Luhova Olha, Candidate of Economic Sciences, Senior Lecturer of the Department of Accounting and Taxation, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

ORCID ID: 0000-0003-4432-0295
e-mail: lugova@mnau.edu.ua

Yeremenko Alona, Applicant of higher education of Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

Kyrychenko Iryna, Applicant of higher education of Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

Kosovska Yuliia, Applicant of higher education of Accounting and Finance Faculty, Mykolayiv National Agrarian University, Mykolayiv, Ukraine

Professional Ethics in the Work of an Accountant

Introduction. One of the most important today’s issues is the problem of professional ethics, as an integral part of sustainable development. Professional activities of accountants require special control and self-control as to compliance with ethical standards. It is necessary to recognize the fact that in modern life requirements for accountants around the world are becoming increasingly high.

Purpose. In-depth study requires the introduction and compliance with the norms and provisions of the professional ethics of accountants and auditors, as defined by the Code of Ethics for Professional Accountants.

Results. The international accounting and auditing policy is determined by the International Federation of Accountants. IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. In a globalized economy, the professional skills of an accountant should be at the level of the requirements set by the International Federation of Accountants. These requirements are contained in International Education Standards. Recognizing the increasing responsibility of the accounting professional community for society, the Ethics Committee published the Code of Ethics for Professional Accountants in 1996. However, the International Code of Ethics still serves as a model for national Codes of ethics. The Code of Ethics for Professional Accountants is mandatory for the use in all the IFAC member countries. It establishes the standards of conduct of professional accountants, contains the basic principles that must be followed to achieve the main goals and objectives. It should be noted that in Ukraine ethical norms for accountants are not legally established. They are based on the traditions and customs of domestic accounting practice. The Federation of Professional Accountants and Auditors of Ukraine adopted the Code of Ethics of the IFAC, according to the Code of Ethics of the Federation of Professional Accountants and Auditors of Ukraine, which is mandatory for the observance of all members of the Federation.

Conclusions. The profession of accountant is one of the most important in the process of organizing business activities, without it no entity can handle. Ethics and professionalism are the basis of the profession of accountant. Sustained moral values underlie the qualifications of the accountant and give the professionals clear moral guidelines in the daily making business decisions. Integrity and development of the accounting profession completely depend on the effectiveness of the application of the Code of Ethics. Compliance with the rules of professional ethics by the accountant is one of the factors of user’s confidence in the financial statements.

Keywords: accounting profession; International Federation of Accountants; professional ethics; Code of Ethics for Professional Accountants

References:

1. International Federation of Accountants. Retrieved from http://www.ifac.org.
2. Professional Accountant Ethics and Restoring Confidence (2013). Retrieved from https://utka.su/mIw7K.
3. International Ethics Standards Board for Accountants (2012). Code of Ethics for Professional Accountants. Retrieved from https://utka.su/ZkxJR.
4. Audit Chamber of Ukraine (2018). Concerning the application of International Standards on Auditing. Retrieved from https://www.apu.com.ua/wp-content/uploads/2018/11/лист-МСАpdf [in Ukrainian].
5. International Ethics Standards Board for Accountants (2018), International Code of Ethics for Professional Accountants (including International Independence Standards). Retrieved from https://utka.su/cVXdr.
6. The Chamber of Auditors and Accountants of Ukraine (2018). IESBA has released a rewritten Code of Ethics for Professional Accountants. Retrieved from https://utka.su/rT666.