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Cultural and Socio-Economic Restrictions for the Adoption of the IESBA Code of Ethics for Professional Accountants in the European Countries
Abstract
This paper examines the adoption of the Code of Ethics of the International Ethics Standard Board of Accountants (IESBA) by European accounting organizations. Further, it analyses the influence of Hofstede's countries' cultural dimensions and accounting organizations' seniority on the adoption of the IESBA Code of Ethics. The results suggest that accounting bodies' ethical guidelines are increasingly aligned to the IESBA Code. However, this study highlights that cultural differences have great influence on ethical regulation. These results provide insights into the factors that affect the harmonization of ethical standards, which is a necessary step towards the internationalization of the accounting profession.
... Although the standards are developed for the global built environment sector, it is unclear if the IESC standards mainly reflects the norms and values associated with the western societies from which it was initiated or even which unified set of ethical standards are most pronounced. Past research that investigated the adoption of global ethics standards in professions such as engineering (Alzahir and Kombo, 2014) and accounting (Espinosa-Pike and Barrainkua-Aroztegi, 2014;Barrainkua and Espinosa-Pike, 2015) suggests that adoption of some principles in a global code of ethics can be constrained by the sociocultural factors in the host country. A key research question that was raised, and which is pursued in this study is on the universality of the IESC ethics principles in terms of how it aligns to codes of ethics in Ghana's built environment sector. ...
Professional codes of conduct establish the ethical rules and parameters within which built environment professionals operate. In 2021, the IESC published the first-ever global ethical standards for the built environment sector. The ability of global ethics standards to promote parity and greater ethical practice has been a subject of extensive debate. A year on since its adoption, there is little understanding of the global acceptance and uptake of the standards. Focusing on sub-Saharan Africa, the extent to which the existing built environment standards in Ghana are aligned with the global standards has been examined in this paper using a qualitative research approach based on content analysis of ethics standards. The study identified similarities and differences between the global standards and the codes of ethics for the following Ghanaian professions (engineers, architects, and surveyors). Some common elements were also identified, indicating that some rules are indeed universal and culture free. Yet, ethical principles in all the standards examined were also sometimes explained differently in terms of intent and emphasis of the rules.
... Thus, managers from high power distance countries are more likely to emphasize control and the enforcement of rules and standards, rather than relying on their own discretion in decision making. Research has shown that in high power distance countries, when individuals are considering the ethicality of their behavior there is a greater tendency to rely on formal codes 1 See Tables 2a and 2b, pages 134-135. 2 See Table 7, page 865. of conduct (Vitell et al., 1993), such as international accounting standards (e.g., Barrainkua & Espinosa-Pike, 2015;Clements, Neil, & Stovall, 2009). Moreover, research has shown that power distance is positively related to a willingness to 'whistle-blow' about unethical behavior (e.g., Curtis, Conover, & Chui, 2012;MacNab et al., 2007). ...
Earnings management involves using managerial discretion to distort firm financial performance in order to mislead stakeholders. Drawing from institutional theory, we argue that national culture dimensions of power distance and institutional collectivism, which are related to how individuals view themselves with respect to others, serve as informal institutional forces that influence earnings management. We also propose that corruption, as an informal institution plays a significant role in explaining cross-national variation in earnings management. Using a sample of firms from 26 countries, we find support for both direct and interactive effects of these important informal aspects of the institutional context.
