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For this week's discussion, I have chosen the accounting-specific code of ethics from the National Association of Tax Professionals (NATP) and the Financial Management-specific code of ethics. I selected the CFA Code of Ethics and Standards of Professional Conduct.

The two codes of ethics focused on different aspects. The CFA Institute Code of Ethics and Standards of Professional Conduct is designed for investment professionals globally. This is the main difference between the two, as the CFA code has a global reach emphasizing financial markets, while the NATP focuses on U.S. tax compliance and representation before authorities.

CFA Code of Ethics and NATP Standards of Professional Conduct share several common themes, even when these apply to different professions. The responsibility to clients is one of the most common themes in both codes. CFA emphasizes loyalty, prudence, care, fair dealing, suitability, and confidentiality as key factors with their clients and prospective clients. On the other hand, NATP focuses more on protecting clients' interests, advising clients properly, and maintaining confidentiality. Confidentiality is another common theme in both codes, which requires that CFA and NATP maintain confidentiality unless required by law. Another common topic is compliance with laws and regulations, in which the CFA requires compliance with all applicable laws, rules, and regulations. In contrast, NATP requires compliance with tax laws, IRS regulations, and ethical standards.

There are a few topics that only appear in the CFA Code of Ethics and Standards, such as the integrity of capital markets, which prohibits the use of material nonpublic information and market manipulation. Another topic is the conflicts of interest in investments, which requires fully disclosing all conflicts that could impair independence and objectivity. Also, client investment transactions are the priority over personal trades under the CFA code.

CFA code is a primary professional and self-regulatory code, not a law by itself, which suggests and requires behaviors for CFA members and candidates. The code is legally binding only to the extent that local laws overlap with the standards. The NATP Standards are also mostly professional guidance, which outlines ethical and professional best practices for tax preparers. NATP standards are advisory and self-regulatory, but strongly connected to tax laws, so many violations have legal consequences. Neither is a law, but professional standards. They become effectively binding when tied to legal obligations; otherwise, they are ethical expectations.

Under the CFA code, violations do not result in legal penalties from the CFA Institute; however, it can lead to the revocation of a CFA chapter or candidacy. Legal penalties can happen if employers or regulators require disciplinary actions if the act breaks the law. Under the NATP Standards, the sanction for failure to follow the code can result in suspending or terminating membership, and NATP cannot impose legal penalties. However, legal penalties such as fines and criminal charges can be applied if the failure breaks the IRS Circular 230 and U.S tax law.

My research on professional ethics this week has reinforced the importance of integrity and transparency when providing financial services. My main focus before was mainly technical and analytical, but understanding the codes has now shifted my perspective by highlighting how ethical judgment is just as critical as technical knowledge. From now on, my career focus will evolve from solely achieving financial expertise to building a reputation grounded in integrity and ethical responsibility.

The program has deepened my understanding of the role of ethics in accounting and finance. Before, I perceived ethics as a set of compliance rules that professionals must follow, but now I appreciate ethics as a proactive commitment to integrity, transparency, and accountability rather than just rules that professionals must follow to avoid penalties. Overall, the program has influenced me to approach professional decisions with a broader perspective, considering not just profitability or compliance, but also the long-term ethical implications for clients, employers, and society.