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CS Professional · Compliance Management, Audit and Due Diligence · Values, Ethics and Professional Conduct

A student asks the difference between 'values' and 'ethics' in a professional setting. CS Rohan explains that a Company Secretary's belief that honesty matters is a value, while a written rule requiring her to refuse to sign a false return is a standard of conduct derived from that value. Which statement best captures the relationship?

Values are the underlying beliefs about what is right, such as honesty, while ethics are the principles of conduct that translate those beliefs into action. Ethics therefore guide a professional's decisions in practice, as in refusing to sign a false return.

  1. AValues are the underlying beliefs about what is right; ethics translate them into principles of conduct guiding choicesCorrect
  2. BEthics are purely personal feelings, while values are only legal rules
  3. CValues and ethics are identical and apply only to listed companies
  4. DEthics apply only to members in practice, while values apply only to students

Explanation

Values are deeply held beliefs; ethics are the principles of right conduct that put those beliefs into practice. Option B reverses the relationship and wrongly treats ethics as mere personal feeling.

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