BMF – May 2023 – L1 – SB – Q4b – The Role of Professional Accountants in Business and Society

Identify three purposes of ICAN codes of ethics in the professional accounting field.

Question

Identify THREE purposes of ICAN codes of ethics.

Answer

Supports the Moral Principles and Commitments of Organizations: The ICAN code of ethics provides a framework for maintaining integrity and ethical behavior within the profession, guiding members to uphold the highest standards.
Clarifies Acceptable and Responsible Behavior: It clearly defines what constitutes acceptable behavior for members of the profession, ensuring that all stakeholders understand the expectations.
Informs the Public About the Organization’s Standards: The code enlightens the public on the ethical standards that ICAN members adhere to, thus enhancing the public’s trust in the profession.