Ethics of professional accountants in the EU

Abstract

Listen

Translate article

The relevance of this research stems from the increased attention to ethical standards in the EUʼs professional accounting field, especially regarding anti-corruption, conflict of interest prevention, and the implementation of transparent reporting practices. Ukraine, on the other hand, faces limitations in its regulatory framework and practical tools for ensuring ethical conduct among accountants. Applying European experience amid growing risks and conflicts of interest allows for an assessment of methods that can strengthen ethical standards in Ukraine. The main challenge lies in adapting and implementing European ethical standards in Ukraine, where institutional structures and a culture of high ethical standards for accountants remain underdeveloped. The question is how best to integrate the EUʼs practices into the Ukrainian system, given regulatory constraints, existing risks, conflicts of interest, and insufficient whistleblower protections. The adaptation of European ethical standards for professional accountants, together with a suitable regulatory framework and the development of transparency institutions, can significantly reduce corruption risks and minimize conflicts of interest in Ukraineʼs accounting field. This would foster greater trust in the profession and contribute to economic stability, providing a solid foundation for business growth and investment. Measures are proposed for integrating European experience in professional accounting ethics in Ukraine. A hypothesis is proposed that the implementation of EU experience in ensuring high standards of professional ethics for accountants will enhance transparency, accountability, and independence in the accounting profession in Ukraine, supporting its integration into the European framework. The research methodology includes a systematic approach, content analysis, synthesis, heuristic methods, deduction, and comparison. Based on the research findings, measures have been proposed for adopting European practices to ensure professional ethics among accountants in Ukraine. Recommendations include adapting ethical standards to crisis conditions based on the International Code of Ethics for Professional Accountants, establishing an independent oversight body, developing mechanisms for preventing, detecting, and disclosing conflicts of interest, and implementing anti-corruption initiatives and anti-money laundering measures. Additionally, integrating Ukrainian professional organizations into the European community, supporting ethics through training and certification, enhancing corporate social responsibility, and creating a rating system for ethical violations are also recommended