The Association of Chartered Certified Accountants (ACCA) identified the importance of good ethics among finance professionals as one of the pathways to make a positive impact in tackling various issues.
Such concerns include climate change, social inequality, and a widespread lack of trust, ACCA says.
As a professional accountant, one is already aware that they can make a difference to build a better world that works for everyone, although it can be hard to know how to put that knowledge into practice.
According to ACCA’s Accounting for a Better World research, without good ethics, it will not be possible to build a better, fairer, and more sustainable world.
Professional accountants hold some of the most trusted positions in the society and their work underpins the effective functioning of the capital markets. That is why it is expected that professional accountants will behave ethically – taking the ‘correct’ course of action, even in circumstances when it is challenging to do so.
ACCA says accountants have the responsibility to uphold the fundamental principles set out in the Code of Ethics and Conduct: integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour, as they should also use the conceptual framework set out in the Code to identify and address any threats to compliance with these principles.
Moreover, finance professionals can also act as an ethics guardian by helping to develop other ethical frameworks within your organisation – for example, frameworks governing the use of data and AI.
Another way in which you can promote the importance of good ethics is by helping to create a culture that supports people to act on their ethical principles, for example, by providing training on how they can handle ethical dilemmas, ACCA says.
