1. A Student's Guide to
Professional Ethics
in Accounting

2. Firstly
What is (professional) ethics?

3. Ethics
is a branch of philosophy that focuses on:
“The basic concepts and fundamental
principles of decent human conduct. It
includes study of universal values such as
the essential equality of all men and
women, human or natural rights,
obedience to the law of land, [and]
concern for health and safety”
– Businessdictionary.com
Ethics is about determining what the right
ways of acting as a human being are.

4. Professional Ethics
is thus about how to conduct yourself in
the right ways as a working professional.
It concerns issues such as honesty, non-
discrimination, non-exploitation, accountability,
transparency, adhering to the law, and contributing
to the welfare of society through your work.

5. Who
decides on what professional ethical
behaviour is?

6. Firstly
Secondly
There are certain organisations and professional bodies within each economic
sector that ensure that professionals adhere to certain organisational codes
and standards of ethical practice.
In South Africa, you can belong to accounting organisations such as
SAICA, ICB, and AAT (each of them having their own code of conduct).
Professional ethics are often inscribed in
the laws of a country, especially those
laws that govern specific industries. There
are thus certain legal principles that
dictate professional conduct.
An example is the ‘Public Accountants
and Auditors Act 80 of 1991’
Click here to read
SAICA’s Code of Conduct for Chartered Accountants

7. Thirdly
Here is Oxbridge Academy’s company
values (as set out by our MD Barend van
den Berg, who is himself a Chartered
Accountant registers with SAICA):
Companies and employers often have a code of conduct, guiding principles, or
a set of values that determines the way in which their employees should
conduct business.
Click here to read
more about Oxbridge Academy’s values and principles
• Integrity in everything we do
• Respect for all people
• Proactive behaviour
• Quality processes
• Service-driven excellence

8. What are
the most important ethical
principles?

9. 1. Integrity
You must always uphold the integrity of
your profession, encourage respect for
it, and refrain from any activity that will
bring disrepute to the profession of
accounting or to the organisations you
belong to.
You should also always be forthright
and honest in your business dealings
and professional relationships.
Despite all the different organisations responsible for determining ethical
standards, there are a number of fundamental ethical principles that you will
almost always find present:

10. 2. Objectivity
You must not be biased in your work or
let improper influence from others
override your professional judgement or
responsibilities.
You must also conduct your affairs in a
way that avoids conflicts of interest. If
a conflict of interest does arise, you
should resolve it appropriately and
with transparency.
Despite all the different organisations responsible for determining ethical
standards, there are a number of fundamental ethical principles that you will
almost always find present:

11. 3. Confidentiality
You should always respect the rights
and privacy of your client. You should
never disclose any confidential
information to a third party without
consent or a legal obligation to do so.
You should also never use client
information for any kind of personal
gain as an accountant.
Despite all the different organisations responsible for determining ethical
standards, there are a number of fundamental ethical principles that you will
almost always find present:

12. 4. Legality
You should always adhere to and
comply with the laws and regulations
that govern the profession of
accounting.
You should never engage in or assist in
concealing any criminal acts. You
should also always adhere to the rules
and processes of the organisations
that you belong to.
Despite all the different organisations responsible for determining ethical
standards, there are a number of fundamental ethical principles that you will
almost always find present:

13. 5. Accountability
You should uphold your client’s
interests above your own in all business
matters. You should also exhibit a high
degree of loyalty to your employer or
client.
You should not accept work for which
you lack sufficient expertise or
competence, or for which you do not
have adequate time or opportunity to
complete satisfactorily.
Despite all the different organisations responsible for determining ethical
standards, there are a number of fundamental ethical principles that you will
almost always find present:

14. Why
is professional ethics important?

15. Professional ethics
are not just symbolic.
It might sound idealistic to have all these values and principles, but the rules set
out in ethical codes or constitutions are meant to be rigorously upheld by
accounting professionals. To ensure that this happens, ethical principles are
often set out in definitive policies that professionals are meant to comply with.
For example:
Here is what the
ethical principle of
‘Integrity’ looks like in
the Accounting
Professional & Ethical
Standards Board’s
Code of Ethics:

16. Professional ethics
are not just symbolic.
It might sound idealistic to have all these values and principles, but it is also
meant to be upheld and practiced by professional accountants. To ensure this,
ethical principles are often set out in definitive policies that professionals are
meant to comply with.
For example:
Here is the ethical
principle of ‘Integrity’
looks like in the
Accounting
Professional & Ethical
Standards Board’
Code of Ethics:
Breaking the ethical code
can result in the revoking of your professional
licence, disciplinary action, expulsion from a
professional organisation, dismissal by an
employer, legal action, and even criminal charges!
Professional ethics is meant to be taken seriously.

17. Want to
learn more?

18. Oxbridge Academy
has excellent articles on accounting:
Find out more about studying an accredited
accounting course from home here:
www.oxbridgeacademy.co.za/courses/bookkeeping-accounting
7 People Who Turned Accounting into the Coolest Job Ever
How to Market Your Skills as a Freelance Bookkeeper
The Difference Between Bookkeeping and Accounting
How to Start a Bookkeeping Business from Home (Free e-book)