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


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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

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

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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)


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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


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Ethics: What is it?

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

  • Actions and how they affect people


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Where did you get your ethics?

  • Parents

  • Religion

  • School

  • Peers


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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)


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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?


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When God Comes to Work

(managing religious diversity)

  • Facts?

  • Stakeholders?

  • Issues and values?

  • Alternatives?

  • Actions?

  • Check?


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The Heinz Dilemma

  • Facts?

  • Stakeholders?

  • Issues and values?

  • Alternatives?

  • Actions?

  • Check?


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Ethical problem you faced today?

  • Facts?

  • Stakeholders (persons involved)?

  • Issues and values?

  • Alternatives?

  • Action?

  • Did you check yourself?


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What is a profession?

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


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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


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Codes of Conduct for Accountants

  • AICPA

  • IMA

  • IIA

  • State Boards of Accountancy

  • SEC


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Code of Professional Conduct

  • AICPA Professional Standards, Vol. 2 (ET)

  • Composition

    • Principles

    • Rules

      • Interpretations, Rulings

  • Applicability

  • Compliance


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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.


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  • 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.


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  • 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


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  • 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


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  • 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.


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  • 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..


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  • 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.


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