Code of ethics can lay the groundwork for trust

What can you do to help the CPA profession rebuild the public trust?

You might consider adopting Financial Executives International's code of ethics to your own practice or business. CFO Bob Tarola and the entire financial team at W.R. Grace recently did so, and Tarola believes Grace is a better company for it.

The FEI code of ethics, reprinted here with permission, reads as follows:

"FEI's mission includes significant efforts to promote ethical conduct in the practice of financial management throughout the world. Senior financial officers hold an important and elevated role in corporate governance. While members of the management team, they are uniquely capable and empowered to ensure that all stakeholders' interests are appropriately balanced, protected and preserved. This code provides principles to which members are expected to adhere and advocate. They embody rules regarding individual and peer responsibilities, as well as responsibilities to employers, the public and other stakeholders. Violations of FEI's code of ethics may subject the member to censure, suspension or expulsion under procedural rules adopted by FEI's Board of Directors.
"All members of FEI will:
act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships;
provide constituents with information that is accurate, complete, objective, relevant, timely and understandable;
comply with rules and regulations of federal, state, provincial and local governments, and other appropriate private and public regulatory agencies;
act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing one's independent judgment to be subordinated;
respect the confidentiality of information acquired in the course of one's work except when authorized or otherwise legally obligated to disclose (confidential information acquired in the course of one's work will not be used for personal advantage);
share knowledge and maintain skills important and relevant to constituents' needs;
proactively promote ethical behavior as a responsible partner among peers, in the work environment and the community;
achieve responsible use of and control over all assets and resources employed or entrusted."

For more information, visit the FEI's Web site at www.fei.org.

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