Consequences of ethical and unethical behaviour 1 / 3

Courses of Action

High Ethical Awareness and Ethical Courses of Action

If professional accountants have a high ethical awareness and take ethical courses of action then the following will be the outcomes:

  1. There will be fewer corporate scandals

  2. There will be more trust in professional accountants and therefore increased employability of accountants

  3. The public will gain trust in business

  4. The business may lose profits

  5. The business may not be financially viable

  6. The solutions to ethical dilemmas will comply with the letter and spirit of the law

  7. The accountant will be able to stand by your solutions to ethical dilemmas in the face of media scrutiny

  8. The accountant's career prospects may be reduced

  9. The accoutant's earning capacity may by reduced

Poor Ethical Awareness and Unethical Courses of Action

If unethical courses of action are taken, then the following will be the outcomes:

  1. Criminal prosecution is possible, for example, if confidential information is supplied in exchange for gifts. (Criminal prosecution is not always the result of an unethical course of action).

  2. Additional legislation and regulation will be introduced

  3. The institute may lose its chartered status

  4. The accountant may be fired by their employer

  5. Many clients leaving the firm because of unethical behaviour

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