Professional Behaviour Essay

A framework of sea captain principles can guide behaviour where the law of nature is not applicable, not clear, or remains silent. Behaving legally is the minimum type of behaviour expected of the ethical accountant. Some behaviour, while legal, may motionlessness be regarded as unethical. Many aspects and decisions within accounting roles, at all levels, be not covered by the law. Therefore, in some(prenominal) different situations, the law is not sufficient to guide a professionals behaviour, but a professional is also expected to coif in accordance with accepted professional principles.Acting in the habitual interest The public is everyone who is bear on or could probablely be affected by the work or shortcomings of accountants and auditors, including third party institutions. The interest is the potential impact of accountants work on the public, whether that be beneficial or harmful. What actions are the public interested in as far as account statement is concerned?M oney laundering * the conversion or transfer of property, cognize that much(prenominal) property is derived from criminal activity or from an act of community in such activity, for the purpose of concealing or disguising the illicit etymon of the property or of assisting any person who is involved in the delegating of such activity to evade the legal consequences of his action and * the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of property, knowing that such property is derived from criminal activity or from an act of participation in such activity.Insider trade is another form of corruption. This is making investor decisions found on confidential information. Insider concern is a criminal offence in most countries, although the effectiveness of enforcement varies. The reasons it is usually illegal are * It is unfair on investors who do not have access to the information * It may warn investors from participating in the market at all, undermining the basic purpose of markets, which is to accommodate companies to raise capital * It may destabilise markets by encouraging the trading of stock based on rumours * It involves profiting from a breach of confidence, at the expense (at least partially) of people to whom the insider has a duty (such as their employer, and their employers shareholders) Defenders of insider trading claim that it improves market efficiency by allowing confidential information to charm prices more quickly. However, in most situations insider trading is considered to be highly damaging.