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CCAB publishes guidance on developing and implementing a code of ethical conduct

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27 Jan 2014

The Consultative Committee of Accountancy Bodies (CCAB) has today published guidance on developing and implementing a code of ethical conduct. The guidance is aimed at professional accountants intending to develop or enhance codes of conduct within their organisations but CCAB believe that it can also be applied to a wider range of organisations within the private, public and not for profit sectors.

CCAB comprises of; The Institute of Chartered Accountants in England and Wales (ICAEW), The Institute of Chartered Accountants of Scotland (ICAS), The Institute of Chartered Accountants in Ireland (ICAI), The Association of Chartered Certified Accountants (ACCA) and The Chartered Institute of Public Finance and Accountancy (CIPFA).  

The guidance outlines that “an organisation’s code of ethical conduct provides guidance and support to individuals for making decisions and carrying out their work in ways that are compatible with the organisation’s values”.  It further highlights that the code of ethical conduct “sets out expected values and behaviours”, should be supported by those at the very top of the organisation, must be embedded within an organisation’s values and “must be owned by everyone”. 

The guidance ‘Developing and implementing a Code of ethical conduct: A guide for businesses and other organisations’, is not intended to be prescriptive and does not provide templates as it recognises that “each organisation is different”.  The guidance covers: 

  • Scope and objectives of a code of ethical conduct;
  • Elements of a code of ethical conduct including a mission statement, high-level values, ethical principles and specific behaviours;
  • Constructing an effective code of ethical conduct;
  • Embedding and supporting a code of ethical conduct within an organisation including training and whistle-blowing procedures;
  • Monitoring and review of the code of ethical conduct; and
  • An appendix example of the structure of a code of ethical conduct. 

The press release and full guidance can be obtained from the CCAB website.

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