Integrity and Ethics Help Build Practitioner Reputation and Prestige

The Institute of Chartered Accountants in England and Wales (ICAEW), the world's oldest body in accountancy and finance, presented the key findings of the Real Integrity Report on May 8 in Hanoi. The discussion was led by David Stevens, ICAEW’s expert on ethical codes and market as well as by Giles Cooper, Vice Chairman of AusCham Vietnam.

Co-hosted by Eurocham, BBGV, VBF, Auscham and Cancham, this was part of ICAEW’s International Thought Leadership Road Show, reflecting their effort in the enhancement of transparency, integrity and ethics in business and within the accountancy profession.

Integrity and moral values, while almost always expected, are rarely understood thoroughly by many organizations and their employees. These are codes of ethics that are consistently encouraged in thinking and behaviours, especially in finance and accounting. Evidence indicates that most business and professional crises and scandals stem from non-compliance with these ethical codes. What ethics and integrity are, and how to actively promote these codes among organizations, however, remain topics of much debate.

Through the Real Integrity Report, which is compiled from research including an online survey of nearly 1,500 respondents and 94 interviews with professionals from 15 different organizations, Stevens shared with attendees new perspectives on the current concepts of ethics and integrity, highlighting the roles of professional bodies and practitioners in complying with and implementing these values.

Specifically, Stevens noted that besides compliance with the law, implementation of codes of conduct should be given high priority. This will not only add value to the community and promote overall transparency, but also help build reputation and credit for accountants, auditors and their organizations.

Concerning integrity enforcement in the Vietnamese business context, Giles Cooper from AusCham emphasized the need for multinational companies to consult the trade union on codes of conduct to ensure their enforceability.

During the roundtable, many participants and guests from different organizations shared interest in the topics discussed and exchanged their views on how to adopt these standards in Vietnam.

Reportedly, ICAEW is considering a second Real Integrity Report in Southeast Asia that better reflects the regional landscape, providing practical solutions for organizations seeking assistance in this matter.

T.N