Ethics and Professionalism “The Integrity of the Upright Shall Guide Them” (Proverbs 11:3) - PowerPoint PPT Presentation

Ethics and professionalism the integrity of the upright shall guide them proverbs 11 3 l.jpg
Download
1 / 20

  • 142 Views
  • Uploaded on
  • Presentation posted in: General

Ethics and Professionalism “The Integrity of the Upright Shall Guide Them” (Proverbs 11:3) . Learning Objectives. Reflect on the meaning and importance of ethics in personal and professional life Define a profession; differentiate from trade Understand why professionals need ethics

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.

Download Presentation

Ethics and Professionalism “The Integrity of the Upright Shall Guide Them” (Proverbs 11:3)

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Ethics and professionalism the integrity of the upright shall guide them proverbs 11 3 l.jpg

Ethics and Professionalism“The Integrity of the Upright Shall Guide Them” (Proverbs 11:3)


Learning objectives l.jpg

Learning Objectives

  • Reflect on the meaning and importance of ethics in personal and professional life

  • Define a profession; differentiate from trade

  • Understand why professionals need ethics

  • Understand basic ethical standards in the Code of Professional Conduct for CPAs

  • Learn and practice a process of ethical decision making


Ethics what is it l.jpg

Ethics: What is it?

  • “A discipline of good and evil and moral duty.” (Funk and Wagnalls)

  • Actions and how they affect people


Where did you get your ethics l.jpg

Where did you get your ethics?

  • Parents

  • Religion

  • School

  • Peers


Concepts at the heart of ethics l.jpg

Concepts at the heart of ethics

  • Fairness

  • Trust

  • Respect

  • Compassion

  • Cooperation

    “He hath showed thee, o man, what is good, and what doth the Lord require of thee, than to do justly, and to love mercy, and to walk humbly with thy God.” (Micah 6:8)


The sinking of the titanic l.jpg

The Sinking of the Titanic

  • What were the facts?

  • Who were the stakeholders?

  • What were the issues and values?

  • What were the alternatives?

  • What actions were taken?

  • What were the consequences?


Slide7 l.jpg

When God Comes to Work

(managing religious diversity)

  • Facts?

  • Stakeholders?

  • Issues and values?

  • Alternatives?

  • Actions?

  • Check?


Slide8 l.jpg

The Heinz Dilemma

  • Facts?

  • Stakeholders?

  • Issues and values?

  • Alternatives?

  • Actions?

  • Check?


Ethical problem you faced today l.jpg

Ethical problem you faced today?

  • Facts?

  • Stakeholders (persons involved)?

  • Issues and values?

  • Alternatives?

  • Action?

  • Did you check yourself?


What is a profession l.jpg

What is a profession?

  • A group of people pursuing a learned art with a common calling


Factors unique to a profession l.jpg

Factors unique to a profession

  • Common body of knowledge

  • Formal educational process

  • Standards of entry

  • Recognition of public responsibility

  • Willingness to act with restraint for the common good

  • Adoption of Codes of Conduct


Codes of conduct for accountants l.jpg

Codes of Conduct for Accountants

  • AICPA

  • IMA

  • IIA

  • State Boards of Accountancy

  • SEC


Slide13 l.jpg

Code of Professional Conduct

  • AICPA Professional Standards, Vol. 2 (ET)

  • Composition

    • Principles

    • Rules

      • Interpretations, Rulings

  • Applicability

  • Compliance


Slide14 l.jpg

Principles

  • Preamble

    • Requires all CPAs to assume the obligation of self-discipline above and beyond requirements of law.

    • Calls for unswerving commitment to honorable behavior, regardless of personal advantage.


Slide15 l.jpg

  • Article I -- Responsibilities

  • Members should exercise sensitive professional and moral judgments in all activities

    • Primary responsibility is to the “public”

    • Responsibility to cooperate with each other to improve the art of accounting, maintain public confidence, and carry out self-governance.


Slide16 l.jpg

  • Article II --The Public Interest

  • Serve the public interest, honor the public trust, commitment to professionalism.

  • Public interest: collective well being of the people and institutions served


Slide17 l.jpg

  • Article III --Members should perform with the highest sense of integrity

  • The test for all decisions: “What would a person of integrity do?”

  • Characteristics:

    • Honesty

    • Candor

    • Protective of confidentiality


Slide18 l.jpg

  • Article IV -- A member should maintain objectivity and be free from conflicts of interest.

  • A state of mind: the distinguishing feature of our profession

  • Impartiality, intellectual honesty, freedom from conflicts of interest.

  • Requires independence in attest situations.


Slide19 l.jpg

  • Article V -- Due Care. A member should observe the profession’s technical and ethical standards, strive continually to improve competence and quality of service,and be duly diligent in performing services.

  • Continual quest for excellence, commitment to life-long learning and improvement.

  • Requires assessment of competence, due diligence, planning and supervision..


Slide20 l.jpg

  • Article VI -- Member in public practice should observe these principles in determining scope and nature of services.

  • Practice in firms that have quality controls

  • Determine whether other services might impair audit independence.

  • Assess whether all roles assumed are consistent with the role of a professional accountant.


  • Login