5 Principles Of Accounting Ethics
Ling Kliment
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The ACA is the badge of the highest ethical and professional standards. As a chartered accountant student, you are bound by ICAEW's code of ethics, which is based on the five fundamental principles below.
ICAEW's code of ethics in place to 31 December 2010 replaced ICAEW's guide to professional ethics on 1 September 2006. A revised code of ethics applies from 1 January 2011. The substance of this code is the same as our previous Guide to Professional Ethics but the layout and structure of the new code is more user friendly.
A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards.
A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional accountant or third parties.
ICAEW pioneered the principles based threats and safeguards approach to ethics (explained in an overview of the code of ethics). This approach has now been adopted by IFAC (the International Federation of Accountants, of which we are a member body) and the EC among others. We have also produced ground-breaking work on sustainability. For information on current developments in ethics, see icaew.com/ethics.
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In June 2005, the IESBA (formerly the Ethics Committee) issued a revised Code of Ethics for Professional Accountants. The revised Code establishes a conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics:
Ethics in accounting embodies the fundamental principles and values that direct the actions of professionals within the accounting domain. It revolves around making principled choices, upholding transparency, and showcasing a commitment to maintain integrity.
Maintaining precise financial records, following standardized accounting procedures, and ensuring transparency minimizes the risk of legal repercussions, fostering a culture of lawful and responsible financial management.
Ethics in accounting forms the bedrock of financial integrity and trust. Accountants play a crucial role in presenting accurate and reliable financial statements. Adhering to ethical principles like honesty, objectivity, and transparency strengthens the credibility of financial information. Investors and stakeholders depend on these reports for informed decisions.
Ethical accounting practices act as a deterrent to fraudulent activities and unethical practices. Accountants committed to ethical conduct are less likely to engage in fraudulent activities such as embezzlement or manipulation of financial data.
Ethics in accounting significantly contributes to enhancing the corporate reputation and image of an organization. Commitment to ethical accounting practices fosters a positive perception among stakeholders, clients, investors, and the public.
By avoiding unethical financial maneuvers, accountants contribute to a stable financial environment conducive to sustained growth and prosperity. Ethical accounting practices lay the groundwork for enduring success and longevity within an organization.
Integrity is the foundation of ethical behavior in accounting. Accountants must be honest, truthful, and transparent in all their professional dealings. They should adhere to the highest moral and ethical standards, even when faced with difficult situations.
Objectivity is essential for accountants to provide unbiased and impartial financial information. They must exercise professional judgment without being influenced by personal interests or external pressures.
Accountants are expected to possess the necessary knowledge, skills, and expertise to perform their duties competently. Continuous professional development is crucial to stay updated with the latest accounting standards and regulations.
Confidentiality is a fundamental principle in accounting that ensures the privacy and security of sensitive financial information. Accountants must respect the confidentiality of client data and refrain from disclosing it without proper authorization.
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