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ETHICS The concept of ethics The definition of ethics is shaped by personal, societal and professional values, all of which

are difficult to specify. Some stress the importance of societys interests and others stress the interests of the individual. These conflicting viewpoints have dominated the discussion of ethics for a long time and may remain in the future as well. Thus, the term ethics will have to be defined in this context. The word ethics is derived from the Greek word ethos (character) and Latin word moras (customs). Taken together these two words define how individuals choose to interact with one another. Thus, ethics is about choices. It signifies how people act in order to make the right choice and produce good behaviour. It encompasses the examination of principles, values and norms, the consideration of available choices to make the right decision and the strength of character to act in accordance with the decision. Hence, ethics, as a practical discipline, demands the acquisition of moral knowledge and the skills to properly apply such knowledge to the problems of daily life. Need of ethics various perspective in life officers are stewards of the students fund there is always a proper way of doing things and some people do not know it. Ethical standards - Fundamental Principles A professional accountant shall comply with the following fundamental principles: a) Integrity to be straightforward and honest in all professional and business relationships. b) Objectivity to not allow bias, conflict of interest or undue influence of others to override professional or business judgments. c) Professional Competence and Due Care to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques and act diligently and in accordance with applicable technical and professional standards. d) Confidentiality to respect the confidentiality of information acquired as a result of professional and business relationships and, therefore, not disclose any such information to third parties without proper and specific authority, unless there is a legal or professional right or duty to disclose, nor use the information for the personal advantage of the professional accountant or third parties. e) Professional Behavior to comply with relevant laws and regulations and avoid any action that discredits the profession.

How to display High Ethical Conduct Ethics in refers to a code of conduct expected of you. The moral standards required of employees may vary from company to company but usually include honesty, fairness and accountability. While the entire company may be required to act in good faith and treat fellow workers and customers with respect, it is especially important for the accounting department to hold a high level of ethical behavior to safeguard company assets and avoid legal ramifications. Conduct An organizations policy may require officers to uphold ethical standards while at work, but in the accounting department, you can lead by example. Be honest with everyone, from customers and employees to upper management and investors. An ethical code of conduct requires you to be fair and listen to your staff and clients. Through your own behavior, you can show the organization how to cooperate with each other to achieve a harmonious workplace. Rules Follow accounting rules to the letter to display the highest ethical standards for your organization. Stay updated on reporting regulations and make sure your department has current regulatory updates. Immediately report noncompliance issues to management and follow through with the proper reporting requirements. Encourage employees to ask questions when they encounter irregularities and to clarify rules and regulations when they are in doubt. Respond in a timely manner to queries. Let your department know that violators of company and federal reporting requirements will be terminated and reported to the appropriate authorities. Accuracy Mistakes happen, but if you hide the mistakes or continue making them, it can lead to financial difficulties for your company that could prove disastrous. Mistakes do not constitute fraud, but how you handle a mistake reflects on your ethical beliefs and standards. Quickly correct errors and show new accountants and department employees where the error occurred and how it can be avoided. Provide a level of oversight so that mistakes are noticed and handled efficiently. Conflicts Accountants and financial professionals must maintain boundaries to prevent the appearance of conflicts of interest. Participating in outside activities that could be misconstrued as a conflict of interest should be avoided. For example, you should not sit on the board of directors of a competitor. Accounting department personnel often have intimate knowledge of company finances that should not be shared with competitors, investors or other third parties. Acting as a consultant for a competitor or company that could benefit from your inside knowledge also should be avoided to maintain ethical conduct in your accounting department.

Resolution of Ethical Conflict When initiating either a formal or informal conflict resolution process, the following factor either individually or together with other factors, may be relevant to the resolution process: a) Relevant facts; b) Ethical issues involved;

c) Fundamental principles related to the matter in question; e) Alternative courses of action. Having considered the relevant factors, a professional accountant shall determine the appropriate course of action, weighing the consequences of each possible course of action. If the matter remains unresolved, the professional accountant may wish to consult with other appropriate persons within the firm or employing organization for help in obtaining resolution. 1. Where a matter involves a conflict with, or within, an organization, a professional accountant shall determine whether to consult with those charged with governance of the organization, such as the board of directors or the audit committee. 2. It may be in the best interests of the professional accountant to document the substance of the issue, the details of any discussions held, and the decisions made concerning that issue. 3. If a significant conflict cannot be resolved, a professional accountant may consider obtaining professional advice from the relevant professional body or from legal advisors. The professional accountant generally can obtain guidance on ethical issues without breaching the fundamental principle of confidentiality if the matter is discussed with the relevant professional body on an anonymous basis or with a legal advisor under the protection of legal privilege. Instances in which the professional accountant may consider obtaining legal advice vary. For example, a professional accountant may have encountered a fraud, the reporting of which could breach the professional accountants responsibility to respect confidentiality. The professional accountant may consider obtaining legal advice in that instance to determine whether there is a requirement to report. 4. If, after exhausting all relevant possibilities, the ethical conflict remains unresolved, a professional accountant shall, where possible, refuse to remain associated with the matter creating the conflict. The professional accountant shall determine whether, in the circumstances, it is appropriate to withdraw from the engagement team or specific assignment, or to resign altogether from the engagement, the firm or the employing organization.

INTRODUCTION Good morning!

Our next speaker is an alumnus of the college who graduated in 1992 with a degree in BSBA Accounting. Afterwhich, he was employed in various institutions, to wit, the Rizal Commercial Bank Corporation (RCBC), Zuelling Pharma, Metropolitan Bank and Trust Company (MEtrobank), and currently he is the branch manager of Security Bank- Catarman Branch. He is also the current president of the alumni association of the college of business administration. No doubt, that we have invited the right person to talk about the competencies required by banking institutions, as he is indeed a true-blooded banker. Ladies and gentleman, let us welcome our next speaker, an investment specialist as well, my former boss and the man who captured the heart of one of the faculty member of the college of business administration, in the person of maam rema chan, MR. REGIDOR EDWARD D. CHAN.