Professional Ethics - Assignment
14 Pages4526 Words301 Views
Added on 2020-10-22
Professional Ethics - Assignment
Added on 2020-10-22
ShareRelated Documents
PROFESSIONAL ETHICS
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: Explain the role of professional bodies in relation to the accounting and finance sector....21.4: Explain why individuals, organisations or industry sectors are expected to operate withincodes of conduct and practice.....................................................................................................31.5: Explain the risks of improper practice to an organisation and the importance of vigilance31.6: 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: Explain how to act ethically when working with clients, suppliers, colleagues and others42.2: Explain the importance of objectivity and maintaining a professional distance betweenprofessional duties and personal life at all times........................................................................42.3: Explain the importance of adhering to organisational and professional values, codes ofpractice and regulations...............................................................................................................52.4: Explain the 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: Explain the importance of working within the limits and confines of one’s ownprofessional experience, 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................................................7
3.4 Explain the internal and external reporting procedures which should be followed if anemployee suspects an employer, colleague or client has committed, or may commit, an actwhich is believed to be illegal or unethical.................................................................................83.5 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: Outline the responsibilities of finance professionals in upholding the principles ofsustainability...............................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONProfessional ethics refers to the principles which monitor and control the behaviour ofindividuals or groups in the working environment of an organisation. It embraces the personaland professional standards of behaviour which should be expected by the professionals in anorganisation. This report will discuss the fundamental principles of ethical behaviour along withthe relevant legal, roles, regulatory, opportunities, ethical requirements and the risks of improperpractice which are affecting the accounting and finance sector. This report will also discuss howto act ethically when working with various stakeholders with the explanation of the importanceof adhering to organisational vales and policies for handling the clients. This report will alsoidentify the inappropriate client behaviour, relevant authorities and internal departments to whichthe unethical behaviour should be reported and to take the appropriate action when requests forwork are beyond the employee’s competence along with the internal and external reportingprocedures. TASK 11.1: Fundamental principles of ethical behaviourThere are various principles of ethical behaviour which are required by the organisationin order to perform well by using the code of conduct and ethics. These fundamental principlesare discussed below:Integrity: It is the honesty, truthfulness and qualities of an individuals in performingtheir actions. This is often described as the qualities and moral uprightness and principles whichare needed by the individuals in the working place (Armistead, Williams and Jacob, 2011). Itstates that the professional individuals must work with honesty and their thoughts must not becorrupted in any situation and should not be influenced by any person or party in doing theirwork.Objectivity: The principle of objectivity states that each and every working professionalshould not compromise with their professional or personal decisions due to the various conflictsin interest and issues.Professional competence and due care: The professional competence and due care statesthat it is very necessary to keep the professional knowledge and skills which are required by theclients or organisation to ensure the delivery of competent service with patience.1
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Assignment: Professional Ethicslg...
|13
|4377
|80
Professional Ethics Assignment - Tescolg...
|12
|3772
|324
(PDF) Professional Ethics and Professional Conductlg...
|16
|5080
|117
Professional Ethics Assignment - HSBC companylg...
|13
|3952
|236
Professional Ethics- PDFlg...
|15
|4000
|68
Fundamental principles of ethical behaviour in the accounting and finance sectorlg...
|14
|4205
|235