ETHICS, PROFESSION, PROBLEM SOLVING

Ethics is the study of how to behave- in order words, the dos and don't on a professional accountant. The study of ethics is very necessary as its guides the professional accountant to choose or make a decision on what is wrong and right. Choosing a wrong decision can result in a negative consequence such as loss of reputation, imprisonment fine etc. There are two ways to solve ethical problems: these are Ruled-based and the Principle-based

However, ACCA recommend its members to adopt the principle based approach in solving a business problem. The following are the five principles which ACCA requires its members to adopt Firstly, Integrity, this requires members to tell the truth or not to present a misleading information to users Secondly, Objectivity, professional estimates and judgement should be based on facts and on what represent the best interest of stakeholders and wider community and not to in the interest of the professional for personal gain, or in the interest of a person or group who can influence the professional