In Rebecca’s recent blog she highlighted how some candidates seem ethically challenged. "Part 1(a)(ii) was answered badly by some candidates, many of whom felt bribery was acceptable and encouraged the company to be more subtle, but to keep bribing.’
If you were one of these students, it’s definitely time to brush up on the CIMA Code of Ethics and the Bribery Act - as a future CIMA member you really should have known better!"
Should this conduct have been played on in real life the consequences for you, whatever stage of the qualifying process you have reached, or even if you have registered and only just started studying, could be far higher than failing an exam. As a start, being associated with bribery and corruption is a clear breach of CIMAs code and Charter so you could face disciplinary procedures and lose your standing. And that is made public. A quick end to your career – unless you’d relish working somewhere that welcomes unethical practice.
Beyond that with anti-corruption legislation intensifying globally you could face prosecution and imprisonment. As could the directors of your company. Both the US’s FCPA and the UK’s Bribery Act have global jurisdiction and there is a global push on local laws. By reviewing FCPA cases in the last few years it is clear that prosecutions cases are up – and the highest percentage is non-US companies.
But ,most importantly, what about you? Do you really want to contribute to the embedding of corrupt practices? Is that something to feel good about chatting with your friends and family and professional peer group? Are you willing to go public on this blog space and say when you last were party to a bribe. And if not, why not? I am guessing you don’t feel completely comfortable with it.
Globally resistance to corrupt practices are growing, public discontent in some markets resulted in regimes being overthrown. As Transparency International outline fighting corruption matters. The cost of corruption is four-fold: political, economic, social, and environmental. Corruption hurts everyone, and it harms the poor the most. The UN Global Compact outlines the risk and costs to business and also offer tools to help counter bribery and corruption in your firm.
CIMA’s ethics research is showing that leadership teams value the integrity that management accountants can bring – and successful CEO’s seek those who can challenge bad practice. Having these skills are seen as critical in a competitive labour market. Students studying CIMA are well advised to reflect on how they can influence integrity in their work.
CIMA’s recent survey on ethics, that we will report on later this year, shows a marked emphasis and need, globally, in ethical conduct. But the practice in many markets still lag behind. Will you be ahead of the game?
For more information see CIMA's ethical resources and Ethical Lens e-bulletin.
Follow me on twitter @CIMATanya
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