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Welcome To Ethics In Accountancy ! Summer Term 2004/2005

Welcome To Ethics In Accountancy ! Summer Term 2004/2005. Tutor Simon Lam Telephone : 9023-7490 Email : symlam@netvigator.com. WEEKLY LEARNING PROGRAMME. Part 1 Understanding ethical decision-making Class 1 Ethics, business ethics and professional ethics Class 2 Analyzing ethical issues

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Welcome To Ethics In Accountancy ! Summer Term 2004/2005

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  1. Welcome To Ethics In Accountancy !Summer Term 2004/2005 • Tutor • Simon Lam • Telephone : 9023-7490 • Email : symlam@netvigator.com Lesson 1

  2. WEEKLY LEARNING PROGRAMME Part 1 Understanding ethical decision-making • Class 1 Ethics, business ethics and professional ethics • Class 2 Analyzing ethical issues • Class 3 Stakeholders and their influences • Class 4 Decision criteria used in assessing alternatives • Class 5 Ethical decision-making models • Class 6 Self-Study Case Analysis • Class 7 Continuous Assessment Part 2 Accountancy profession and ethical issues • Class 8 Roles of professional accountants • Class 9 Responsibilities of professional accountants • Class 10 Statements of Professional Ethics of HKICPA • Class 11 Independence, integrity and objectivity • Class 12 Confidentiality and whistle-blowing • Class 13 Frauds • Class 14 Continuous Assessment (Final Test) Lesson 1

  3. ASSESSMENT FOR THIS COURSE Assessment components In order to assist you to learn, you will be assessed with the following means throughout the course : • Class participation and discussion (20%). • Presentation (20%) • Test 1 (20%) at Lesson 7 • Test 2 (40%) at Lesson 13 There will not be any final examination for this course. Lesson 1

  4. Lesson 1 : Ethics, Business EthicsAnd Professional Ethics • The meaning of ethics, business ethics, and professional ethics • Common myths about business ethics • Business ethics as a competitive edge • Three possible levels of business ethics issues • The need for professional ethics • The content of professional ethics • The significance of professional ethics Lesson 1

  5. The Meaning Of Ethics, Business Ethics, And Professional Ethics • Two different meanings • Meaning One : Moral principles and values • Explicitly documented • Unwritten but generally accepted • Meaning Two : Study and understanding • Referring to different contexts • Ethics : Daily lives and general environment • Business ethics : Business environment • Professional ethics : Professional environment Lesson 1

  6. Common Myths About Business Ethics • Myth One : Concerned with bribery • Truth : Covering other business situations • Myth Two : Synonymous with legality • Truth : More than legal requirements • Myth Three : Companies to maximize profit • Truth : Discharging corporate social responsibilities • Myth Four : No impact on performance • Truth : Leading to better goodwill and business Lesson 1

  7. Business Ethics As A Competitive Edge • Of strategic importance both to Hong Kong and to individual companies • As a powerful tool to boost investors’ confidence and trust • A global trend for addressing business ethics in corporate strategies • Conducive to better management and company reputation Lesson 1

  8. Three Possible Levels Of Business Ethics Issues • “Corporate-policy” related • e.g. corporate culture, code of conduct … • “Functional-area” related • e.g. accounting, marketing and sales, purchasing … • “Face-to-face” related • e.g. meeting auditors, clients, suppliers ... Lesson 1

  9. The Need For Professional Ethics • Essential to professionals for the protection of public interest • Guiding the provision of professional services with a high level of technical competence • Disallowing the misuse of confidentialinformation on clients or employers • Responding to rising public expectations for quality services and more ethical behaviour Lesson 1

  10. The Content Of Professional Ethics • Can be seen as a system of norms to guide the behaviour of professionals • Consisting of general principles and specific rules • Applying to all members versus members in particular roles • Applying to practising members versus non-practising members Lesson 1

  11. The Significance Of Professional Ethics • Ensuring professionals to provide services that are of value to their clients • Enabling the whole profession to discharge its growing accountability to the public • Evidencing the profession’s intention and ability for self-regulation • Making professionals to be more sensitized to ethical problems Lesson 1

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