Hanrick Curran - Graduate Induction - Professional Standards and Ethics - February 2014 - APES110

Professional & Ethical Standards \\ March 2014

Welcome

Professional Standards and EthicsFebruary 2014


Today’s agenda …

A. Defining professionalism

B. Identifying the professional frameworks

C. Some tips for starting your career


What is Professionalism?

Self Regulation

Body of Theory

Client FocusWhat does it mean to you, now?

What will it mean in years to come?


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 . . .


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


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


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


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!


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.”



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!


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.”


Professional Behaviour

“To comply with relevant laws and regulations and avoid any action

that discredits the profession.”


A tip for problem solving . . .

Issue

Law (or standards/framework)

Apply

Conclude


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!


Some more general tips

Look after your boss Meet deadlines Get things done quickly – don’t procrastinate Consider how hard you need to work



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.

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


Your Presenter – Matthew Green CA

• Over 15 years accounting and auditing experience• Prepared financial statements for ASX listed companies• Registered Company Auditor

Contact details: [email protected]

(+61)(0) 447 724 595

(+61)(0) 7 3218 3900

Twitter: @matthewjgreenca

LinkedIn: http://au.linkedin.com/in/matthewjgreenca

Financial Statements & Accounting Standards Update


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 2014All rights reserved

Disclaimer

Liability limited by a scheme approved under professional Standards Legislation


Thank you.

www.hanrickcurran.com.au

Hanrick Curran - Graduate Induction - Professional Standards and Ethics - February 2014 - APES110

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Transcript of Hanrick Curran - Graduate Induction - Professional Standards and Ethics - February 2014 - APES110