Actuaries in the financial and insurance services industry help in the calculation of the risk which is presented by the policyholders. Ethical conduct is important because if it is not present then there will be a conflict of interest that may arise (Hossain, Sobhani, Omar, Mohamad & Said, 2019)
The chief financial officer is the person who manages all the work of the company and from his part ethical considerations need to be done because to gain public trust in the financial and investment profession ethics are necessary. An ethics-based culture helps foster trust and benefits society (Hossain et al., 2019).
Another example is overbilling a client or the agency of the government for more than the actual price of the goods.
Another example is misleading marketing, i.e. the good advertisement presentation to the customers about the product and services. This attracts customers to buy the product and promise then for that which cannot be delivered by the product which in turn can increase the sale in the short term. But in long run, due to dissatisfaction among customers, the sales automatically decrease (Gale, 2017).
8) The code of ethics relevant to the accountant is APES 110 Code of Ethics for Professional Accountants (CPA Australia, n.d.). It is the standard of behavior that is accepted by the professional accountant and reflects the professional recognition of his/her responsibility for the public interest. There are five principles under this code including integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour (CPA Australia, n.d.).
ACCA. (n.d.). The conceptual framework and ethical dilemmas. Retrieved from https://www.accaglobal.com/lk/en/about-us/regulation/ethics/conceptual-framework-ethical-dilemmas.html
Adeyele, J. S., & Maiturare, M. N. (2012). Repositioning the nigerian insurance industry for sustainable development: Risk management perspective. European Journal of Business and Management, 4(5), 22-30.
Akpan, J., Beard, L., & Notar, C. E. (2018). Cognitive Dissonance: The bane of value systems. Reason, 1(6).
Gale, C. L. (2017). Corporate Disasters: Financial Reporting Flaws. Gale: Cengage Learning.
Griffin, R. W., Phillips, J. M., Gully, S. M., Creed, A., Gribble, L., & Watson, M. (2020). Organisational behaviour: Engaging people and organisations. Cengage AU.
Hossain, A., Sobhani, F. A., Omar, N., Mohamad, N., & Said, J. (2019). Corporate governance, risk management and ethical investment: Evidence from banking industries. International Journal of Financial Research, 10(5).
Kirgios, E. L., Chang, E. H., Levine, E. E., Milkman, K. L., & Kessler, J. B. (2020). Forgoing earned incentives to signal pure motives. Proceedings of the National Academy of Sciences, 117(29), 16891-16897.
CPA Australia. (n.d.). APES 110 Code of Ethics for Professional Accountants. Retrieved from https://www.cpaaustralia.com.au/-/media/corporate/allfiles/document/professional-resources/ethics/an-overview-of-apes-110-code-of-ethics.pdf?la=en&rev=647839bdfe2643a29ff7a46f65723c45
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