Professional conduct refers to the behavior and actions of individuals and organizations in a particular profession, such as accounting. In India, the Institute of Chartered Accountants of India (ICAI) has issued a code of professional conduct for its members to follow in order to maintain integrity, objectivity, confidentiality, and professional competence in their work.
Some key points regarding professional conduct in India include:
- Compliance with laws and regulations: Accountants are expected to comply with all relevant laws and regulations, including those related to financial reporting and taxation.
- Independence: Accountants are expected to maintain independence in their professional activities and judgments and to avoid any situations that may compromise their independence.
- Integrity: Accountants are expected to be honest, truthful, and transparent in their work, and to avoid any actions that could compromise their integrity or the integrity of the accounting profession.
- Objectivity: Accountants are expected to be impartial and free from conflicts of interest in their work, and to avoid any actions that could compromise their objectivity.
- Confidentiality: Accountants are expected to keep confidential information that they receive in the course of their work and not to disclose it without the client’s consent.
- Professional competence: Accountants are expected to maintain the knowledge and skills necessary to perform their work competently, and to continue their professional development throughout their careers.
- Professional behavior: Accountants are expected to conduct themselves in a professional and dignified manner, and to avoid any actions that could bring the profession into disrepute.
- Transparency: Accountants are expected to be transparent in their professional activities and to disclose any potential or actual conflicts of interests.
- Responsibilities to the society: Accountants are expected to act in the best interest of the society and to contribute to the economic development of the country.
These professional conduct principles are not only expected from the members of the ICAI but also from the other professional bodies and organizations in the accounting and finance industry in India.
