Ethics are a very critical part and essential part to follow for
any type of business or firm. Ethics and the code of conduct refer
to some general behavioural traits such as honesty, integrity and
business morals. However there are set of ethics specified by the
governing bodies which are to be complied by the accounting firms.
There are mainly 5 areas of ethics specified that are :-
- Independence and objectivity - Independence and ethics go hand
in hand. it involves making unbiased decisions and also the
decisions that benefit the clients. The recommendation made to the
client should not be influenced from any outside sources. Also the
professional competence is compromised if the work is subordinated
to some one else.
- Integrity- It requires the firm to be honest and straight
forward in all the business and professional works and
relationship. unless there is a valid reason to do so. Valid reason
can be complying with a legal or professional requirement.
- Confidentiality - It is the foundation of a professional
relationship. No financial information relating to the client
should be disclosed without the prior approval form the client. It
will violate the trust of the client and it is ethically
incorrect.
- Professional Behaviour - Accounting professionals should comply
with all the rules and laws specified by their governing bodies.
Also it should not involve in any actions that could bring negative
affect to the reputation of the profession and it is expected from
all the professioanals.
- Professional Competence - A professional accountant should
remain upto date according to the latest technologies and updations
in their field. They should exercise due care that means they
should not give an impression that they have knowledge of all the
areas when they actually dont have the knowledge of some
areas.
Hence, I would like to work in an accounting firm that complies
with all the above ehtical norms and standards. Also it makes sure
that all its employees work according to these guidelines.