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May 01, 2023

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Ethics For Tax Accountants

Since the financial repercussions of professional misconduct and poor decision-making may also be severe, accountants` ethical duties are critical. A Good Training Guide for PAOs has been published by IFAC. The Good Training Guide illustrates how accountants may implement the Code of Ethics to their tax work, based on the five basic components of a Code of Ethics for Professional Accountants published by the International Ethics Standards Board for Accountants (IESBA) (Dancey, 2020). These five important ethical rules for accountants are the following:

  • Intellectual honesty
  • Integrity
  • Due to practice and professional competency
  • Confidentiality
  • Professional conduct

(Qadir, 2020)

Accountancy is classified as a profession rather than a craft or employment because of its ethical practices and assessment skills. Professional accountants must uphold strong ethical standards in order for governments and the general public to have faith in their ability to operate in the public good. The public, as well as the industry, demand professional accountants to operate with professionalism and honesty, which means being direct in all professional and honesty, corporate dealings. Because of the financial repercussions of ethical behavior, accountants` ethical obligations are essential. Professional Accountancy Organizations (PAOs) at the federal level are responsible for ensuring that such members give tax guidance throughout the public interest while also upholding the profession`s image. (Dancey, 2020). 

Nobody here claims that proper tax planning to reduce a client`s tax liability would be in the public interest. Another ethical imperative is to follow the law, as well as to exhibit professional knowledge and due consideration. Accountants have a distinct edge in this area. According to the G20 Public Trust in Tax study performed by CA, ACCA, ANZ, and IFAC, people will continue to get the greatest levels of confidence in professional tax accountants of all taxation system contributors throughout the world (Dancey, 2020).

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