The document outlines professional and ethical standards for accountants. It discusses defining professionalism as self-regulation, having a body of theory, and client focus. It also identifies the key sources of professional and ethical standards as rules from accounting bodies and acts. The document highlights the five fundamental principles from the APES 110 Code of Ethics: integrity, objectivity, professional competence and due care, confidentiality, and professional behavior. It provides examples and tips for adhering to these standards and starting a career.

1. Professional & Ethical Standards March 2014
Welcome
Professional Standards and Ethics
February 2014

2. Professional & Ethical Standards March 2014
Today’s agenda …
A. Defining professionalism
B. Identifying the professional frameworks
C. Some tips for starting your career

3. Professional & Ethical Standards March 2014
What is Professionalism?
Self
Regulation
Body of
Theory
Client
FocusWhat does it mean to you, now?
What will it mean in years to come?

4. Professional & Ethical Standards March 2014
Where do our Professional & Ethical Standards come from?
 Rules of the Institute of Chartered Accountants in Australia (ICAA)
 Accounting Professional & Ethical Standards Board (APESB)
 Corporations Act 2001 + related Acts
 Taxation Acts
 These rules draw on guidance issued internationally . . .

5. Professional & Ethical Standards March 2014
What are the Professional & Ethical Standards?
Fundamental principles from
APES 110 Code of Ethics for Professional Accountants
 Integrity
 Objectivity
 Professional Competence and Due Care
 Confidentiality
 Professional Behaviour

6. Professional & Ethical Standards March 2014
Integrity
“To be straightforward and
honest in all professional and business relationships”
when we say something, we mean what we say – speaking and writing the truth – reputation
is paramount – presenting faithfully what we see – reliability in our undertakings

7. Professional & Ethical Standards March 2014
Objectivity
“To not allow bias, conflict of interest or undue influence
of others to override professional or business
judgements.”
nec timens, nec favens – without fear, without favour

8. Professional & Ethical Standards March 2014
Corporate lesson No.1
A man is getting into the shower just as his wife is finishing her shower when the doorbell rings. After
a few seconds of arguing over which one should go and answer the doorbell, the wife gives up,
quickly wraps herself up in a towel and runs downstairs. When she opens the door, there stands
Bob, the next-door neighbour.
Before she says a word, Bob says," I'll give you 800 dollars to drop that towel that you have on."
After thinking for a moment, the woman drops her towel and stands naked in front of Bob. After a
few seconds, Bob hands her 800 dollars and leaves.
Confused, but excited about her good fortune, the woman wraps back up in the towel and goes back
upstairs. When she gets back to the bathroom, her husband asks from the shower "Who was
that?" "It was Bob the next door neighbour," she replies. "Great," the husband says, "did he say
anything about the 800 dollars he owes me?"
Moral of the story: If you share critical information pertaining to credit and risk in time with
your stakeholders, you may be in a position to prevent avoidable exposure!

9. Professional & Ethical Standards March 2014
Professional Competence and Due Care
“To maintain professional knowledge
and skill at the level required to ensure that a client or employer
receives competent professional services based on current developments in
practice, legislation and techniques and act diligently and in
accordance with applicable technical and professional standards.”

10. Professional & Ethical Standards March 2014
Corporate lesson No.2
A priest was driving along and saw a nun on the side of the road; he stopped and offered her a lift,
which she accepted. She got in and crossed her legs, forcing her gown to open and reveal a
lovely leg. The priest had a look and nearly had an accident. After controlling the car, he
stealthily slid his hand up her leg. The nun looked at him and immediately said, "Father,
remember psalm 129?" The priest was flustered and apologised profusely. He forced himself to
remove his hand. However, he was unable to remove his eyes from her leg.
Further on, while changing gear, he let his hand slide up her leg again. The nun once again said,
"Father, remember psalm 129?" Once again the priest apologised." Sorry sister but the flesh is
weak." Arriving at the convent, the nun got out gave him a meaningful glance and went on her
way.
On his arrival at the church, the priest rushed to retrieve a bible and looked up psalm 129. It Said,
"Go forth and seek, further up, you will find glory.“
Moral of the story: Always be well informed in your job, or you might miss a great
opportunity!

