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Report on Professional Ethics

   

Added on  2020-12-09

12 Pages4062 Words82 Views
Professional Ethics
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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.......................................3TASK 2............................................................................................................................................42.1 How to act ethically when working with clients, suppliers, colleagues and others.............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 monies........................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 Relevant authorities and internal departments to which unethical behaviour, breaches ofconfidentiality.............................................................................................................................63.2 Action to take in instances when requests for work are beyond the employee’s competence.....................................................................................................................................................63.3 Identify inappropriate client behaviour and how to report it................................................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............................................................................................................................................84.1 Importance of an ethical approach to sustainability..............................................................8
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4.2 Responsibilities of finance professionals in upholding the principles of sustainability.......8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONProfessional ethics can be defined as different values that are basically integrated by acompany in order to govern all over behaviour of workforce that are working for theorganisation. It is essential for every single business firm that is performing its operations in anymarket to carry a number of ethical principles at the time of dealing with the customers (Baase,2012) . In present report, firm which has been chosen i.e. Clydesdale bank plc is taken for thisreport, which was found in the year of 1838 and is headquartered in Glasgow, Scotland, UnitedKingdom. Using this an analysis will take place on the importance of working with ethical code,so that a proper knowledge can be achieved about whether these are being followed or not.Along with this, it will help in briefing about different roles and responsibilities that are requiredto perform ethical activities.TASK 11.1 Principles of ethical behaviour.Ethical behaviours are the rules and regulations of ethics, which are designed by theorganisation in order to valuing the society. Monitoring the ethics of employees is a essential partin sectors related to finance and bank, some of these ethical behaviours are :-Integrity : It is the act of honesty and truth worthy, and follow the moral principles forgoverning the ethics of employees. It is mandatory for the professionals in banking andfinancial sector to be honest with clients, so that they can get sure that their investmentsare going in benefits of society (Banks, 2012) .Objectivity: It says that a professional have to be fair and same in all type of conditionsand situations. In day-to-day life, while dealing with different situations, someindividuals or scenarios may get appear which can damage their objectives.Professional competence and due care: A professional must be a skill full person so thatthey can provide their products and services effectively to their clients.Confidentially: A professional have not to disclose the confidential information of anyclient to third party.Professional behaviour: The professional have maintain the ethics and have to follow therules and regulations, which are designed by government and organisation.1
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