The paper gives an overview of the results of a structured literature review. It covers archival studies on the relationship between non-audit services (NAS) fees and factual as well as perceived audit quality published in journals included in the accounting subject category of the SCImago Journal Ranking. It also includes a critical evaluation of the research methods applied in prior research and offers avenues for future research. The provision of NAS to audit clients creates threats to auditor independence. Consequently, regulators have focused on the simultaneous provision of audit and NAS for many years and restricted it over time. This paper aims to assess which regulatory actions are justified in light of related archival research findings. Overall, prior research does not clearly prove a negative impact of non-audit services on factual audit quality. However, it demonstrates a negative relationship between non-audit fees and audit quality perceptions. Moreover, it also reveals that tax consulting fees are less problematic
El objetivo general de este trabajo es el de ofrecer un perfil completo de los or�genes, la evoluci�n y el multiforme desarrollo de la historia de la contabilidad en Espa�a, as� como de su posible evoluci�n futura. Haciendo referencia a las actividades cient�ficas y a los estudios m�s recientes se ha intentado mostrar el notable grado de desarrollo alcanzado por esta disciplina, gracias entre otras cosas a la sinergia lograda por la colaboraci�n entre las instituciones acad�micas y las organizaciones profesionales, una caracter�stica particular de la experiencia espa�ola. Inserto en un cuadro de s�ntesis general, se ofrece el relato de esta experiencia, que ha conseguido situar la historia de la contabilidad espa�ola y sus representantes en el primer lugar del concierto europeo. The general purpose of this paper is to offer a complete profile of the origins, the evolution and the multiform development of accounting history in Spain, as well as the possible directions of its future evolution. Making reference to the scientific activities and the most recent studies it has been tried to show the remarkable degree of development reached by this discipline, thanks among other things to the synergy obtained by the collaboration between the academic institutions and the professional organizations, a particular characteristic of the Spanish experience. Inserted in a general picture of synthesis, this paper offers an account of this experience, an experience that has been able to locate the Spanish accounting history and its representatives in the first place of the European environment.
In our survey article, we present a holistic regulation framework for the banking sector. The article is based on European banks that are part of the European Monetary Union (EMU). Initially, we focus on the timelines and review the integration of the European Monetary Union, relevant legislation and information on member countries’ banking sectors. This information creates the framework for our analysis. A regulation framework for the banking sector should be characterised by transparency, responsibility and performance in several important areas. These areas are the global and European framework for corporate financial reporting (CFR), risk management (RM), stockholder value creation (SVC), corporate governance (CG), corporate social responsibility (CSR) and sustainable development (SD). The regulation framework for the banking sector must also consider the fiscal and monetary environment in which a banking institution operates. The global rating system and the rating agencies will also have an important impact on any regulation framework for the banking sector. These two factors play a key role when a financial, credit or debt crisis occurs. Our article considers all of the above factors in creating a holistic regulation framework for the banking sector to present in the context of the recent financial, credit and debt crises that have taken place in the EMU.
The relatively recent increase in empirical research conducted in business ethics has been accompanied by a growing literature which addresses its present shortcomings and continuing challenges. Particular attention has been focused on the difficulties of obtaining valid and reliable primary data. However, little or no attention has been paid to the use of secondary data. The aim of this paper is to stimulate the interest of business ethics researchers in using secondary data, either as a substitute or complement for primary data, bearing in mind both the benefits and shortcomings of doing so. It is suggested that secondary data not only offer advantages in terms of cost and effort, as conventionally described in research methods books, but also that in certain cases their use may overcome some of the difficulties that particularly afflict business ethics researchers in the gathering of primary data. In order to help business ethicists respond to this call for greater consideration of the potential offered by secondary data, the wide variety of forms that such data may take is indicated and a number of themes regarding their use discussed.
This paper wants to draw attention on several aspects regarding the causes that led to the emergence of 21st century economic crisis, pointing their implications in the balance of economic-financial mechanisms. In history, on the occasion of economic and/or financial crisis, among their causes there are mentioned causes related to managers’ irresponsible actions, managers who, together with accounting professionals, chose to alter accounting data in order to create a more appealing image on the market of the company’s financial status. We will underline the role of accounting in system of a more efficient, socially responsible corporatist governing, capable of recreating economic-financial balances and of regaining the confidence of the population in economic values, as well as the role of accounting in “faithfully” reflecting these values.
Purpose – The purpose of this study is to investigate whether corporate social disclosure levels relate to national cultures. Design/methodology/approach – The sample consisted of 600 large companies from 22 countries. Cultural measures were applied: a measure for secrecy, as proposed by Hope et al. and a newly constructed measure for generic types of cultures (Gannon), both derived from Hofstede's national culture dimensions. Two other dimensions, masculinity and long-term orientation, not part of secrecy and generic types of culture measures, were also tested separately. Findings – A number of significant statistical relationships between corporate social disclosures and cultural measures are identified. The results are consistent with the associations suggested by stakeholder theory and a country-specific stakeholder orientation. It is concluded that corporate social disclosure levels are likely to be influenced by national cultures. Research limitations/implications – The results of Van der Laan Smith et al. are largely supported. Culture is clearly related to corporate social disclosure levels, although cultural data may need refinement. Further, the potential limitations of the application of stakeholder theory for this type of study need to be taken into account. Practical implications – The outcomes can be useful to the managers of multinational corporations, when preparing corporate social disclosures. Originality/value – Instead of a comparison between two nations, as is undertaken by Van der Laan Smith et al. a scaled relationship between generic types of cultures and CSD levels is found.