11. Professional & Ethical Standards March 2014
Confidentiality
“To respect the confidentiality of information acquired as a
result of professional and business relationships and, therefore, not
disclose any such information to third parties without proper and
specific authority, unless there is a legal or professional right or duty to disclose,
nor use the information for personal advantage of the
member or third parties.”

12. Professional & Ethical Standards March 2014
Professional Behaviour
“To comply with relevant laws and regulations and avoid any action
that discredits the profession.”

13. Professional & Ethical Standards March 2014
A tip for problem solving . . .
Issue
Law (or standards/framework)
Apply
Conclude

14. Professional & Ethical Standards March 2014
Some general tips
 Build deep relationships
 Don’t do anything but the very best work
 Know your job
 Build trust
 Learn your clients business
 Look after your boss
 Meet deadlines
Promise what you can deliver!
Deliver what you promise!

15. Professional & Ethical Standards March 2014
Some more general tips
 Look after your boss
 Meet deadlines
 Get things done quickly – don’t procrastinate
 Consider how hard you need to work

16. Professional & Ethical Standards March 2014
Corporate lesson No.3
A sales rep, an administration clerk and the manager are walking to lunch when they find an antique
oil lamp. They rub it and a Genie comes out in a puff of smoke. The Genie says, "I usually only
grant three wishes, so I'll give each of you just one." "Me first! Me first!" says the admin clerk. "I
want to be in the Bahamas, driving a speedboat, without a care in the world." Poof! She's gone.
In astonishment, "Me next! Me next!" says the sales rep. "I want to be in Hawaii, relaxing on the
beach with my personal masseuse, an endless supply of pina coladas and the love of my life."
Poof! He's gone.
"OK, you're up," the Genie says to the manager. The manager says, "I want those two back in the
office after lunch."
Moral of story: Always let your boss have the first say.

17. About Hanrick Curran
Our client base is mainly located in South East
Queensland, but also extends to Northern New South
Wales, Western Queensland, Sydney, Melbourne,
Darwin, Townsville and Mackay as well as other regional
areas.
We have a strong position with clients in Papua New
Guinea and we also serve a growing Asian business
sector. While these international connections may not
be of immediate interest but we believe they are
important in enabling us to effectively serve our clients.
Hanrick Curran’s Client Base
Professional & Ethical Standards March 2014

18. Your Presenter – Matthew Green CA
• Over 15 years accounting and auditing experience
• Prepared financial statements for ASX listed companies
• Registered Company Auditor
Contact details: matthew.green@hanrickcurran.com.au
(+61)(0) 447 724 595
(+61)(0) 7 3218 3900
Twitter: @matthewjgreenca
LinkedIn: http://au.linkedin.com/in/matthewjgreenca
Financial Statements & Accounting Standards Update
Professional & Ethical Standards March 2014

19. This document contains information in summary form and is therefore intended for
general guidance only. It is not intended to be a substitute for detailed research or the
exercise of professional judgement. It does not purport to be comprehensive or to
render professional advice. The reader should not act on the basis of any matter
contained in this publication without first obtaining specific professional advice.
We believe that the statements made by us in this document are accurate but no
warranty of accuracy or reliability is given. Our conclusions are based on interpretations
of accounting standards and other relevant professional pronouncements and legislation
current as at the date of this document. Should the interpretations, accounting
standards, other relevant professional pronouncements or legislation change, our
conclusions may not be valid. We are under no obligation to update the matters
considered in this document after its publication.
Corporate lessons, courtesy chain email, c.2002.
© Hanrick Curran, March 2014
All rights reserved
Disclaimer
Liability limited by a scheme approved under professional
Standards Legislation

20. Professional & Ethical Standards March 2014
Thank you.
www.hanrickcurran.com.au