The purpose of the Certified Financial Planner (CFP®) Board’s Standards of Professional Conduct, effective January 1, 2007, is to make certain that an individual’s conduct does not reflect negatively upon the profession of Certified Financial Planners. Included in the standards are: code of ethics and professional responsibility, rules of conduct, financial planning practice standards, disciplinary rules and procedures, and candidate fitness standards. These standards establish character and fitness standards to promote and protect the integrity of the CFP® designation.
M I S S I O N S T A T E M E N T
The mission of Certified Financial Planner Board of Standards Inc. (CFP Board)
is to benefit the public by granting the CFP® certification and upholding it as
the recognized standard of excellence for personal financial planning.
In order to establish the highest standards within the industry, the CFP Board adopted seven principles to outline the ethical and professional ideals expected within the CFP® profession. These principles serve as a foundation for the Board’s Disciplinary Rules, Practice Standards and Rules of Conduct. The principles also define the professional and personal responsibilities certificants’ have to their clients, co-workers, employers and the public.
The seven principles defined in the CFP Boards Code of Ethics and Professional Responsibility are integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence. In my opinion, the first principle, integrity, is the foundation of any relationship, business or otherwise. Due to the private nature and intrusiveness of financial planning the establishment of trust, honesty and candor is essential. In fact, fiduciary res...
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... last five years, more than one judgment lien, revocation or suspension of a non-financial professional license, suspension of a financial license, felony conviction within the last five years or any felony conviction of a violent crime. The Candidate Fitness Standards reduce discreditation of the CFP® brand by eliminating candidates with a history of weak character.
In conclusion, the Certified Financial Planner Board has established the mark of CFP® to one of the highest designations in the industry of financial planning. The Standards of Professional Conduct serve as an industry-wide excellence that helps set the bar, maintain and promote the field of financial planning. Periodic revisions, constant diligence to over-site and a continued value on ethics and professionalism will ensure the future integrity of the CFP® designation.
Works Cited
CFP standards
Ethics plays a vital role in developing accurate and high quality financial statements for management, financial institutions, and investors. As management utilizes financial statements to make decisions regarding the operations of the business, it is necessary to review accurate financial statements to make strategic decisions about the future of the organization. Investors and financial institutions require accurate financial statements to make informed decisions upon whether to invest funds into the organization or the wisdom of lending funds to said organization.
In this scenario, Margaret is a newly hired medical assistant for this very busy medical practice. Margaret had good intentions with wanting to leave a good impression. However, she should have thought more about patient care and her ability to perform a procedure on her own. Fortunately, even though the office seemed to need the extra help. Margaret being a new hire and having not much time with blood draws, or the way that the office is run. Should have consulted with one of the experienced staff members of RN’s, Medical assistants and seven providers. She should have also asked about their policy and the procedures that the practice uses.
Professionalism in the workplace in many professions can be simplified into general categories such as neat appearance, interaction with clients, punctuality, general subject knowledge, and likability. In nursing, professionalism encompasses a much more broad and inclusive set of criteria than any other profession. Nurses specifically are held to a higher standard in nearly every part of their job. Nurses are not only expected to uphold what it seen as professional in the aforementioned categories, but they are also expected to promote health, wellbeing, and advocate for patients, but also continually provide the highest standard of care, demonstrate exemplary subject and procedural knowledge, and abide by the Code of ethics set forth by the American Nurses Association. This Code of Ethics includes the complex moral and ethical principles of autonomy, beneficence, nonmaleficence, fidelity, honesty, and integrity.
NAEYC. (2005, April). Code of Ethical Conduct and Statement of Commitment. Retrieved May 13, 2010, from NAEYC.org: http://www.naeyc.org/files/naeyc/file/positions/PSETH05.pdf
This organization has been setting ethical standards and publishing the Code of Professional Conduct for the profession since the early 1900s. A Code of Professional Conduct is necessary for any profession to help maintain strict ethical standards. This organization is the basis of ethical reasoning in the accounting profession because of what the Code of Professional Conduct covers. The code is comprised of a preamble and six articles. The preamble and the six articles serve as a foundation to provide guidance and guidelines for accountants to overcome any emerging ethical issues with ease on a daily basis. The six articles’ purpose is to protect the public, investors, and creditors. The AICPA Code of Professional Conduct consists of: Responsibility, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of
The first case that I have chosen to analyze is case #3. The standards from the Code of Ethics that comes into play regarding this particular case would be the first and most valuable one will be commitment to client. With this code the social worker primary responsibility is to promote any type of well-being to the clients. The social worker has to remain loyal to their clients. Another standard from the Code of Ethics would be the privacy and confidentiality with this code only as a social worker you are only allow to discuss with persons who are legally incapable of giving informed consent and also their legal representative. Social workers can not disclose confidential information that could lead to identification of a client/ patient with
The codes typically are broad in definition, seldom providing detailed, acceptable behavior. Essentially, the code of conduct expands on the right behavior definition of ethics, which is the study of right or wrong behavior (Miller). The Institute of Management Accountants (IMA) has adopted an ethical code called the Statement of Ethical Professional Practice that describes, in some detail, the ethical responsibilities of management accountants. All employees must follow ethical business practices to maintain a healthy economy built on trust in the reliability and fairness of everyday transactions (Noreen). Accordingly, management accountants must adhere to the standards established in the IMA’s Statement of Ethical Professional Practice, or they will lose the trust of their peers and customers and could risk prosecution.
