In a statement signed by the chief executives of 10 of the world’s leading accountancy membership bodies, including ICAEW, the GAA has reaffirmed why ethics and integrity are so vital for the profession.

“Our members – more than 1.4 million professionals – are woven throughout the global economy helping strengthen businesses, governments and ultimately communities with wide-ranging services, including financial and sustainability reporting, anti-money laundering work, tax compliance, and audit and assurance,” it states.

“All our members are united by a crucial undertaking – to act in the public interest and in accordance with a robust code of ethics that promotes the profession’s core values: integrity, objectivity, confidentiality, professional competence and due care, and professional behaviour.”

In an already time-poor and pressurised environment, additional difficulties are being posed by new technologies and global economic uncertainty, increasing pressure on business leaders and finance professionals to act unethically.

It is in this context, that the GAA is reaching out to accountants to share the findings of its thought-provoking panel discussion in May and encourage an “always on” discussion about ethics.

Public trust, it says, must be earned and maintained for every organisation’s success. Strong business ethics and good-decision-making must be embedded in organisational cultures, not bolted on.

The GAA concludes by calling on all professional accountants to: “Continue demonstrating strength of character to do the right thing, especially when no one is looking and when times are tough.

"Holding yourself and your peers accountable to your code of ethics is more than being compliant with your membership obligations – it’s the right thing to do, for everyone – in the public interest.

“While each October we celebrate Global Ethics Day, ethics is our ‘every day’.”

As the statement was published, ICAEW Chief Executive, Michael Izza reiterated the GAA’s message: “Fostering an ethical culture matters now more than ever. Upholding ethical standards remains a cornerstone of what it means to be a professional chartered accountant, committed to acting in the public interest,” he says.

“Ethical standards must be more than just a label. For standards to be effective, they need to be widely promoted, rigorously policed and prosecuted where necessary.”