If you are a student studying in Australia and received a report to write discussing the comparison or difference between the banking code of practice and Code of ethics, then you are at the right place. The accounting experts providing assignment help to university students cover the fundamental principles of code such as objectivity, integrity, due care, professional competence, professional behaviour and confidentiality which is also important for a professional accountant.
In order to write Banking Code of Practice VS Code of Ethics For Professional Accountants report, our accounting assignment help experts have categorised it in two sections. In the first section, we will discuss the Banking Code of Practice whereas the next section will discuss the Code of Ethics for Professional Accountants.
New Banking Code of Practice in Australia
The new banking code includes the enforceable standards that small business, customer and guarantor expect from Australian banks. In 2019, Australian banks have totally re-written their Code of Practice with a purpose to reach the community expectations in a better way. This new code comes with an easier, clearer and great protections for all the Australian bank customers. Let’s dig dipper.
- Use of simple English and include customer-friendly code that can be quite easy to understand the obligations and rights to a customer.
- Customers will also get the entire list of recurring payments and direct debits and have made easier to switch banks.
- Customer will be notified regarding transaction fees before it gets occur.
- Banks will now take extra care while offering banking services.
- The guarantors will get better protections to make sure that they know and understand the obligations.
Stronger Compliance and Enforcement
The new Banking Code is approved by the ASIC:
- The Independent BCCC which is also known as Banking Code Compliance Committee will inspect asserted neglect of the Code.
- The BCCC can now alert a bank formally to take a correct step, action or rectify such serious breaches. They can also ask the bank to train staff, report issues to ASIC.
- The new banking code is securing subscribers and mostly used by the Australian Financial Complaints Authority as a gold standard across the banking industry.
With the launch of the new Banking Code, it will be now easier to manage credit cards. Here are the few reasons;
- Australian banks will send notification or reminder to customers in case a credit card introductory offer is about to end.
- In case, if there are no more unsolicited offers available to increase the limit of the credit card.
- Now the customers can easily reduce the credit limit online.
With the introduction of the new Banking Code, small business will get the following services:
- Simplified and easier loan contracts with few conditions if the loan amount remains under $3 million.
- Offer longer notice periods in case of loan conditions get change.
- Small business will experience improved and enhanced communication and transparency.
Code of Ethics for Professional Accountants in Australia
The Code of Ethics for Professional Accountants and other accounting bodies are released by the Accounting Professional and Ethical Standards Board (APESB). APESB can be defined as an independent body which was incorporated in the year 2006 as a preliminary of the Institute of Chartered Accountants and CPA in Australia. The Australian Institute of Chartered Accountants, CPA Australia and the Institute of Public Accountants are the primary members of APESB. APESB mainly focuses on developing and release ethics and professional accounting standards.
The code of ethics for professional accountants are released by the International Ethics Standards Board for Accountants (IESBA). Members practising accounting in Australia or any other country have to adapt the Code, Laws or Regulations. As per our best accounting assignment service providers, code can be divided into three parts i.e. part A, B and C.:
- Part A: applies to all Members
- Part B: applies to Members in public practice
- Part C: applies to Members in business and quite relevant to members engaged in public practice.
THE CODE FRAMEWORK BASED ON PROFESSIONAL JUDGEMENT
The framework of the code needs Members to use their own judgement for the following:
- To find the threats to propose the basic principles;
- To determine the intention of identified threats;
- How to apply safeguards in order to remove threats to an acceptable level
Let’s took a look at the snippet given below:
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How Sample Assignment Supports Accounting Students?
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