Assignment: Professional Ethics

Professional Ethics

Table of Contents
Table of Contents
INTRODUCTION...........................................................................................................................4
TASK 1............................................................................................................................................4
1.1 fundamental principles of ethical behaviour.........................................................................4
1.2 Outline the relevant legal, regulatory and ethical requirements affecting the accounting
and finance sector........................................................................................................................5
1.3 Explain the role of professional bodies in relation to the accounting 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 Identify opportunities for maintaining an up-to-date knowledge of changes to codes of
practice, regulation and legislation affecting the accounting and finance sectors......................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....8
practice and regulations...............................................................................................................8
2.4 Explain the importance of adhering to organisational policies for handling clients' monies
.....................................................................................................................................................8
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.....................................................................9
TASK 3..........................................................................................................................................10
3.1 Identify the relevant authorities and internal departments to which unethical behaviour,
breaches of confidentiality, suspected illegal acts or other malpractice should be reported....10
3.2 Identify the appropriate action to take in instances when requests for work are beyond. . .10
the employee’s competence......................................................................................................10

3.3 Identify inappropriate client behaviour and how to report it.............................................11
3.4 Explain the internal and external reporting procedures which should be followed if an
employee suspects an employer, colleague or client has committed, or may commit, an act
which is believed to be illegal or unethical...............................................................................11
3.5 Outline strategies that could be used to prevent ethical conflict.........................................11
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..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Professional ethics is defined as a principle which govern the behaviours of a group of
individual in an organisation. It also assists management in resolving the problem which are
arises in the atmosphere of a firm. In addition to these, values and beliefs are the foundation of a
firm that decide the growth and sustainability in marketplace. Present assignment will discuss
about fundamental principle of ethical behaviour along with integrity and objectivity. Relevant
legal, ethical requirements, role of professional bodies, risks of improper practice and
opportunities of practice or regulation will also covered in this report. It also includes the
understanding of ethical behaviour when an organisation is working with internal and external
environment. This report will also covers the importance of objectivity along with adhering to
organisational policies and working within limits, professional experience. In this report we will
also covered importance of ethical approach in sustainability of firm.
TASK 1
1.1 fundamental principles of ethical behaviour
Fundamental principles are defined as a code of ethics that are essential for following by
the organisation because it decide the future growth of an organisation. There are principles of
ethical behaviour which are explained as under:
 Integrity – It is a principle that defines to be straightforward and honest in workplace
because all the relations of an organisation are depends on it. In addition to this, it is a
quality which build morale of principles in workplace. In ethics, it is related with honesty
and trustworthiness in atmosphere of a firm.
 Objectivity – This principle is connected with the employees it defines that they should
not depends on single opinion (Sobhani, 2015). They have to analyse the conditions and
take decisions accordingly.
 Professional Competence and Due Care - It is the principle which maintains
professional knowledge and skills of the employees as per the level of organisation due to
which customer get services in effective manner.
 Confidentiality – It is related with securing the information in order to maintaining the
relations. Furthermore, any information is not delivered to the third parties until a