Coming into effect on 1 November 2018, the new SOPP on ethics aligns with the latest edition of the International Ethical Standards Board of Accountants Code (the Code) released in April 2018.
The standard is accompanied by updated guidance 'Ethics and you
’ which has been introduced by CIPFA to help provide clarity and support for members to meet global ethical standards and best practice, a matter of increasing important in the context of demanding public finance environments.
The five fundamental principles detailed in the updated Code are to be upheld by all CIPFA members, and include integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour.
CIPFA Head of Policy and Technical Don Peebles said: “With public finances having been under an incredible amount of strain following ten years of fiscal retrenchment, many of our members have been put into very difficult situations, making ethics an increasingly pressing issue in public finance.
“Recently we did a survey with Public Finance
to get a better picture of what was happening, and found almost 60% of public sector finance professionals have come under pressure to act unethically at least once in their career.
“By updating our SOPP to the latest Code based on internationally recognised principles, and by providing relevant modern case studies, we want to ensure that every one in public sector finance is supported to act ethically in their roles, and in line with the public good.
“At its most basic, for public sector accountants this means being straightforward in all professional relationships, acting without any bias or undue influence, taking care to be up to date on all standards, respecting confidentiality, and behaving professionally.”
You can find the new SOPP and other ethics collateral on the CIPFA website, under the content for members
For further information please contact the CIPFA press office on T: 020 7543 5703 or E: Liam.Macandrew@cipfa.org
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.