Standards In The Accounting & Finance Profession Assignment Sample

Introduction

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• This report contains the major information related to the “Ethical and Professional Standards in the Accounting & Finance Profession”.
• The proper definition of professional ethics has been discussed and a major discussion on the specific way of behaving according to professional ethics.
• Different ethical principles have been acquired and make a reflection in using these principles under the ACCA/CIMA professionals in the business.
• The major impact of ethics on improving the work culture has been delivered.

SN:

The valuation of the professional ethics and its principles under the ACCA/CIMA professional has been elaborated. This report has provided a major positive impact on ethics in the business work culture.

Professional Ethics

• The valuation of the ethical framework makes a reflection on the behavior of the profession with the others in the workplace (Carauleanu et al. 2021).
• Profession ethics is the type of process that can govern the behavior of the person or the group at the workplace/business.
• Ethical behavior guides the particular person on how to interact with the employee's manager or other members who are related to the business.

SN:

Profession ethics is the most important factor in the workplace as it can help to feel safe for the employees and also the customers. The professional can be required to properly follow the ethical principle as the company or business needs to operate ethically.

key Ethics practiced in Accounting and Finance

• The major key ethics principle of the CIMA (Chartered Institute of Management Accountants) has been acquired and discussed based on the valuation.
• There are five major principles that have been provided by the CIMA for the practices of the accountant and finance (Anuruddha, 2021).
• These five principles are “integrity, objectivity, confidentiality, professional competence and due care and professional behavior”.

SN:

The principles of the CIMA have been used and properly elaborate principles that can be reflected on every five principles individually.

Contd…

• Integrity refers to the straightforward work by the professional and continues their work with truthfulness and honesty.
• The principles of the ethics can keep the professional judgment free from external influence, bias and conflict.
• The professional skills and knowledge is based on continuous commitment.
• The competence and development are based on practice, technique and legislation.
• The professional information is by no means can be disclosed without professional or legal permission (Tsiligiris and Bowyer, 2021).
• The code of professionalism is to comply with the basic principles of ethics.

SN: The valuation of the integrity in the CIMA’s ethical principles has been associated with any information that has the chance to be the information false. The professional accountant has to make the professional judgment free from any influences of relationships or circumstances. Professional accountants are needed to have a fair and honest approach to fair dealing. The staff under the authority should be trained with proper method technique and supervision. The accountants also are required to be careful of the social environment and immediate family members in terms of disclosure of information. The accounts are to be following their responsibility diligently for all the requirements of a task on time. The accountants are also needed to deter practices of disparaging and comparing the work of other professionals.

Importance of Professional Ethics in Accounting and Finance

• The importance of the ethical professional has been analyzed in the valuation of the accounting report.
• It can help in ensuring the committee's trust in the preparation of the accounting report and ensuring the business practices by upholding the accounting reputation in the accounting profession (Cimaglobal, 2022).
• The professional ethics helps in encouraging providing the accurate report and making reflection on planning by the accounting professionals.
• Good ethics of the accounting principles help in ensuring the accuracy of the prepared report based on effective and accurate knowledge (de Villiers and Hsiao, 2018).

SN:

The major importance of ethics in the professional has been acquired with integrity. The company demonstrates integrity at the work and has surety about the work development with honesty. Honesty at the workplace can mainly develop effective and b professional relationships. Professional ethics prevents the work of the professionals from any boundaries and the provided information cannot mislead the community or the work. Business ethics has the major delivery of the work culture that has been beyond the government control. CIMA has established these types of business ethics to have control over professional behaviors, especially for accounting and finance. The value of the ethical professional makes a reflection on acquiring the particular behavior and the proper delivery of the work required.

Use of Professional Ethics to continue Professional Development

• Implementation of the ethical principle has been developed with the proper integration of the exception in the communication with the other employees.
• Proper offer of ethical training by the accounting and finance experts can help in implementing the ethical principles (Leuz, 2018).
• The major valuation of the ethical principles has been accumulated under the CDP (Continuing professional development) at the workplace.
• Different types of training under the CDP have been provided at the workplace as “Work-based learning, Online learning, and Training courses”.

SN:

The major importance of CDP training has been analyzed in the workplace as it can help in improving productivity and has a proper appreciation of the individual's standard. It has mainly developed the ability of the employees to do the work and make effective development to achieve the target of the company.

Cont…

• The knowledge of the person or employee has been improved with the reflection on taking the required training under the CDP.
• The training can help in developing the skills and knowledge about the particular factor and have the delivery of the work at the required period of time.
• Principles of ethics have the major requirement to fulfill the effective ability and up to date about the particular fields (Karlberg and Bezzina, 2022).
• The knowledge of the individual has been changed as the ethical principles help in the delivery of the work factors as per the changes in the respective industry.

