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RESOURCES & LINKS Business and Technology: https://www.gotitpass.com/acca-f1-acc... Got It Pass: https://www.gotitpass.com Find me on Facebook: / gotitpass This video discusses corporate codes of ethics and the ethical threats faced by accountants and businesses. It starts by explaining how various large organizations create their own corporate codes of ethics, which are sets of internal policies meant to guide employee behavior. Many companies adopt these codes, often without fully understanding their foundations, sometimes copying from others or professional organizations without considering the implications. The content of these codes varies between different organizations and countries, reflecting specific laws and industry standards. Common themes in these codes include honesty, integrity, and customer focus. The video then outlines six core principles typically found in corporate codes of ethics. Firstly, financing principles focus on transparency in raising capital and conducting governance. Customer focus is another key principle, ensuring quality and ethical standards in services and products. Supplier engagement is also addressed, detailing how suppliers are chosen and engaged based on certain standards. Employment practices such as equality and diversity are emphasized, reflecting a commitment to employee development and fair working conditions. The community principle discusses the organization's responsibilities towards the community, particularly concerning any adverse effects on it. Finally, the code might also include stances related to lobby groups and environmental concerns. The video explains that there are differing views on the purposes of these codes. Some see them as a way for companies to minimize legal liability when unethical behavior occurs, while others view them as marketing tools to demonstrate good conduct. For codes to be effective, management must actively support them by promoting ethical practices within the organization. The latter part of the video addresses ethical threats, particularly those that accountants must watch for. The threats include self-interest, where an accountant’s personal financial stakes may conflict with professional judgments; self-review, where accountants evaluate their previously made decisions; advocacy, which concerns accountants promoting their opinions too strongly; familiarity, where personal relationships with clients affect professional objectivity; and intimidation threats that arise from perceived or real threats that may deter accountants from acting ethically. To combat these ethical threats, both professional bodies and organizations should enforce safeguards. Professional bodies like ACCA offer ethics training, emphasizing the importance of continuous education. Corporate governance requirements can also help, along with clear disciplinary procedures for ethical violations. Organizations should create effective internal complaint systems that allow employees to report unethical conduct safely and maintain an open, transparent culture that encourages ethical behavior. In summary, the video highlights the importance of corporate codes of ethics and discusses the various ethical threats faced by accountants and the measures that can be taken to mitigate these threats through training, effective internal procedures, and a supportive organizational culture. The key values that organizations should reinforce include honesty and openness among employees, thereby fostering an environment conducive to ethical behavior. #acca #accabt #accaf1 #accacourse #accatraining #accaexam #businessandtechnology #professionalethics #ethicalthreats #corporatecodesofethics