Accountants are part of what Abbott describes as “the system of professions”. Within this system, each professional group strives to defend and expand its area of jurisdiction in competition with rival professions. However, challenges to the accountancy profession do not necessarily come only from those who seek to occupy its territory. Challenges also come from journalists, academics, politicians and others who have no desire to occupy the territory of accountants but can nevertheless advance some competing discourses that may disrupt and weaken the profession's capacity to secure and expand its domain. The paper argues that in the process of defining, defending and extending its jurisdiction, the accountancy profession attaches considerable importance to its image of “independence”. Drawing upon evidence provided from three case studies relating to the events in the 1970s, 1980s and early 1990s, the profession is shown to have taken a number of initiatives to defend and reinforce this “image”. In its efforts to neutralize and discredit challenges to its aura of independence, the profession has developed and deployed a variety of tactics. These include revising its ethical guidelines, refining its disciplinary arrangements, as well as by mobilizing other agencies, including the state, politicians, media, accounting academics, etc., in support of its claims. In a society marked by numerous social divisions, the accountancy profession is not in a position to ward off all challengers. Nevertheless by the use of such tactics, it is argued that it seeks to neutralize threats to self-regulation and to redefine the terrain on which it combats its challengers.
The main aim of this article is to demonstrate a holistic framework for measuring a bank’s financial health by classifying its main responsibilities between conformance and performance. Responsibilities are classified into five categories as follows: First, Corporate Financial Reporting (CFR) that integrates General Accepted Accounting Principles (GAAP), Generally Accepted Auditing Standards (GAAS), Securities Exchange Commission (SEC), Financial Services Authority (FSA), and International Accounting Standards (IAS). Second, Risk Management Procedures (RMP), that incorporates methods and directives which arise from Basel I, Basel II, Capital Adequacy frameworks or solvency ratio benchmarks. Third, Corporate Governance (CG), that integrates Sarbanes – Oxley Act, Audit Committees, and Internal Audit Mechanisms. Fourth, Corporate Social Responsibility (CSR), that consists of instructions and standards such as Global Reporting Initiative (GRI) – social and environmental, Social accountability (SA 8000) – working conditions, International Organization for Standardization (ISO 9000). Fifth, Stockholders Value Creation (SVC), that is a set of methodologies and ratios used in order to measure value creation for shareholders such as Strategic and Balanced scorecard, Economic Value Added EVA®, and other business performance management tools. On the other, the Rating Agencies (RA) applies various rating systems in different fields.
Based on this framework, the article correlates all qualitative and quantitative components, with the banks’ ratings. The dependent variable is the bank’s financial health score, represented by a dummy variable based on the bank’s rating by the rating agencies and from the relevant value of each bank that arises from its performance in the above mentioned framework of responsibilities. The independent quantitative variables belong to a set of financial, risk and market key ratios and the qualitative variables to a set of dummy variables which describe the above framework.
With the use of financial and other published data of the Greek banking sector the article proposes a new model and a procedure for the explanation, management and monitoring of a bank’s financial health.
