skill full and must haveknowledge to perform daily activity. Financial bodies from all over the world work to monitor theaccountants who use to work with public, this ensures that they do not get enforce their in anyunethical activity.1.4 Reason about expectation to operate business within code of conduct and practice.Code of conduct represent the core values, beliefs, responsibilities, global commitments andpromises made by individuals, financial organisations or finance sector. The code of conduct isgenerally a guideline which explain the expectation from the financial business entities andprofessionals in accordance to their ethics ( Gillam, 2014). There are several reasons for which theprofessional and companies of financial sector like Morgan Stanley have to follow the guidelines intheir operations, some of the reasons are:-It provides equal opportunities of the employment in the organisation at each and every levelof business environment.The customers, business entities and the employees which deals daily with them, gets thefundamental human rights in organisation.
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