Professional ethics

Professional ethics are right at the heart of what it means to be a chartered accountant. Ethical behaviour goes beyond obeying laws, rules and regulations. It is a commitment to do what is right, as well as merely what is allowable. As a professional, you have a duty to act ethically and in the public interest.

The ACA is the badge of the highest ethical and professional standards. As a chartered accountant student, you are bound by our code of ethics, which is based on the five fundamental principles below. (These are taken from our new code of ethics, effective from 1 September 2006.)

Fundamental principles

The fundamental principles of professional ethics:

Integrity

A professional accountant should be straightforward and honest in all professional and business relationships.

Objectivity

A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgements.

Professional competence and due care

A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional service based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services.

Confidentiality

A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional accountant or third parties.

Professional behaviour

A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession.

Ethics in the ACA qualification

Ethics is integrated throughout the ACA qualification, and even more so with the redesign of the ACA that took place in September 2007.

Every aspect of your training (currently and even more so in the future) will help you to develop professional ethics:

  • studies and exams
  • work based learning
  • informal, on-the-job training
  • Structured Training in Ethics – an interactive online programme available from 1 September 2007 (the online programme has replaced the Ethics CD Rom)

Ethics and reviews of your performance at work

Your six monthly reviews should include discussion of your ethical awareness and understanding. Your qualified person responsible for training (QPRT) or counsellor needs to confirm on your evidence of work based learning form that you have undertaken structured training in ethics, and also to certify that you are fit and proper

Where to find advice and further information

If you are ever unsure how to apply our ethical principles or guidance in any situation, or if you find yourself facing an ethical dilemma, seek advice within your organisation or from our free confidential ethics helpline:

Telephone: +44 (0)1908 248 258

Email: ethics@icaew.com

Website: www.icaew.com/ethicsadvice

Please visit our dedicated website, above, if you want to find out about topical issues and current developments in ethics.