SN:

The valuation of the work structure and recognition of the ethical principle help in developing the required knowledge in the respective field. The valuation of the effective work culture and delivery of the skills and knowledge has an effective impact on the work structure.

Professional Ethics and Performance

• Professional ethics can help the professional to attain more awareness in dealing with information.
• The ethics develop the understanding of the professional in terms of omitting obscurity from the information that is required which gets rid of misleading.
• The professional development attained by the professional following the ethic is adapting to a competency that is a major skill in serving clients (Merchie et al. 2018).

Cont…

• Professional ethics comprises discipline and investing in courses of action to improve oneself.
• The professionalism achieved from practicing ethics will have the accountants employing appropriate services to the client and improve the client's understanding of the limitation of the business (Guney, 2019).
• Professional ethics improve the judgment of the users in the activities in the work environment with the employment of appropriate knowledge and skills.

SN:

Professionals need to have the competency skills to develop their professional performance and achieve the goals of the business. Professionals by adapting to work ethics can improve their understanding of the professional, technical and environmental requirements and objectives. The professional having developed substantially can deal with the client with more competency. The professional can also develop a more understanding environment for the client to understand the nature of the services and the underlying limitations that come with them.

Cont….

• The work culture has been improved by conducting the ethical principles in the business workplace.
• As a manager, the ethical principles help in developing honesty in the work performance of the employee and have guidance toward the delivery of the work.
• The ethical principle reflects developing fairness and respectfulness in the workplace (Kusumaningrum et al. 2019).
• The ethical decision has been taken by the manager and has effective reflection based on the “rights, justice, utility, and care”.

SN:

The valuation of the ethical principles can help in taking an effective decision to the manager. The development of honesty and fairness in the manager has been recognized after the adoption of ethical principles in the workplace. The managerial decision has been improved and a reflection on taking a fair decision. The major changes in the behavior of the manager have been analyzed in terms of the proper follow of the rights, and care of their employees.

Conclusion

• It has been concluded that the valuation of ethical professionals has the required importance to the accounting and finance industry.
• The major recommendation has been provided in the\is context that the requirement of the ethical principle has also been utilized for the other industry except for accounting and finance.
• The ethical principle has major importance in the future as it can guide us to do the correct thing and help in taking the right and truthful decision from any perspective.

SN:

The evaluation of the major importance of the ethical principle has been acquired and makes a reflection on taking effective decisions in the workplace. The valuation of the required decision for the manager has also been discussed and has an effective and positive impact on the workplace.

Reference 

Anuruddha, M.S., 2021. Determinants of Public Financial Reporting Quality; A Theoretical Study. Sri Lanka Journal of Development Administration, 6(1).

Carauleanu, A., Tanasa, I.A., Nemescu, D. and Socolov, D., 2021. Professional ethics, VBAC and COVID?19 pandemic: A challenge to be resolved. Experimental and Therapeutic Medicine, 22(3), pp.1-6.

Cimaglobal.com. (2022), CIMA's Code of Ethics, Available at: https://www.cimaglobal.com/Professionalism/Ethics/CIMAs-code-at-a-glance/#:~:text=CIMA's%20Code%20of%20Ethics%20applies,%2C%20Confidentiality%2C%20and%20Professional%20behaviour. [Accessed on: 23^rd August 2022]

de Villiers, C. and Hsiao, P.C.K., 2018. A review of accounting research in Australasia. Accounting & Finance, 58(4), pp.993-1026.

Guney, Z., 2019. Professional Ethics in Performance and Educational Technology. Educational Policy Analysis and Strategic Research, 14(4), pp.190-200.

Karlberg, M. and Bezzina, C., 2022. The professional development needs of beginning and experienced teachers in four municipalities in Sweden. Professional Development in Education, 48(4), pp.624-641.

Kusumaningrum, D.E., Sumarsono, R.B. and Gunawan, I., 2019. Professional ethics and teacher teaching performance: Measurement of teacher empowerment with a soft system methodology approach. International Journal of Innovation, Creativity and Change, 5(4), pp.611-624.

Leuz, C., 2018. Evidence-based policymaking: promise, challenges and opportunities for accounting and financial markets research. Accounting and Business Research, 48(5), pp.582-608.

Merchie, E., Tuytens, M., Devos, G. and Vanderlinde, R., 2018. Evaluating teachers’ professional development initiatives: towards an extended evaluative framework. Research papers in education, 33(2), pp.143-168.

Tsiligiris, V. and Bowyer, D., 2021. Exploring the impact of 4IR on skills and personal qualities for future accountants: a proposed conceptual framework for university accounting education. Accounting Education, 30(6), pp.621-649.