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Professional Ethics Assignment Solution

   

Added on  2020-10-05

14 Pages3841 Words342 Views
Professional Ethics
Professional Ethics Assignment Solution_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.......21.5 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 Authorities and internal departments where suspected illegal acts or other malpractice arereported...................................................................................................................................63.2 Action to take in instances when requests for work are beyond the employee’s competence................................................................................................................................................73.3 How to report inappropriate behaviour of client..............................................................73.4 Internal and external procedures to be followed for stopping illegal and unethical practices................................................................................................................................................73.5 Strategies used to prevent ethical conflicts......................................................................8TASK 4............................................................................................................................................8
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4.1 Importance of an ethical approach to sustainability.........................................................84.2 Responsibilities of finance professionals in upholding the principles of sustainability...8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................11
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INTRODUCTIONEthics can be defined as specific principles which govern an individual's behaviour towork in professional manner. Code of ethics can be determined in terms of professional valuesthat incorporates principles and standards within a corporations. One of the main key traits ofindividuals is adherence to a strict set of ethical guidelines (Hannafey and Vitulano, 2013). Thepresent report focuses on this concept which entails principles of ethical working, role ofprofessional bodies in accounting and finance sector as well as its role in promotingsustainability. For this process, Barclays has been taken which is a British multinationalinvestment bank, situated in London. It is considered as one of the largest organisation inbanking sector which operate business on specific code of ethics. TASK 11.1 Principles of ethical behaviourCode of ethics referred as main aspects to control behaviour of professionals who areassociated with an organisation. In context with people working in finance and accountingsector, they must comply with five main key fundamental principles as given below:-Integrity: It states that accountants must be forthright and candid with financialinformation of business clients. They should work within restriction or limitation whileusing confidential information as well as avoid intentional opportunity to manipulate thesame.Objectivity: Professionals in finance sector especially auditors must avoid conflicts ofinterest as failure to remain independent and objective sometime hamper their status andquo. Therefore, they must follow ethical values of objectivity and independence. Professional and technical competence and due care: It assists professionals toexercise ethical or technical accounting standards as well as understanding information aswell. Confidentiality: Professionals must keep financial and personal information of clientsand business in confidential manner. They should not disclose such kind of data to thirdparty without permission and specific authority. Professional behaviour: They must follow rules and regulation as per professional orethical standards and avoid actions which discredit their duties. 1
Professional Ethics Assignment Solution_4

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