Ethics in Tax Practice 2022
Presenters : Caryn Maitland
Overview
Being a tax and accounting professional in today's environment is a challenge. Our clients are faced with many dilemmas and temptations to stray off the right path due to trying to survive (and possibly being frustrated by the world around them). As a professional, we have a responsibility to our clients, the profession, and ourselves to hold accountable to the highest ethical standards, and to instill trust and respect for our advice and guidance. The way we can successfully do this is to continually check in with ourselves and be aware of our own moral compass but at the same time hold space and be open to understanding our clients' challenges and points of view so that we can advise and guide them to do the right thing. This seemingly impossible task is something we need to do, regardless of our professional responsibilities as we need to continually reflect on what the ethical decision and action is without undue influence.
This recording-workshop is designed to give you space to reflect on your own personal journey and consider what you are striving for during these difficult times, as well as what you won't tolerate. It is just as important to know what you won’t tolerate as to know what you hope to inspire and see take shape in the world.
The profession demands strict adherence to the principles of ethics. To build and maintain the trust of the public when they think of our profession, practitioners need to be ethical individuals who can be entrusted to give the appropriate advice so that our clients can sleep well at night knowing that they are doing the right thing.
Recording content
The recording will cover the following topics:
- What exactly is considered ethical?
- Professional conduct in relation to taxation: The fundamental principles.
- NOCLAR: Understanding Non-Compliance with Laws and Regulations.
- Conflict of interest and independence.
- Adhering to the code of conduct and ethics standards set by your RCB/professional body.
- Maintaining personal tax compliance.
- Recently revised SARS rules applicable to registered tax practitioners.
- Adherence to standards for tax planning and advice.
- Diligence in filing tax returns.
- Reliance on SARS publications.
- Considering materiality in tax practice.
- Dealing with errors.
- Real-life scenarios and dilemmas in tax practice.
Competencies developed in this CPD
At the end of the recording, you should be able to:
- Critically evaluate what the concept of ethics and professional citizenship involves.
- Apply the five fundamental principles of professional ethics in tax practice.
- Comply with the latest Code of Conducts of RCBs.
- Understand the implications of NOCLAR on professional accountants working in tax practice.
Resolve conflicts of interest to ensure professional independence in the public interest.
- Identify and respond to ethical threats in tax practice.
- Comply with the revised tax practitioner compliance requirements introduced by SARS effective 1 June 2022.
- Adhere to the generally accepted professional standards for tax planning and advice.
- Adequately respond to real-life dilemmas in tax practice (i.e. errors, reliance on SARS publications, materiality, etc.).