Some people carry themselves well, thinking through their decisions and responding to and respecting the emotions of those around them. As easy as this grace may seem, it’s not innate or something people do automatically. Ethics, like most patterns of behaviour and thought, must be worked on.

A key component of workplace ethics is integrity, or honesty and doing the right thing at all times.

Now more than ever, how an organisation does business is just as important as the results they achieve. It’s no secret that many of the great reputational disasters of recent years have been made worse by attempts to sweep them under the rug.

In recent times, the ethics of charities working in the Caribbean have been called into question. One of the UK’s biggest charities, Oxfam, confirmed allegations of sexual misconduct by its representatives in Haiti in 2011 which resulted in several staff members being dismissed or resigning after the internal investigation. Oxfam, however, denied any cover-up. Officials representing the charity were in the country offering relief following the devastating 7.0 magnitude earthquake that killed more than 200,000 people in 2010.

This scandal has no doubt eroded public trust in the organisation. Regardless of its noble cause, it must uphold a high standard of ethical behaviour. The decision to behave ethically is a moral one; employees must decide what they think is the right course of action. Ethical behaviour goes hand in hand with corporate social responsibility which can bring significant benefits to a business.

Today’s organisations are expected to commit to a high standard of ethical behaviour and willingness to ‘do the right thing’ Professional bodies such as ACCA (the Association of Chartered Certified Accountants) have a particular responsibility to uphold and lead on ethical issues for those in finance.

The ACCA Code of Ethics and Conduct (the Code) is binding on all our members and students, as well as any partner (or director) in an ACCA practice. It’s based on the International Ethics Standards Board for Accountants (IESBA) Code, and the fundamental principles that we set out are the same as IESBA’s.

In order to stay vigilant to omissions, errors and deliberate accounting violations, all professional accountants will need to develop and balance necessary professional quotients to fit their role and stage of career. A key quotient is technical skills and ethics (TEQ): The skills and abilities to perform activities consistently to a defined standard while maintaining the highest standards of integrity, independence and scepticism.

Finance professionals must think and behave with integrity, independence and professional scepticism. They must also demonstrate this to stakeholders including regulators, investors, colleagues, and entities that are the subject of audit and assurance engagements. Vigilance is also needed in observing and applying local and international laws, regulations and standards relating to engagements for the audit and assurance of historical financial statements and other subject matters — such as ISAs, federal company laws, and regulations on data protection.

Through maintaining high standards of quality in the practice of audit and other assurance, and in practice management, finance professionals can ensure there is quality control. Additionally, assessing and responding to risks of material misstatement within the appropriate legal framework can aid in the detection and reporting of fraud and error.

There are wider business issues when it comes to ethics and ethics underpins everything professional accountants do. An ethical dilemma may be resolved by applying a conceptual framework. However, in order to achieve this, there needs to be an understanding of the fundamental ethical principles so as to ensure there’s minimal risk of their being undermined. An honest appraisal of the threats to those principles requires the application of personal ethics.

The ACCA Code of Ethics and Conduct isn’t just a list of rules, but instead sets out a framework that helps us to resolve or avoid ethical dilemmas in a way that shouldn’t conflict with our personal ethics.

Corruption often goes unchallenged unless someone speaks out about it. Speaking up or blowing the whistle is a major step in highlighting wrongdoing and dysfunctional behaviour in organisations. In the global fight against corruption in all its forms, it is vitally important that potential whistle-blowers have a clear view of not only the avenues available for speaking up, but also the full path ahead of them as they go through the whistleblowing journey.

This isn’t just the right thing to do, it’s also best for the business. If employees feel that wrongdoing will be dealt with promptly, fairly and in a transparent manner, they are far less likely to make the issue a public one.

The behaviours of managers and direct supervisors are significant factors in fostering good behaviour at work. It reinforces setting the tone at the top. It is important that management gives credit where it is due, be straightforward and honest and treat employees equally.

When employed with a company with strong business ethics, employees are comfortable knowing that they are not by their own action allowing unethical practices to continue. Customers are comfortable buying products or services from companies they know that source their materials and labour in an ethical and responsible way.

In order to foster a successful speak up arrangement, organisations need to consider how the arrangement interacts with cultural issues. Whilst cultural challenges are surmountable, this might take a little more time and effort using suitable strategies to address issues such as regional differences and language.

Additionally, it’s highly worth businesses considering the use of an external independent channel that sits alongside their internal conduits. It may feel counter-intuitive to set up channels that are external and possibly more formal when you are trying to build trust internally. However, if people use independent external channels and have a positive experience, the trust developed from the experience can transfer to others, including internal channels that they may use in the future.

If effective speak-up arrangements are implemented throughout corporate governance, accountability and professional responsibility, it will create robust risk management, which is in an organisation’s highest interest.

Ethics is very critical to businesses for several reasons as it can result in increased revenue, profit and reputation.

Diedre Codner Campbell, FCCA, FCA, MBA is a technical specialist with the Tax Administration Jamaica.