Romal, Jane B., and Hibschweiler, Arlene M. "Improving Professionals Ethics: Steps for Implementing Change." The CPA Journal (2004). Retrieved on 16 September 2006 .
The AICPA Code of Professional Conduct defines independence as consisting of independence of mind and independence in appearance. According to the AICPA Code of Conduct, Section 55 Article IV, An accountant member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. Moreover, a member who practices their accounting work in a public firm should be independent in fact and appearance when providing auditing and other attestation services (aicpa.org). According to the case study What Lies Beneath, I think that Betty did not show her professional skepticism since she built trust on her client, which she could not have as an auditor. As an auditor,
1.1 Demonstrate awareness of the impact of vicarious trauma on one’s own practice with families and other population
In conclusion, appropriate principles could lead to clearer interaction and more comparable financial reporting standards without the need of the current rules. The NZ Framework has provided parts of clear and appropriate underlying principles to lead the application of NZ GAAP and other financial reporting standards. However the standards setting movement from ‘rule-driven’ approach to ‘principle-based’ approach is still half-way in New Zealand. How could principles be sufficiently clearly portrayed and put into practice require the profession to think and support. Just as Tweedie (2007, p.7) states, a principle based system will only work if preparers, auditors, users and regulators wish to make it work.
I strive to embody integrity in everything that I strive to do. This means that each and every one of my actions must encompass and demonstrate the values I possess, no matter what the context of the situation. Additionally adhere to high moral principles and professional standards put forth by the American Institute of Certified Public Accountants. Secondly, I believe that it is important to be honest and respectful. I desire to express truth in every written and spoken word. Presenting information in a fair and impartial way when it comes to performing accounting duties is necessary in a profession that serves the public interest. I believe that being respectful means showing consideration and thoughtfulness in my relationships with my fellow those that I come into contact with. This goes hand in hand in treating everyone from fami...
In today’s business environment it has becomes essential for accountants to have a basic grasp of business ethics. Having the guidelines in places gives accountants a relatively consistent method of addressing ethical situation (based on interpretation). Even simply having a course dedicated to ethics shows accounting students that this is an issue which is an important part of the training and will at least give them a chance to address their own morality. As well as this, teaching morality also gives the company a level of deniability when it comes to any scandals or unethical behaviour.
It is highly essential for accountants and business professionals to maintain a standard of ethical conduct in the workplace as the nature of their work places them in position of trust. (Senarante, 2011). Accountants have the responsibility to ensure that their duties are performed in accordance with the five fundamental principles set out in the Code of Professional Ethics such as integrity, objectivity, professional competence and due care, confidentially and professional behaviour (Cunningham et al. 2014). Accountants are expected to be reliable and trustworthy. Thus they are required to act ethically in relation to their clients, employers and the general public in order to provide quality services in the best interest of the society (Eginiwin & Dike, 2014). The International Federation of Accountants (IFAC) have established a code of ethics for accountants, allowing each specific country to add their own national ethical standards to the code to reflect cultural differences. The code provides emphasis on the five fundamental principles as well as resolution of ethical conflicts. In Australia, professional accounting bodies such as CPA Australia, Institute of Chartered Accountants in Australia (ICCA) and the Institute of Public Accountants (IPA) adopt the Australian Professional and Ethical
Prior to having the class of Professional Values and Ethics, I assumed I understood the basic concepts of what defines a professional who has competence of values and ethics. Nevertheless, by being enrolled in this course, I have gained great knowledge of which professional values and ethical principles must be held by a social worker, which I did not know before. Progressively in this class, by learning professional values and ethics, my motivation to succeed as an upcoming social worker has gotten stronger.