New case studies illuminate the Code of Ethics

Members of Chartered Accountants Ireland are annually required to confirm that they are aware of their “obligations as set out in the Code of Ethics for members”. A glance at the Regulation section of Accountancy Ireland reveals that non-compliance with the Code of Ethics is a frequent finding leading to disciplinary action against an individual member or a member firm (who are also required to ensure that all working for the firm fully comply with the Institute’s Code of Ethics for Members). So how do you ensure you and all in the firm are familiar with the obligations as set out in the Code of Ethics?

While reading the Code of Ethics is a good starting point, the current version runs to 202 pages (261 if you include the obligations applying to insolvency practitioners). Recent research and engagement with accounting professionals on ethics has consistently identified training and illustrative case studies as the preferred supports for increasing familiarisation with the Code of Ethics. Professional accountants have expressed a preference for real-life examples and case studies which allow them to consider ethical dilemmas in a practical way, relevant to their own experience. The recent publication of five sets of ethical dilemmas case studies by the Consultative Committee of Accounting Bodies (CCAB), of which Chartered Accountants Ireland is a member, is a welcome response to this need. 

Each set contains either six or seven case studies tailored to reflect ethical dilemmas that can arise in the course of their professional work in Ireland and UK. They are practical and explore common issues that can arise in professional life. They are designed to outline key principles and processes that can be considered when attempting to identify, evaluate and address ethical threats in line with the Code of Ethics. More than one set of case studies may be relevant to an individual member. The following sets are available:

1. Professional accountants in business
2. Professional accountants in public practice
3. Professional accountants working as non-executive directors
4. Professional accountants working in the not-for-profit sector
5. Professional accountants working in the public sector

Members are encouraged to use, read, and apply the learnings from these case studies. They can also be used as training material by firms, training providers, schools or colleges and universities provided they are appropriately referenced, and use abides by the publications copyright terms and conditions. The case studies and other resources that can assist members in considering ethical dilemmas can be found on the Chartered Accountants Ireland Ethics Resource Centre.

Níall Fitzgerald FCA
Head of Ethics and Governance at Chartered Accountants Ireland