What is ethics?
Ethics can be defined as the moral principles that Governor persons relationship or the conducting of an activity
What is ethics therefore concerned with?
Morality, the difference between right and wrong and how one should act in a certain situation
What is business ethics?
Business ethics is simply the application of ethical principles to the problems typically encountered in a business setting
What influences are ethical viewpoint?
Social pressure
Regulations
Legislation
Corporate culture
Ethical codes
What are the advantages with ethics?
To protect the public interest
To avoid discipline/fines
Improve reputation
Good ethics can attract customers
Good ethics can result in more effective workforce
Ethics can give cost saving
Ethics can reduce risk
What are the disadvantages with ethics?
Increase cost of sourcing materials from ethical sources
Lost profit by not trading with unethical customer/suppliers
Management time spent a nonprofit driven tasks
What are the main advantages of principle based approach over a rules based approach?
That the principle based preach is applicable to all situation and gives individuals less chance of finding loopholes
What is integrity?
Being straightforward and honest
What is objectivity?
Accountant should not allow-biased conflict of interests or undue influence in others to override professional judgement
What is professional competence?
Has a continuing duty to maintain professional knowledge and skill the level required
what is professional behaviour?
A professional accountant should comply with relevant laws and regulations
What are the threat?
Self interest
Self review
Advocacy
Familiarity
Intimidation
What are safeguards?
Safeguards are are controls that mitigate reduced to eliminate ethical threats
What are the two type types of safeguards?
Safeguards created by professionalism legislation or regulation
Safeguards in your work environment
Example of safeguards created by the professional
CPD requirements, passing exam
Example of safeguards in the work environment
Policies dealing with receiving gifts, ethic policy whistle blowing
How do you deal with ethical conflicts?
Clarify the situation -  gather info to ensure accuracy
Analyse - have any laws of regulations been broken?
Action
How do you action an ethical issue?
Wait at the options before acting is the behaviour dictated by law does the organisation have policies that need to be followed? Who are the affected people?
