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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 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 V -- Due Care. free from conflicts of interest.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 -- free from conflicts of interest.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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