Rome, 9-10 May 2012, EFAA Conference
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Transcript of Rome, 9-10 May 2012, EFAA Conference
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Rome, 9-10 May 2012, EFAA ConferenceExploring Business and Professional Ethics for SMP’s and SME’s
Professional Ethics in Ukraine: implementation and practical challenges
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OLENA MAKEIEVACertified auditor, Tax adviser
Vice PresidentInternational professional organisationCouncil of Independent Accountants and Auditors www.rnba.com.ua
Managing PartnerAudit Company «Aksonova & Associates»Member of Geneva Group Internationalwww.ap-center.com
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Code of Ethics for Professional Accountants – a continuous process with 4 components
Official approval Implementation Follow-up
actions
Applying sanctions and
penalties
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Professional Accountants Certified Auditors
Code of Ethics for Professional AccountantsNational peculiarity
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Official approval
For certified auditors
In 2003 The Code of Ethics for Professional Accountants has been officially applied by the Audit Chamber of Ukraine for all certified auditors
For professional accountants
The Code of Ethics for Professional Accountants has not been officially applied as a part of legislation
Some professional organisations in Ukraine have applied The Code of Ethics for Professional Accountants for their members
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Implementation
For certified auditors
The Code of Ethics for Professional Accountants was implemented trough external quality control by Audit Chamber of Ukraine as an obligatory procedure for all certified auditors and audit practices
For professional accountants
The Code of Ethics for Professional Accountants was implemented only on the formal base in Professional organisations as their members formally agree to follow the Code
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Follow-up actions
Applying sanctions and
penalties
For certified auditors and professional accountants
There is no official statistics of the contempt of the ethic rules neither in Audit Chamber of Ukraine nor in Professional organisations.
No practice = No oversight = No sanctions
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Practical challenges in Ukraine
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Practical challenges
Increasing the role and image of
the accountant profession
Increasing the role of
professional organizations
Make the Code of Ethics
obligatory for all accountants
Practical application of the Code of
Ethics
Giving professional
organizations power to
investigate and to apply
sanctions
Studying the experience applying the
Code of Ethics in European countries
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If ethics are poor at the top, that behavior is copied down through the organization
Robert Noyce, inventor of the silicon chip
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Thank you for your attention !