wk 3 - professional codes of conduct

Question 1

CPA Ontario’s Definition of a Profession

Answer 1

Mastery of a skill, acquired by training and education
Objective outlook
Responsibility to subordinate personal interests to the public good
Specialized code of conduct designed to protect the public
Provision of services using that skill
Provision of personal services rather than goods
Independent body to set and maintain standards
Belief in the virtue of interchange of views and a duty to contribute to the profession

Question 2

Codes of Ethics (CPA, CFA, IIA, ISACA, etc)

Answer 2

A code of ethics sets out guidelines and best practices to follow for honesty, integrity, and professionalism

It may outline the mission and values of the professional organization, how professionals are supposed to approach problems, the ethical principles based on the organization’s core values, and the standards to which its professionals are held

Question 3

CPA Ontario Code

Answer 3

“Members and firms have a fundamental responsibility to act in the public interest. The public’s trust and reliance on sound and fair financial and management reporting and competent advice on business affairs - and the economic importance of that reporting and advice - impose these special obligations on the profession. They also establish, firmly, the profession’s social usefulness.” – CPA Ontario Code

Areas: (PIOCC)
1. Professional Behaviour
2. Integrity and Due Care
3. Objectivity
4. Professional Competence
5. Confidentiality

Question 4

CPA Rules of Professional Conduct

Answer 4

Members and firms have a fundamental responsibility to act in the public interest
Public’s trust and reliance on sound and fair financial and management reporting
Public’s reliance and trust in competence advice on business affairs
Economic importance of that reporting and advice
Students have a responsibility to protect and advance the interests of the public in priority to their own interests and responsibilities. A student has a duty to perform all professional services with integrity
A person who acts with honesty and truthfulness and whose actions, values, and principles are consistent is described as having integrity
Students may be exposed from time to time to situations that place pressures upon their integrity
Reminder of plagiarism and other forms of academic misconduct rules
A students responsibilities in this regard extend past their own behaviour of colleagues and the profession

Question 5

CFA Professional Code of Conduct

Answer 5

High ethical standards are critical to maintaining the public’s trust in financial markets and in the investment profession

Areas: (PICEIC)
1. Professionalism
2. Integrity of Capital Markets
3. Duties to Clients
4. Duties to Employers
5. Investment Analysis
6. Conflicts of Interest