CIA3001: Corporate Accounting

Semester 1, 2021/2022

Group Assignment 1

Lecturer Name: Dr. Azlina Bt Abdul Jalil

Prepared By : Group 5

Name Matric Number

Aisyah Lim Binti Umar Lim 17204371/1

Awangku Nabil Hamizan Bin Awang Habibrullah 17205781/1

Kausaliya A/P Nanthakumar 17206793/1

Keshava Priyadarshni A/P Karuppan 17206696/1

Roshiny
 Content Page
1.0 Introduction 1

2.0

3.0

4.0

5.0 Conclusion

6.0 References

7.0 Appendix

1.0 Introduction

COVID-19 as a global pandemic has had a significant impact on the health of the public and
affected the global economy and financial markets severely. Consequently, there was an increase in
unemployment, decline in income, and disruptions in the transportation, service, and manufacturing
industries. During this critical period, all accounting professionals have reiterated the importance of
endorsing the highest ethical standards for accountants. Professional virtues such as honesty,
competence, and objectivity are highly valued, especially in times of difficult circumstances. However,
according to the ICAEW Code of Ethics, the fundamental principles are integrity, objectivity,
professional competence and due care, confidentiality, and professional The Code establishes a
conceptual framework for professional accountants to use in identifying, evaluating, and addressing
threats to fundamental principle compliance. To assist accountants in applying the conceptual framework
to various topics, the Code establishes requirements and application material on a variety of topics.

According to a survey of ACCA and Institute of Management Accountants (IMA) members

conducted in September 2020, one out of every five members has personally or through a work colleague
encountered a situation where ethics were jeopardised as a result of COVID-19 (Figure 1a). Furthermore,
a quarter of the issues faced by those who encountered such situations were related to the use of
technology in some way shown in figure 1b. Figure 2 shows in the next two years, one out of every five
people expects to be in a situation where their ethics, or the ethics of someone they know, may be
jeopardised. This reflects a sense of forewarning and alertness to potential dangers, as well as how ethics
will remain a top priority in the future.

5.0 CONCLUSION

The COVID-19 pandemic continues to have a significant impact on a wide range of industries and
economies. The unprecedented nature of the event, as well as the unpredictable developments over the
last one year, have created significant uncertainties, making financial reporting difficult. In addition to the
effects on past results and the near future, It may force many businesses to reconsider their strategic
positions and business models, resulting in increased portfolio adjustment needs. Securing sufficient
capital, equity, and debt is critical in this environment for maintaining and strengthening market position,
and it has introduced new challenges that may jeopardise ethical behaviour. Therefore, professional
accountants have always prioritised ethics in their work, and it has been ingrained in their culture since
the profession's inception.

REFERENCES

How COVID-19 continues to infect financial reporting. (2021, January 11). Retrieved April 07,
2021, from https://www2.deloitte.com/ch/en/pages/audit/articles/financial-reporting-
survey-q3-2020.html
https://www.ifac.org/system/files/publications/files/IESBA-Staff-Q-A-COVID-19-Ethics-
Independence-Considerations.pdf