Menu
- 5 Marks
Question
You have been invited as the Chief Operating Officer of Your Trusted Associates, a reputable Accounting and Management Consulting firm, to deliver the keynote address at a graduation ceremony for newly qualified Accountants.
Required:
In your address, differentiate between a “business code of ethics” and a “professional code of ethics” for Professional Accountants. (5 marks)
Answer
Business Code of Ethics vs. Professional Code of Ethics
- Business Code of Ethics:
A business code of ethics refers to a statement that defines the ethical standards and expectations of a business organization. It guides employees on how to act in a way that upholds the organization’s ethical values and promotes the company’s mission. This code is usually specific to the organization and its operations. - Professional Code of Ethics for Accountants:
A professional code of ethics for accountants is a set of guidelines established by professional accounting bodies, such as ICAG, detailing how accountants should behave in the performance of their duties. It covers areas such as integrity, objectivity, professional competence, confidentiality, and professional behavior. This code is uniform across the profession and applies to all accountants, regardless of their specific employer or role.
(2 points well explained @ 2.5 marks each = 5 marks)
- Tags: Accountants, Business Ethics, Code of Conduct, Professional Ethics
- Level: Level 1
- Topic: Professional ethics in accounting and business
- Series: NOV 2021
- Uploader: Uploader1