A profession is a field of work that requires specialized knowledge, skills, and
training, and is often governed by a formal body or association. It involves a
commitment to ethical standards, ongoing education, and serving the public or
a specific group of clients with a high level of expertise and responsibility.
Key Characteristics of a Profession
1. Specialized Knowledge and Training:
o A profession requires extensive education and training in a specific
field.
o For example, accountants must study finance and law, and doctors
study medicine.
2. Code of Ethics:
o Members of a profession are bound by a set of ethical guidelines to
ensure integrity, trust, and professionalism.
3. Public Service Orientation:
o A profession prioritizes serving the public interest over personal gain.
o For instance, accountants aim to provide transparent and fair
financial information.
4. Professional Body or Association:
o Professions are regulated by formal organizations that oversee
standards, certify practitioners, and enforce ethical codes (e.g.,
ACCA for accountants).
5. Autonomy:
o Professionals have the authority to make decisions based on their
specialized knowledge and are trusted to act independently and
responsibly.
6. Continuous Learning:
o A profession requires ongoing professional development to stay
updated with advancements in the field.
Examples of Professions
Accounting (e.g., ACCA, CA, CPA)
Medicine (e.g., doctors, surgeons)
Law (e.g., lawyers, judges)
Engineering (e.g., civil engineers, software engineers)
Teaching (e.g., educators, lecturers)
Distinction Between a Profession and an Occupation
Profession: Requires specialized training, adheres to ethical standards, and
often has a formal qualification (e.g., an accountant, doctor).
Occupation: Any job or employment for earning a living, which may or
may not require specialized knowledge (e.g., cashier, salesperson).
Professional Ethics
Professional ethics refers to the moral principles and standards that guide
behavior and decision-making within a profession. It ensures that professionals
act responsibly, maintain integrity, and fulfill their duties in a manner that
upholds the trust and respect of society.
Public Interest
The concept of public interest emphasizes the responsibility of professionals to
act for the benefit of society as a whole, not just for their clients or employers. For
accountants, this means:
Ensuring transparency in financial reporting.
Supporting the economy by providing reliable financial information.
Preventing fraud and corruption.
Acting as custodians of public trust by promoting ethical practices.
Professionals, particularly in roles like accountants, auditors, and financial
advisors, must ensure their actions align with the public's well-being and
confidence.
ACCA Code of Ethics and Conduct
The ACCA Code of Ethics and Conduct is aligned with the International Code of
Ethics for Professional Accountants (IESBA Code) and is mandatory for all ACCA
members, affiliates, and students. It ensures that ACCA professionals adhere to
high ethical standards globally.
Fundamental Principles:
1. Integrity: Be straightforward and honest in all professional and business
relationships.
2. Objectivity: Avoid biases, conflicts of interest, or undue influence from
others that may compromise professional judgment.
3. Professional Competence and Due Care:
o Maintain and update professional knowledge and skills to deliver
high-quality services.
o Act diligently and in accordance with technical and professional
standards.
4. Confidentiality:
o Do not disclose confidential information unless there is a legal or
professional duty to do so.
o Use confidential information only for its intended purpose.
5. Professional Behavior:
o Comply with all laws and regulations.
o Avoid actions that bring the profession into disrepute.
Corporate Code of Ethics
A corporate code of ethics is a formal document that outlines an organization’s
principles, values, and expected behaviors for its employees, management,
and stakeholders. It serves as a guide for decision-making and behavior in
business operations, ensuring consistency, accountability, and integrity.