Almost all the theoretical efforts in the area of marketing ethics have been normative, not positive. Th1at is, almost all theoretical works have focused on developing guidelines or rules to assist marketers in their efforts to behave in an ethical fashion. In contrast, the model developed in this article is descriptive, not prescriptive. It attempts to explain the decision-making process for problem situations having ethical con-tent. The article begins with a discussion and evaluation of the two major normative ethical theories in moral philosophy. deontological theories and teleological theories. Although these theories are normative, to the extent that people actually follow their prescriptions, any positive theory of marketing ethics must incorporate them. The article then develops a positive theory of marketing ethics and uses that theory to help explain some of the empirical research that has been conducted in the area of marketing ethics
The Second Edition of this classic work, first published in 1981 and an international bestseller, explores the differences in thinking and social action that exist among members of more than 50 modern nations. Geert Hofstede argues that people carry "mental programs" which are developed in the family in early childhood and reinforced in schools and organizations, and that these programs contain components of national culture. They are expressed most clearly in the different values that predominate among people from different countries. Geert Hofstede has completely rewritten, revised and updated Cultures Consequences for the twenty-first century, he has broadened the book's cross-disciplinary appeal, expanded the coverage of countries examined from 40 to more than 50, reformulated his arguments and a large amount of new literature has been included. The book is structured around five major dimensions: power distance; uncertainty avoidance; individualism versus collectivism; masculinity versus femininity; and long term versus short-term orientation. --Publisher.
This paper traces the forerunners of the present-day ethical rulings of the Institute of Chartered Accountants in Australia and the Australian Society of Accountants from the earlies professional Australian accounting bodies of the 1880s and 1890s. Various codes of ethics, articles, and memoranda of association, by-laws, charters, and professional publications are reviewed. Key Australian ethical issues are identified and their orientation over time considered. There is an early orientation towards overseas viewpoints and the issue of advertising is identified as a key impetus for ethical code development. The profession's self-interest is identified as an underlying rationale. This is presented as an historical case study of the development of accounting ethics with a view to identifying factors influencing change over time.
This study uses a specific method to analyze the contents of the codes of ethics of the largest corporations in Australia, Canada and Sweden and compares the findings of similar content analyses in 2002 and 2006. It tracks changes in code contents across the three nations over the 20022006 period. There were statistically significant changes in the codes of the three countries from 2002 to 2006: the Australian and Canadian codes becoming more prescriptive, intensifying the differences between these and the Swedish codes. The contents of these codes and the nature of the changes they have undergone over time are culturally driven: Australia's and Canada's reflecting their similar cultural profiles and Sweden's reflecting its differences from these countries on organizationally relevant cultural dimensions. The study reveals that corporate codes of ethics are living documents as reflected by the significant longitudinal changes in the frequencies of mention of several of the 60 items underpinning the content analysis of the codes of ethics. Consequently, and in light of their growing prevalence and importance as instruments of corporate governance, they should not be treated as static but as dynamic documents that are subject to various environmental factors. The clear implication of the findings of this study is that for corporate codes of ethics one size does not fit all and that these instruments must be carefully monitored and revised to reflect changing conditions.
The new Romanian accounting and auditing laws took effect in 1999. This paper investigates and evaluates the phase of development which started in 1996, comparing the outcome of that development with the experience of some other transition economies. Recognising that the move to the market economy was a primary driver of change, the paper considers the economic and social context of Romania and the potential conflicts arising where the growing importance of the global market, political and international developments influence the shaping of strategy in matters of accounting. A strategy shaped in this way must also cater for the specific needs of the many small companies in transition economies. Key to the reform process in Romania has been the recognition that a controlled phasing in of change, accompanied by training, is necessary to give the reform process a chance to succeed; however this leads to tensions arising between professional associations, which wish to become self-regulatory, and governments, who need to retain a measure of control to ensure that all elements of the reform are in harmony. The paper concludes that the accounting developments from 1996 avoided some of the pitfalls experienced earlier in other transition economies and also shortened some of the development process by making changes in parallel rather than in sequence.
Can differences in corporate codes of ethics arise from the specific situation of transformation in Slovakia in contrast to the stable context of the firms in Western Germany? This paper compares codes of ethics of large-scale enterprises in both countries in terms of ethical issues addressed. It demonstrates that codes of ethics of the Slovak companies mirror the specific transformational circumstances in the country. Compared with Western Germany the codes of these firms include multiple ethical issues, meaning that they experience a broader range of relevant ethical problems. Furthermore, their codes are internally oriented, in terms of the ethical issues raised most often; they put more emphasis on committing employees, managers and shareholders/owners to the firm. Based on the differences discovered, it is proposed that negative experiences within the past process of transformation and in part the socialist heritage are the main reasons for differences between the two samples.
