Code Of Ethics And The Laws Of The Accounting Profession...

Critically reflect on the arguments as to why a code of ethics is essential to support the regulation of the accounting profession in New Zealand. Introduction Code of Ethics display the ideal qualities that one should follow and demonstrate, in the accounting profession. It lays down the expected standards, and are based on personal characteristics and behavior. According to New Zealand Institute of Chartered Accountants Act 1996 the five fundamental principles in the Code of Ethics are integrity, objectivity, professional competence and due care, confidentiality and professional behavior (NZICA, 2013). These five principles aim at guiding an accountant in a moralistic way. Although it highlights the general expectations of an accountant, it is designed to benefit the wider accounting network. The Code of Ethics can also be thought of as a perfect role model, which accountants use to compare themselves against. The Code of Ethics is vital to the accounting profession because it helps keep a controlled, safe and positive working environment. Discussion Integrity is one of the fundamental principle, which is responsible for securing and maintaining confidence among the public, and also internally through professionalism. In the Code of Ethics, integrity is defined to be, the key to building a network of good trust, and also personal characteristics that distances one from taking advantage personally (Velayutham,2003).Generally we can assume that integrity is directlyShow MoreRelatedA Study On Malaysian Institute Of Accountants1416 Words   |  6 PagesAccountants By-Laws Background The Malaysian Institute of Accountants website offers viewing of the code of ethics for practicing accountants (2010). 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