The professional accountants have professional development as a vital aspect that needs to be maintained while they carry their usual productivity. These elements of the ethical behaviour are categorized under the name of the Corporate Code of Ethics or Code of Conduct as preferred in different regions. The ethical aspects ensure that the output is generated without any halt due to the actions that collide with the corporate aims and objectives of the organization. The Code of Ethics is not only applicable to the accountants but also they possess vital significance for the professional auditors and regulators.

The Code of Ethics prescribed as compliance for the professional accountants comprises of five components which includes Integrity, Objectivity, Professional Behaviour, Confidentiality, Professional Competence and Due Care. These codes of conduct are enforceable in every organization and non-compliance with them would lead to disciplinary actions.

The first component of this Code is Integrity which is referred to as the sustainability of an honest nature and being straight-forward while performing the duties or conduct in business as well as professional environment. The professional accountants shall take appropriate actions or consult with the regulatory authorities or professional bodies for any type of ambiguity if arises when performing their duties.

The second element of the code of conduct is basically objectivity where being Biased or having any conflict of interest or having any sort of undue influence that is going to affect the professional as well as the business relationships shall be avoided to ensure that the productivity of the output provided is absolute and is in compliance with the code of ethics.

The accountants shall observe a professional behaviour while carrying their work by ensuring the compliance with the relevant laws and regulations and ensuring the avoidance of any aspect that would discredit the profession. They should always keep an update on the professional laws and regulations so that no issue arises while for the aspect that conflicts causing risk of discredit for the professional accountancy, they should consult with the appropriate professional bodies to guide them.

The Code of Ethics implies that the professional accountants shall always maintain the element of confidentiality as they are given access to various information of the business they work for or their professional audit clients so they should not disclose this confidential information. They should respect the confidentiality of the information, they have been provided with under their business or professional affiliation with the client, for the personal gains of their own self or any third-party.

The last component of the Code is the professional competence and due care which highlights the significance of the professional accountants to continuously update their skills and knowledge with the aid of the Continuous Professional Development (CPD). They should ensure that the deliverance of their duties towards the client is as per the latest regulations and standards so that the output is not adversely influenced.