This paper explores the relationship between attitudes to corporate social responsibility (CSR) and the cultural dimensions of business activity identified by Hofstede & Hofstede using a sample of nearly 90,000 stakeholders drawn from 28 countries. We develop five general propositions relating attitudes to CSR to aspects of culture. We show that the propensity of consumers to punish firms for bad behaviour varies in ways that appear to relate closely to the cultural characteristics identified by Hofstede. Furthermore, this variation appears to be understandable in terms of the standard interpretation of the Hofstede dimensions, suggesting that cultural variation in the attitudes of consumers may play an important role in helping us to understand variations in CSR across countries. This in turn has implications for how managers of multinational companies should implement CSR strategies in different cultural contexts.
Purpose
IFAC, a Swiss‐registered non‐governmental organization, is emerging as an important international (auditing) standard setter amongst a powerful group of regulators, including the World Bank, the International Organisation of Securities Commissions (IOSCO) and the European Commission (EC). The purpose of this paper is to focus on the changing governance and accountability structures within IFAC, the way such changes are shaping, or re‐shaping, its “public interest” commitments and the resulting strategic implications for processes of auditor regulation and public oversight in the global financial arena.
Design/methodology/approach
The material and analysis presented in the paper derives from an extensive review of official reports, consultation documents and related responses, a range of other information available on IFAC's web site ( www.ifac.org ) or those of other key regulatory players in the global financial arena.
Findings
The paper analyzes how IFAC is succeeding as an international standard setter with an established place in the global financial infrastructure. From analysis of the recent establishment of a Public Interest Oversight Board (PIOB) and the changing nature of representation on IFAC's Public Interest Activity Committees (PIACs), the paper reveals a growing reliance on governance by experts together with a growth in influence of the large, multinational accounting firms. Governance of auditors has become a matter of global importance and governance structures are being reconfigured.
Practical implications
By highlighting the changes that have taken place within IFAC's governance system, the paper establishes the importance for public policy of further study and debate concerning the nature and practical operation of such a system, particularly given IFAC's position within a complex but developing global governance arena.
Originality/value
IFAC is becoming an integral player in global financial governance processes and yet has not been subject to any substantial academic accounting research. This paper seeks to rectify this by focusing on the structures and processes underpinning both the development of IFAC's International Standards on Auditing (ISAs) and its own global strategy for advancement.
The International Federation of Accountants (IFAC) has recently issued a revised “Code of Ethics for Professional Accountants”
(IFAC Code). As a requirement for membership in IFAC, a national accounting organization must either adopt the IFAC Code or
adopt a code of conduct that is not “less stringent” than the IFAC Code. In this paper, we examine the extent to which 158
national accounting organizations have adopted the revised IFAC Code as their own. Our results indicate that 80 of our sample
organizations have adopted the IFAC Code (sometimes with minor modifications), while the remaining 78 opted not to utilize
the model IFAC Code. We then test the hypothesis that national accounting organizations in lower income economies would be
less likely to adopt the IFAC Code than those in high income economies. Our results do not support the hypothesis. We argue
that one potential reason for such a finding is that adopting the IFAC Code may be a cost effective means of adopting a code
of ethics for organizations in lower income economies.
This paper provides a framework for the examination of cultural and socioeconomic factors that could impede the acceptance and implementation of a profession's international code of conduct. We apply it to the Guidelines on Ethics for Professional Accountants issued by the International Federation of Accountants (1990). To examine the cultural effects, we use Hofstede's (1980a) four work-related values: power distance, uncertainty avoidance, individualism, and masculinity. The socioeconomic factors are the level of development of the profession and the availability of economic resources. We evaluate the applicability and relevance of the accounting guideline, and discuss the implications for accounting and other professions.
The International Federation of Accountants (IFAC) has issued a revised “Code of Ethics for Professional Accountants” (IFAC
Code). The IFAC Code is intended to be a model code of ethics for national accounting organizations throughout the world.
Prior research demonstrates that approximately 50% of IFAC member organizations have adopted the IFAC Code as their organizational
code of conduct. There is therefore empirical evidence that international convergence of accounting ethical standards is occurring.
