Ethics is concerned with what society considers to be right or wrong. It therefore relates to specific behavioral standards. Ethics plays a crucial role in everything that we do. For auditors who are commonly challenged on their ethics are governed by the professional bodies and institutions.
ACCA has insisted five fundamental ethical principles; integrity, being straight forward and honest in all professional and business relationship, professional behavior, to comply with relevant laws, respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority and regulations and avoid any action that discredits the profession.
As the world faces the coronavirus pandemic and the oil price war, the ethical test of all businesses and management would also be put to test. As global markets plunge, businesses shall face a challenging year with economists speculating a global recession in the making.