The application of the Code of Ethics for accountants in Malta

Abstract

In Autumn of 1994, the Accountancy Board launched an on-going review of the accountancy profession in the Maltese Islands and of its standards. A first step towards this review was the process of elevating the status of the Accountancy Profession in the Maltese Islands by way of producing an all embracing Code of Ethics which was to be enforced on all members of the Accounting Profession, whether they are Certified Public Accountants or classified under a different heading e.g. Management Accountants, financial Accountants, etc. The Accountancy Board launched such a code of ethics two years later in 1996. The Code of Ethics, based on recommendations and guidelines by the international Federation for Accountants, was written in considerable detail for all warrant holders in the accounting profession to observe in their professional work. Attention is particularly drawn to the fact that the Accountancy Board had resolved that the Code of Ethics is now binding on every member of the Profession regardless of the sphere in which he or she works, regardless of the grouping he/she belongs to - whether a member of the Malta Institute of Accountants, Bachelor of Arts (Honours) in Accountancy or a Member of a recognized Foreign Accountancy Body. Having laid down the foundations, today the Code of Ethics is to be put to the test of time to see how well it is complied with. A questionnaire is to be sent to all warrant holders and to business people since the Code is meant to safeguard and protect the general public. The questionnaire will be subsequently analysed and evaluated and will be used to make suggestions and recommendations, if any, for changes in the present Code of Ethics. The Code of behaviour and the rules or guidance of the Institute of Chartered Accountants in England and Wales as well as the AICP A Code of Professional Conduct of the USA will also be consulted.