As the World Celebrates Global Ethics Day, Professional Accountants Face a New Era of Ethical Challenges
As the world marks Global Ethics Day, professional accountants, long considered the guardians of financial integrity, are facing a new era of ethical challenges, marked by an increase in corporate scandals and evolving expectations. According to 68% of respondents in Africa, ethical dilemmas have become more difficult to resolve over the past three years.
A report by the ACCA (Association of Chartered Certified Accountants), published to coincide with Global Ethics Day, highlights the evolving nature of ethical challenges and the increasing complexity of dilemmas faced by accountants. This new era of ethical challenges is based on over 1,100 responses from 135 countries.
Global results reveal that 55% of accountants have witnessed unethical behavior during their career, and nearly one in four (24%) have faced pressure to act unethically over the past three years. Furthermore, men have faced more ethical pressure than women: 27% of men have been forced to act unethically, compared to 19% of women.
Jamil Ampomah, ACCA's Africa Director, stated: "These findings highlight the need for strong ethical leadership and an ethical corporate culture, as well as continuous learning and development to support accountants in managing these challenges in the current landscape."
Respondents were asked to name their top three areas of ethical challenges over the past three years. The main results are as follows: leadership and culture (40%), artificial intelligence and technology (32% and 26%), and sustainability (30%).
Globalization, facilitated by technology, has enabled businesses to expand beyond borders, creating new ethical challenges due to regional variations including cultural, legal, and economic factors. While the drivers of ethical complexity are largely similar worldwide, the research highlights the importance of considering local factors to promote and enforce ethical behavior.
Moreover, the way we work has also changed. With remote work and virtual team collaboration, ethical dilemmas are potentially resolved differently.
The study also highlights key areas that top management will need to address in the near future, including: mental health and well-being, professional competence and continuous learning, ethics of technology and data, ethical leadership and governance, diversity, equity, and inclusion, as well as sustainability reporting.
You can access the full report here.
