TAX Essay Example | Topics and Well Written Essays - 2250 words

TAX - Essay Example The code of ethics is developed by a professional body such as the ICAEW and often, it is monitored and enforced by the body especially where governmental regulations are of little or no effect. Members are, therefore, to follow the code in order to be in good standing with the institution or organization. Ethics is concerned with operations of the organization; thus to handle client relationships, a code of conduct is required in an institution. The code of conduct refers to a practical document of set standards and principles that govern client relationships with staff members in the organization. The Institute of Chartered Accountants in England and Wales (ICAEW) defines a professional code of conduct that accountants are supposed to follow. It is applicable to everyone affiliated to ICAEW, i.e. students, staff members and employees of member firms in professional and business activities. According to the CISI code of conduct, members are required to demonstrate high standards of professional conduct and take into consideration the interests of the general public. Ethical behaviour is essential in gaining public trust in financial reporting and business practice hence to uphold ones accountancy reputation ICAEW outline the principles under which the accountants should operate. Similarly, the Charted Institute of Security Investment (CISI) has a code of conduct that aims at boosting banking finance integrity through raising professional standards of the financial services offered. According to CISI, an essential component of professionalism is integrity that is the effective recipe of knowledge skills and behaviour. In essence, both the ICAEW code of ethics and the CISI code of conduct are concerned with professionalism For CISI, the professionals who operate in the securities and investment industry are obligated to the