PracticePeople In PracticeCIPFA sets higher ethical standards

CIPFA sets higher ethical standards

The Chartered Institute of Public Finance and Accountancy has issued a revised standard of professional practice on ethics, which includes case studies dealing with ethical dilemmas.

The purpose of the case studies is to show how conflicts arising from performing financial functions are as a result of divided loyalties to employers, clients, the general public and professional organisations.

CIPFA chief executive Steve Freer said his organisation was ‘determined to take a very proactive stance on professional ethics by providing guidance to members on dilemmas which arise in the real world’.

The new ethics standard is built around six core fundamental principles. Members are expected to behave with integrity, objectivity, competence and carry out their activities with due care, maintaining the appropriate level of knowledge and skills.

Furthermore, where appropriate, members must respect confidentiality and display conduct in accordance with the profession. Lastly members must honour the technical and professional standards in the services they deliver.

Vernon Sore, policy and technical director at CIPFA said the expectations of professionals was now higher, and added that all finance and accounting professionals were ‘expected to act ethically’.

Links

CIMA and a question of ethics

CIPFA online

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