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Accountancy professionals are a vital part of ensuring businesses and other not-for-profit organisations function on a day to day basis through providing consultation, tax, auditing and other financial services.
Professionals working in accounting, from newly hired talent sought out by accountancy recruitment firms to the most tenured and respected accountants on the charter have a responsibility to their client, as well as their firm.
For the former, that means, for example, the responsibility to maintain accountant-client privilege and not disclose business or personal information with any third parties, and for the latter, that means accurately tracking tasks completed and hours taken.
Ethical accountancy can be distilled into five key principles, as described in the International Ethics Standards Board for Accountants (IESBA) Professional Code of Ethics.
These guiding principles are vital components of accountancy and ensure that not only does the industry conduct itself in a manner that reflects and respects the importance of the roles they take, but also how accountants act.in many cases, as public servants or serving in the public interest.
Here are the five principles of accountancy ethics.
When interacting and working with other people we need to know that they are honest and that their behaviour is consistent with their values, which should themselves be based on a strong set of beliefs and values.
Professional integrity is especially critical to accountants, given the responsibility of accountants and the potential consequences should their integrity be compromised.
Accounts are expected to be honest, fair when working with clients and other people, as well as possessing the strength to stand up for the moral foundations of the accounting profession when faced with an ethical dilemma, and not create reports which have material falsehoods.
Often the principle most associated with accountants, objectivity is ensuring that numbers are not deliberately misinterpreted and do not tell lies.
An accountant cannot be biased or work effectively if there is a conflict of interest, and if an