Banking Code of Practice v/s Code of Ethics for Professional Accountants

The students who have to write a report assignment comparing Code of Ethics for Professional Accountants with Banking Code of Practice, you are at the right place. The accounting assignment help providers at My Assignment Services will answer to your every problem and we are going to tell you what you need to know to write this report assignment.

This blog post is divided into two sections. The first will talk about the Banking Code of Practice and the other will discuss the Code of Ethics for Professional Accountants, in a way that is useful to write this assignment.

Banking Code of Practice

The Australian Banking Association has released a Banking Code of Practice that defines the standards for the working of the staff in a bank. There are many components of this code that you should be aware of in order to use this code to write your assignment.

Who the code applies to

1. You, if you are -

   1. A person who is a customer when the bank provides the banking service

   2. A guarantor

2. The bank you have an account with if they have signed up to the code

Compliance with laws

The banks following the Banking Code of Practice must abide by the code under all circumstances. If in a situation, the bank is obliged to follow the code and also the law, then the bank will follow the code unless it breaches the law.

Inclusiveness and Accessibility

The bank who is following the Code must take care of the two factors. They should be inclusive towards all - older customers, people with disability, Indigenous Australians (even in remote locations). The staff is also expected to treat everyone with sensitivity, respect and compassion.

The banking services should be accessible to everyone, especially for older customers and people with disability.

Approach to lend a loan

The bank has to take into account various factors and conditions before they are approving the loan of an individual or a small business. These include -

• Complying with the law to offer loan

• Assess the ability of the borrower to repay the loan

• Verifying various factors to assure that you are eligible to be a co-borrower

These are just some of the areas that you need to be aware of to write about the Banking Code of Practice.

APES 110 Code of Ethics for Professional Accountants

This Code of Ethics defines the founding principles that the Members have to comply with. These fundamental principles are -

• Integrity

• Objectivity

• Professional competence and due care

• Confidentiality

• Professional behaviour

The Code also gives us a conceptual framework. This framework is applied by the Members for identifying, measuring and mitigating the obstacles in complying with the fundamental principles.

Who does the Code apply to?

There are 3 parts of the Code that are applied to different people offering a different type of accounting services.

1. Part 1 is all about the conceptual framework and the fundamental principles. Thus, it is applicable to all members.

2. Part 2 is applicable to the Members in business while offering their professional services.

3. Part 3 is for the Members in a public practice providing professional services.

Compliance with laws

The Members are expected to follow the Code. Should a condition arise where the laws may be an obstacle to a person following the Code (or certain parts of it), the Members have to comply with the other parts of the Code and can choose to ignore the Code where the law prevails.

All members have to comply with all the fundamental principles.

Want a detailed comparison of Banking Code of Practice and Code of Ethics for Professional Accountants?

The accounting assignment experts with My Assignment Services are aware of the similarities, differences, the need for the Codes and all other factors that are needed to write the assignment answer. If you have any doubt within any section or need a professional to explain these Codes, then you can ask our experts for a personalised tutoring session. And if you want a fully solved assignment answer that you can refer to, that you can request that as well!