PROFESSIONAL ETHICS OF ACCOUNTANTS: MODERN PRINCIPLES AND PROBLEMATIC ASPECTS
Abstract
The article examines the theoretical and applied foundations of the formation of modern principles of professional ethics for accountants. The importance of implementing European and international ethical norms, in particular those contained in the International Code of Ethics for Professional Accountants, was emphasized. It was also proposed to distinguish the following main types of violations with an indication of the violation of specific principles of the International Code of Ethics for Professional Accountants, namely, incorrect or untimely accounting and reporting, errors in calculating taxes and their untimely payment, and fraud with financial documents. The main reasons that lead to violations of an accountant’s professional ethics are identified, namely those directly related to the accountant (internal reasons) and those related to the work environment (external reasons). It was noted that internal reasons can be one's own dishonesty and selfish motives, fear of losing one's job, insufficient professionalism, and improper use of corporate assets for personal purposes. External causes for violation of professional ethics can be the pressure from management, a system of incentives, weak internal control, and an ineffective risk management system in the company, unsettled regulation of legislation, as well as its weak application, which do not encourage strict adherence to ethics. It was substantiated that in order to prevent and counteract violations of professional ethics by accountants, it is advisable to develop a set of appropriate measures, which can be divided into preventive (precautionary) and liability measures. Preventive measures are proposed to include systematic completion of courses on professional ethics and updating knowledge of the legislation, which will contribute to accountants’ better understanding of new challenges and threats to ethical principles. It is also necessary to implement measures at the enterprise level to strengthen internal control, which will accordingly help reduce the risks of violations. It is emphasized that, nevertheless, in cases of violations by an accountant, it is advisable to apply liability measures, which should include disciplinary, material, administrative, or even criminal liability.
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