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)

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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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Presentation Transcript
learning objectives
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
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
Where did you get your ethics?
  • Parents
  • Religion
  • School
  • Peers
concepts at the heart of ethics
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
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
When God Comes to Work

(managing religious diversity)

  • Facts?
  • Stakeholders?
  • Issues and values?
  • Alternatives?
  • Actions?
  • Check?
slide8

The Heinz Dilemma

  • Facts?
  • Stakeholders?
  • Issues and values?
  • Alternatives?
  • Actions?
  • Check?
ethical problem you faced today
Ethical problem you faced today?
  • Facts?
  • Stakeholders (persons involved)?
  • Issues and values?
  • Alternatives?
  • Action?
  • Did you check yourself?
what is a profession
What is a profession?
  • A group of people pursuing a learned art with a common calling
factors unique to a profession
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
Codes of Conduct for Accountants
  • AICPA
  • IMA
  • IIA
  • State Boards of Accountancy
  • SEC
slide13
Code of Professional Conduct
  • AICPA Professional Standards, Vol. 2 (ET)
  • Composition
    • Principles
    • Rules
      • Interpretations, Rulings
  • Applicability
  • Compliance
slide14
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

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
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
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
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
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
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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