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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 its member obligations NZICA has to apply the same standards as IFAC (nzica) . This is how the previous statement arises, due to IFAC recently going through a major revision of the code in the area of independence. (nzica) .This essay will appoint different issues and concerns about adopting a new code of ethics and how this change will actually affect the society. Such points are; personal moral judgment, ethical education being a factor of ethical responsibilities and unclear types of enforcement and points of the Code of Ethics.

“Good ethics, whether at work or home, demands self-knowledge, Whereas some groups want to see ethics as a skill or a particular part of organizational transformation, practising good ethics ultimately comes down to you and how you make decisions.”(6). Moral judgment is unique to any individual, adjustments to the NZICA Code of Ethics will not provide a higher rate of success in ethical decisions by professional accountants this is stated in certain studies .Such studies show that moral judgment is not affected just by rules and codes, according to Arnold, Audi and Zwolinski (2010) moral judgment is affected by culture, education and previous experiences. 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...

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