ACCOUNTANTS have to be more ethical to avoid financial scandals, the Association of Certified Chartered Accountants’ (ACCA) global president has advised.
“Nobody needs reminding that the accountancy profession has suffered from a number of scandals over the last decade, which have naturally led to a heightened focus on how we provide ethical guidance to those within or about to enter the profession as well as how we are regulated by ourselves and externally,” Gill Ball said.
Ball said globalisation, intense competition, technological advancements and increased regulation had created a complex business environment, making the ethical judgment of accountants more crucial.
She said ACCA had been instrumental in working with the International Federation of Accountants in developing global ethical standards.
Ball said the ability to exercise ethical judgment would ensure the accountants maintain integrity and deal with complex issues.
“Given that financial markets thrive on accurate and freely available information, the integrity of those who prepare that information is paramount,” she stressed.
“Chief financial officers, finance directors, senior partners and financial controllers have significant roles to play. They must drive the integration of ethical values into senior management decision-making,” Ball added.
Speaking at the ACCA 2007 Eastern African Convention cocktail at Speke Resort Munyonyo, she said accountants should be guided by objectivity, competence and confidentiality.
“Our principles-based approach provides a flexible framework,” Ball said.
