In this chapter, the learning objectives are: Know the definitions and general importance of ethics and professionalism, be able to explain three basic theories of ethical behavior, understand how to deal with ethical challenges through an example situation,. | Professional Ethics, Independence and Quality Control Chapter Nineteen Ethics and Professional Behaviour Ethics Professionalism Refers to a system or code of conduct based on moral duties and obligations that indicate how an individual should behave in society. Refers to the conduct, aims, or qualities that characterize or mark a profession or professional person. Theories of Ethical Behaviour Utilitarianism Rights-Based Approach Justice-Based Approach Recognizes that decision-making involves trade-offs between the benefits and burdens of alternative actions and focuses on the consequences and individuals affected. Assumes that individuals have certain rights and other individuals have a duty to respect those rights when making decisions. Is concerned with issues such as equity, fairness and impartiality. IFAC Code of Ethics for Professional Accountants IFAC Code Part A: Fundamental Principles and Conceptual Framework Part A of the Code establishes the fundamental principles for professional accountants’ behaviour and the conceptual framework for applying those principles. IFAC Code of Ethics for Professional Accountants A professional accountant in public practice: A professional accountant, irrespective of functional classification (. audit, tax or consulting) in a firm that provides professional services. Professional services: Services requiring accountancy or related skills performed by a professional accountant including accounting, auditing, taxation, management consulting and financial management services. A professional accountant in business: A professional accountant employed or engaged in an executive or non-executive capacity in such areas as commerce, industry, service, the public sector, education, the not for profit sector, regulatory bodies or professional bodies, or a professional accountant contracted by such entities. Fundamental Principles Integrity Objectivity Professional Competence & Due Care Confidentiality Professional Behaviour . | Professional Ethics, Independence and Quality Control Chapter Nineteen Ethics and Professional Behaviour Ethics Professionalism Refers to a system or code of conduct based on moral duties and obligations that indicate how an individual should behave in society. Refers to the conduct, aims, or qualities that characterize or mark a profession or professional person. Theories of Ethical Behaviour Utilitarianism Rights-Based Approach Justice-Based Approach Recognizes that decision-making involves trade-offs between the benefits and burdens of alternative actions and focuses on the consequences and individuals affected. Assumes that individuals have certain rights and other individuals have a duty to respect those rights when making decisions. Is concerned with issues such as equity, fairness and impartiality. IFAC Code of Ethics for Professional Accountants IFAC Code Part A: Fundamental Principles and Conceptual Framework Part A of the Code establishes the fundamental principles for .
