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Professional and corporate ethics

1.1 Key terms

Profession: a body of theory and knowledge which is used to support
the public interest.

Professionalism: taking action to support the public interest.

1.2 Profession

Characteristics Applicability to accounting profession

Body of theory and skills  technical skills

 acquired by training and education

 maintained by continuing professional
development

Adherence to common code of  established by administering body
values and conduct
 ethical standard applicable to all
members

Acceptance of a duty to society as a  professions can be trusted to act in the
whole public interest

 members are granted a qualification and
use of a title

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