Ethical behavior under ACCA

From this, a candidate should understand what ethics and ethical behavior means as presented by having a code and following principles of ethics.

Ethics can be described as a set of shared beliefs about what is a good or acceptable behavior and what is a bad or unacceptable behavior. It thus refers to the study of good vs. bad behavior

Ethical conduct has been described as behavior that follows moral principles and is consistent with the society’s ethical expectations. It has thus been described as the conduct that improves the outcomes of stakeholders. Ethical conduct is that behavior that balances your self-interest with the impact on others.

A code of ethics is a code that is a written set of moral principles that can guide behavior by describing what is considered acceptable. Having a code is a way to communicate the values, expectations and principles of an organization.

It is claimed that external or situational influences are a more important determinant of the ethical quality of behavior than internal (personal) traits that influence behavior.

That is why, in recent years, many companies have launched reviews of their practices in an effort to promote ethical conduct and improve adherence to ethical standards amongst their employees.

Ethical compass and what does it mean to behave and work ethically?

Simply put, it means doing the right thing.

We all like to think we have personal ethics and know the difference between what is right and wrong. But it is a fact that personal ethics is unique to each of us. It is also a fact that our personal ethical compass could influence our professional judgment.

Therefore, in a professional context, we need guidance to help us decide what is "the right thing" to do, and this is where the ethical code comes into purview. Some of the fundamental ethical principles are:

1. integrity
2. objectivity
3. professional competence and due care
4. confidentiality
5. Professional behavior.

Educate yourself

Ethics is an important element of the ACCA Qualification with the mandatory completion of the Ethics and Professional Skills module. Of course, your professional ethical competence and experience will grow as you progress in your career, but there are certain things you should do now to strengthen your appreciation of ethics. For example, you should be absolutely clear on what your company expects from you in terms of ethical behavior.

Each company has a code of conduct that employees are expected to adhere to

Also, know where to turn to for support. Do you know where to go if you face an ethical dilemma?

Ethics and legal standards

Not all unethical actions are illegal,& not all illegal actions are unethical. In some places it may illegal to report one’s employer’s actions against the best interests of clients by sharing what is considered private company information with authorities, but by doing so may be considered ethical by some.

Ethical principles often set a higher standard of behavior than laws and regulations. New laws and regulations often result from recent instances of what is perceived to be unethical behavior.

Just as the glass-stegall act  that followed the perceived bad behavior by investment professionals and bankers , or the Sarbanes-oxley act following the  enron scandals and worldcom scandals , and the dodd-frank act the followed the 2008 financial crisis , new laws and regulations can create opportunities for different unethical behavior.

Thus in general ethical decisions require more judgment and considerations of the impact of behavior on many stakeholders compared to legal decisions