Professional Ethics Assignment - Solved

Professional Ethics

Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1.1 Fundamental principles of ethical behaviour........................................................................4
1.2 Legal, regulatory and ethical requirements affecting the accounting and finance sector.....5
1.3 Role of professional bodies in relation to accounts and finance sector................................5
1.4 Explain why individuals, organisations or industry sectors are expected to operate within
codes of conduct and practice.....................................................................................................6
1.5 Explain the risks of improper practice to an organisation and the importance of vigilance. 6
1.6 Opportunities to maintain continuing professional development in line with requirements
of professional bodies.................................................................................................................7
TASK 2............................................................................................................................................7
2.1 Explain how to act ethically when working with clients, suppliers, colleagues and others..7
2.2 Explain the importance of objectivity and maintaining a professional distance between
professional duties and personal life at all times........................................................................8
2.3 Explain the importance of adhering to organisational and professional values, codes of
practice and regulations ..............................................................................................................8
2.4 Explain the importance of adhering to organisational policies for handling clients’ monies
.....................................................................................................................................................9
2.5 Identify circumstances when confidential information should be disclosed and who is
entitled to the information...........................................................................................................9
2.6 Explain the importance of working within the limits and confines of one’s own
professional experience, knowledge and expertise...................................................................10
TASK 3.........................................................................................................................................10
3.1 Identify the relevant authorities and internal departments to whom unethical behaviour,
breaches of confidentiality........................................................................................................10
3.2 Identify the appropriate action to take in instances when requests for work are beyond the
employee’s competence............................................................................................................11
3.3 Identify inappropriate client behaviour and how to report..................................................11
3.4 Explain the internal and external reporting procedures......................................................11

3.5 Outline strategies that could be used to prevent ethical conflict.........................................12
TASK 4..........................................................................................................................................12
4.1 Explain the importance of an ethical approach to sustainability.........................................12
4.2 Outline the responsibilities of finance professionals in upholding the principles of
sustainability.............................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Professional ethics are the main principles which are govern or regulate the individual
behaviour and large group of people within the business environment. It is provide some rules
and regulation which required to be followed by all employees in better manner. Professional
ethics are encompass with personal and corporate standard of behaviour that are expected by
professional people (American Library Association, 2016). The report is based on HSBC bank
which is international banking and financial service provider holding company. It is the largest
bank and it is situated in United Kingdom. The main motive of this assignment is to describe
different fundamental principle of ethical behaviour and also identify relevant legal and ethical
requirement which directly affects on accounting sector. Along with this, it will evaluate the
importance of organisational policies for handling client monies in proper way.
TASK 1
1.1 Fundamental principles of ethical behaviour
Ethical behaviour is concerned with doing the right thing and adhering to professional
standards. It is characterised by honesty, fairness, dignity, and equity among individuals.
Principles of ethical behaviour
 Integrity- It implies to be straight forward and honest in all business relationships in
carrying day to day finance transactions.
 Professional and technical competence and due care- Maintaining professional
knowledge and the skills required to ensure that employer receives competent services
on current development practices, legislation and techniques that are in accordance with
the applicable technical and professional standards.
 Confidentiality- To maintain confidentiality of information and maintain business
relationship, employee should not disclose such information to third parties without
approval of specific authority or without a legal or professional right to disclose, nor use
the information for personal advantage (Burmeister, 2017).
 Professional behaviour- To comply with relevant laws and regulations to avoid actions
that disregards profession. Individuals when performing accounts and finance
transaction have to comply with certain accounting standards for effective performance.