Ultimquest Knowledge

In order for a professional practice to grow and succeed, you must be pro active about ethics. This course will help practitioners to deal with actual ethical dilemmas they face, regardless of the size of the practice or the role they play within the practice. We do this by providing a step by step approach that will help you navigate through complex and sensitive issues that arise in any practice.

Course Description

Our profession requires its members to protect the public interest, and this is done through the robust requirements contained in our code of professional conduct. This is because third parties, such as investors, lenders, regulators and the public rely on our work for their well being. This places the practitioner between the requirements of laws, regulations, standards and rules (including the code of professional conduct) and the demands our clients make as paying customers. Often, these demands contradict the rules and regulations. Therefore, we see professional practice as a balancing act between these two forces. Therefore, the key question is: how can you build high-trust relationships with clients while staying at arms length, remaining independent and still complying with all the rules? 

Using an ethical lens is necessary to achieve this balance and to create sustainable success in professional practices. We recommend taking a risk-based approach that considers the probability and impact of ethics-related risks occurring. We examine three dimensions of these risks: staff, client and practice management. We then consider prevention, detection and mitigation strategies for all risks. 

This is a workshop style course in which you will pause and apply the approach at each step to your own practice. We share actual situations we have encountered and give you an opportunity to consider how you would respond to them. We share resources that will help you gain new insights and learn from others. 

By being pro active about ethics, you can prevent code of conduct violations that can have detrimental impact on your practice and your career. You will also protect your practice and increase its long-term value. This will help you sleep better at night.  

Learning Objectives

• Examine the complex role of the professional accountant from an ethics lens. 
• Apply a risk-based approach to reduce ethics-related issues in professional practices.
• Identify and evaluate risks you are currently facing in your own practice.
• Identify steps to prevent, detect and mitigate ethics risks that have a high probability and high impact.
  
  

Prerequisites: Knowledge, Experience or Courses:    

This course is for members in professional practice and those aspiring to either start or to acquire a professional practice. There is no specific knowledge prerequisite.

Applicable for:    

This course will benefit members at all levels within professional practices. It is suitable for sole practitioners, members in smaller practices, mid sized practices and even the larger firms.