Professionalism and Ethics Reflection

This report discusses the importance of codes of ethical conduct and professionalism in detecting fraud and professional misconduct. It reflects on self-assessment of ethical code of conduct and personal code of conduct. It also analyzes an ethical challenge faced by Martin Wirick in the WirickGill mortgage fraud case.

Running Head: PROFESSIONALISM AND ETHICS REFLECTION
PROFESSIONALISM AND ETHICS REFLECTION
Name of the Student:
Name of the University:
Author Note

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Introduction
In the modern time, corporations and business entities are obligated to tackle and mitigate
fraud or any sort of corruption and professional misconduct exhibited by any of the stakeholders
of such business enterprises. Most of the global companies and corporations are seeking the
assistance of the various law enforcement agencies to ensure that the operations of such
companies and corporations are carried on in an ethical manner and that none of the stakeholders
of such business entities do exhibit any professional misconduct (Crane & Matten, 2016). This
report will aim to shed light on the codes of ethical conduct and different standards of ethical
behavior in context of professionalism. In this report criminal behavior which is in contrary o the
ethical codes and standards will also be discussed. As perceived by the modern society and in
context of the business organizations, ethics can be described as the set of norms of good
conduct that are said to be existing in the organization.
Discussion
Importance of code of ethical conduct, ethical standards and professionalism
The management of every organization has the obligation and the responsibility to assess
the risks that are inherently harmful to the internal environment of the business organization.
Such assessment of internal risk by the management is crucial for the detection of ethical
misconduct and fraud (Trevino & Nelson, 2016). Professionalism and codes of ethical conduct
are instrumental in creating a favorable impact on detection of fraud and professional
misconduct. For the purpose of governing behavior of the employees every business organization
has developed their own ethical codes of conduct which can be both institutional and symbolic.
The codes of ethics are as adopted by business enterprises generally exist in written form so that

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such of code of ethics can provide appropriate guidelines of behavioral patterns of employees
(Main, 2015). It can be mentioned on the basis of findings of psychological researches that
ethical standards and codes are developed primarily for those who have a tendency to violate the
same, if such codes and standards are not explicitly written down. People who are morally
upright generally tend to act in compliance with the ethical codes even if the same are not clearly
specified. Thus in my belief ethical codes and standards impact the behavior and actions of
individuals in an organization. However, their behavior depends on various other circumstances.
Reflection of self assessment of ethical code of conduct
The code of conduct as provided in Accounting 350 aims to govern how individuals are
to perform their duties while upholding the moral and ethical conduct (Jefrey, 2018). Thus, in
accordance with the code, I shall maintain honesty, integrity and professionalism while
performing the duties that are assigned to me. I shall aim to uphold the standards of Academic
University of the Vancouver Island University. I shall aim to maintain professionalism. I pledge
to respect the accomplishment, opinions and viewpoints of others. In regards to the ACCT 350
code of professional code of conduct, I pledge to respect the personal and cultural differences
and in the process enrich the society and my personality. I also pledge that I will strive for
continuous improvement in my professional and academic performance.
Reflecting on the personal code of conduct
It can be said that the personal code of conduct that I rely upon while conducting business
upholds the ethical principles of honesty and Integrity. According to me individuals have the
responsibility to act with honesty as they cannot be supervised or monitored all the time.

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Engaging in dishonest, unethical and illegal activities adversely affects the reputation of an
individual.
I also rely on the ethical principles of due care and professional competence. The other
ethical standard that I aim to uphold is that of confidentiality, which states the importance to
keep certain issues and records confidential. The other codes of Ethics and codes of professional
conduct that might be relied upon in the future are CPABC CODE OF PROFESSIONAL
CONDUCT, the professional and ethical standards for British Columbia Lawyers and the Code
of Professional Conduct for British Columbia (lawsociety.bc.ca, 2018). The code of conduct
of CPA provides the philosophy underlying in the principles which govern the responsibilities of
the Chartered Professional Accountants to those who hire their services, to the public in general
and to their colleagues. The code of professional conduct for British Columbia aims to define
and illustrate the responsibilities of the lawyers, arising out of professional relationships with
clients, other members of the profession and the justice system.
Reflection of an ethical challenge as identified in the case of Martin Wirick in the Wirick-
Gill mortgage fraud
In this given case study, it has been provided that Wrick had felt the desire to help an old
and long standing client and in the process faced an ethical dilemma. Gill had promised to
Wrick, his lawyer that Gill would pay the 20,000 dollars shortfall in the next property sale and
asked Wrick to delay the payout of the mortgage (cbc.ca, 2018). This came to Wrick as an
opportunity to solve the ethical dilemma. It can be stated that other lawyers would have rejected
this suggestion of Gill. They would not have trusted the client by putting their own ethical
principles in detriment. This action of Wrick can be analyzed by the application of the Fraud

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triangle theory (Roden, Cox & Kim, 2016). Wrick experienced a conflict of interest in this
scenario he felt obligated to help his client and trust him to pay the shortfall however he also had
a duty to uphold his ethical duty as a lawyer. The only way to resolve the Dilemma that had been
faced by him was justifying his unethical action of trusting his client to pay the shortfall amount.
However this act of rationalizing his decision had resulted in a fraud of 30 million dollar
mortgaged. The other theory that can be applied for assessing the ethical dispute ad for resolving
the same is the theory of rational choice. According to the rational choice theory it can be stated
that individuals act to maximize their benefits in every situation and thus base their decisions on
rational calculations (Newman & Clarke, 2016). In this case Wrick took the decision of trusting
Gill as it was in his best interest.
Conclusion
Thus in conclusion it can be said that I have gained insights about how to act with
honesty and integrity by undertaking the course at ACCT 350. I have also learned about the
professional values and the code of ethics which are essential to be upheld in every situation and
which will be instrumental in solving any ethical dilemma.

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Reference List:
Act Rules and Code | The Law Society of British Columbia. (2018). Lawsociety.bc.ca. Retrieved
9 April 2018, from https://www.lawsociety.bc.ca/support-and-resources-for-lawyers/act-
rules-and-code/
Alleged $40M fraudster Tarsem Singh Gill goes back on guilty plea | CBC News. (2018). CBC.
Retrieved 9 April 2018, from http://www.cbc.ca/news/canada/british-columbia/alleged-
40m-fraudster-tarsem-singh-gill-goes-back-on-guilty-plea-1.2490992
CPABC CODE OF PROFESSIONAL CONDUCT
Crane, A., & Matten, D. (2016). Business ethics: Managing corporate citizenship and
sustainability in the age of globalization. Oxford University Press.
Jefrey, C. (Ed.). (2018). Research on professional responsibility and ethics in accounting.
Emerald Publishing Limited.
Main, D. C. J. (2015). Do codes of conduct matter?.
Newman, G., & Clarke, R. V. (2016). Rational choice and situational crime prevention:
Theoretical foundations. Routledge.
Roden, D. M., Cox, S. R., & Kim, J. Y. (2016). The fraud triangle as a predictor of corporate
fraud. Academy of Accounting and Financial Studies Journal, 20(1), 80.
Trevino, L. K., & Nelson, K. A. (2016). Managing business ethics: Straight talk about how to do
it right. John Wiley & Sons.