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Code Of Ethics Essay

1474 words - 6 pages

This essay will discuss the following main statement; the adoption of a proposed new look Code of Ethics, based on the international Federation Accountants’ code, will ensure that New Zealand Charted Accountants meet their ethical responsibilities. Within this essay an adverse position will be taken towards the previous statement. The international Federation of Accountants (IFAC) states that, professional standards and the code of ethics form important benchmarks that should be met by practicing accountants. Accountants should understand and apply them when conducting any type of work (Pickett 2005). The New Zealand Institute of Charted Accountants (NZICA) is a member of IFAC, as part of ...view middle of the document...

Although the introduction of the new Code of Ethics by NZICA will still aid moral decisions, the overall change will not ensure that New Zealand Charted Accountants meet their ethical responsibilities, as personal moral judgments plays a key role in such decisions. Brady (1999) who studied different ethical codes and how to teach them, states that overall the main problem occurring within different organizations, is individuals having different moral standards and lack of understanding of what an ethical code means. These previous studies show that by just adopting a new proposed Code of Ethics, New Zealand can’t ensure that all accountants will meet ethical responsibilities. An important theory that can be apply regarding moral judgment is, agency theory, the general definition of this theory is that agents (managers, accountants, auditors) need to perform business in a good behavior matter, and they are closely watch by external or internal auditors (auditing book). In such theory it is important for the principle to keep a close eye on the agent (the person hired), for then it is essential that the agent follows ethical standards, in this case applying to the main statement, it is important that all accountants are aware of the NZICA’s Code of Ethics and what responsibilities they have to follow under such code. This awareness of the Code of Ethics will benefit the society as a whole, obtaining such awareness is not an easy task to perform and a simple change of the current Code of Ethics will not ensure that ethical responsibilities are met by all accountants. However there are other factor that affect the successfulness of the proposed new look Code of Ethics, in ensuring that New Zealand Charted Accountants meet their ethical responsibilities. Ethical education is a point that will be discussed furthermore in this essay to show another factor affecting the overall main statement.

Ethical education is a major factor in ethical responsibilities. Possessing knowledge of ethical codes and standards is essential in the current world of accounting.” Employers are no longer satisfied with just hiring competent accountants, but are looking for those who know the importance of, and are equipped with skills necessary to make ethical decisions” (2). The importance of having a wide an extensive understanding of the NZICA’s code of ethics is necessary to any New Zealand Charted Accountant. As stated by Amlie,(2010) in the recent past years, there have been several well-known companies that have engaged in less than-adequate financial reporting . “The numerous incidents of unethical behavior in the accounting profession stress the need for increased ethics in accounting education”(2). Obtaining an overall education on the code of ethics will not be simply achieved. The proposal of a new looks on the Code of Ethics will not informed professional accountants on the obligations and ethical responsibilities that they have to follow. Educating...

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