We employ Hofstede’s (2008, http://www.geert-hofstede.com/hofstede_dimensions.php) cultural dimensions in an attempt to empirically explain accounting organizations’ decisions about whether to adopt the
IFAC Code or to retain their organization-specific code. Our results indicate that accounting organizations in cultures with
high levels of Individualism and Uncertainty Avoidance are less likely to adopt the model IFAC Code. Organizations in high
Individualism and Uncertainty Avoidance societies are therefore less likely to surrender the setting of ethical standards
to an outside, international organization.
Key wordsaccounting profession-codes of conduct-codes of ethics-cultural influences-IFAC
This paper addresses a significant gap in the conceptualization of business ethics within different cultural influences. Though theoretical models of business ethics have recognized the importance of culture in ethical decision-making, few have examinedhow this influences ethical decision-making. Therefore, this paper develops propositions concerning the influence of various cultural dimensions on ethical decision-making using Hofstede''s typology.
Various forms of Codes of Ethics have played major roles in the advancement of the accountancy profession in the Anglo-American context. Responding to various legitimation challenges, accountants have drawn upon their ethical arrangements to reinforce claims to “credibility” and “independence” from clients. By doing so, they have sought to persuade social institutions of their “professionalism” and secure the privileges of self-governance and the monopoly of auditing practice. Though the literature has illuminated the role of ethical pronouncements in the ascendancy of the Anglo-American profession, little effort has been made to explore their impact upon the profession in emerging contexts. The case of Greece in the period 1992–2002, for instance, provides an interesting setting of an emerging economy in which to study professional ethics, as the local institute of auditing was restructured according to the Anglo-American professional paradigm following which it faced certain legitimation challenges. This paper investigates the broader background of threats to the Greek auditing profession in the period 1992–2002 and explores whether local auditors relied upon their Code of Ethics and compliance processes to re-establish the image of their institute as a “credible” body. It draws upon the imperialism of influence framework to demonstrate that, within increasingly internationalised contexts, the local accountancy profession tends to resort to professional ethics to confer legitimacy upon its activities and to safeguard its self-governing status.
This study examines the influence of dimensions of culture on the ethical decision process. Do various cultures perceive the ethical dilemma differently? Do these cultures prefer different types of actions? Do these cultures perceive the role of the accountant differently in response to the consequences? This study has a broad scope of countries (nine), which allows richer contrasts of cultural dimensions. The three aspects of the ethical decision-making process (perceived dilemma, perceived actions, and perceived consequences) are analyzed rather than asking the respondent to make an ethical judgement. Accounting systems adopted by countries reflect culture, profession, and industry. The responses from countries with different accounting systems is analyzed. The findings of this study will provide practitioners as well as academics insight into the harmonization of accounting standards. Research about ethical problems may help accountants anticipate and predict problems that might occur and identify referent countries for solutions to these problems. These findings will also be useful to auditors and accountants designing training programs for multicountry practices.
This study draws on Kohlberg''s Cognitive Moral Development Theory and Hofstede''s Culture Theory to examine whether cultural differences are associated with variations in ethical reasoning. Ethical reasoning levels for auditors from Australia and China are expected to be different since auditors from China and Australia are also different in terms of the cultural dimensions of long term orientation, power distance, uncertainty avoidance and individualism. The Defining Issues Tests measuring ethical reasoning P scores were distributed to auditors from Australia and China including Hong Kong and The Chinese Mainland. Results show that auditors from Australia have higher ethical reasoning scores than those from China, consistent with Hofstede''s Culture Theory predictions. Yes Yes
Recognizing the growing interdependence of the European Union and the importance of codes of conduct in companies’ operations, this research examines the effect of a country’s culture on the implementation of a code of conduct in a European context. We examine whether the perceptions of an activity’s ethicality relates to elements found in company codes of conduct vary by country or according to Hofstede’s (1980, Culture’s Consequences (Sage Publications, Beverly Hills, CA)) cultural constructs of: Uncertainty Avoidance, Masculinity/Femininity, Individualism, and Power Distance. The 294 individuals, who participated in our study, were from 8 Western European countries. Their responses to our 13 scenarios indicate that differences in the perceptions of ethicality associate primarily with the participants’ country as opposed to their employer (i.e., accounting firm), employment level, or gender. The evidence also indicates that these country differences associate with Hofstede constructs of Individualism and Masculinity. Copyright Springer 2007
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