By Jacqueline Stone. Jacqueline is a lawyer, venture capitalist and Faculty member with Cranlana Centre for Ethical Leadership, which works with leaders and organisations across Australia to grow their ethical capability.

The most common question ethicists are asked, at conferences, dinner parties and occasionally in elevators, is “How do I know if I’m doing the right thing?”

It’s a deceptively simple question. In fact, it’s the only question, really. And it’s one that hangs over every high-stakes decision, grey area, and quiet moment of doubt. Fortunately, for members of the accounting profession, you have something rare and valuable to guide you: a Code of Ethics.

Yes, the Code. That often-overlooked, sometimes-misunderstood, and too-seldom-celebrated collection of principles, threats, frameworks, expectations, and obligations. But let us be clear: this is no dusty rulebook. It’s a superpower.

The North Star of Judgement

Unlike many roles in the modern workforce, Chartered Accountants don’t have to make it up as they go. You belong to a profession that doesn’t leave you guessing. Your Code of Ethics provides more than just a list of do’s and don’ts, it offers a robust ethical compass.

The Code is not a checklist of technical compliance, rather it’s a principled foundation: act in the public interest. Not a corporate tagline, but a true North Star, especially when the answers are unclear, the pressure is high, and the consequences are real and substantial.

In this way, the Code doesn’t just tell you what to do, it trains you in how to think ethically. It offers a structure and process for defensible judgement, a shared language for hard conversations, and a kind of moral muscle memory.

For example, instead of asking “Is this technically legal?”, a Chartered Accountant might ask: “Does this uphold the public interest and the credibility of my profession?”  That shift matters.

"The Code is not a checklist of technical compliance, rather it's a principled foundation: act in the public interest".

The DNA of the Profession

Let’s be honest: no one becomes an accountant to be an ethical superhero. But stay with us.

The Code doesn’t just guide what accountants do; it encapsulates what it means to be one. It codifies your professional identity, which is grounded in truth, entrusted with sensitive information and committed to facts, evidence and a questioning mind.

The principles of integrity, objectivity, competence, confidentiality and professional behaviour are not just obligations. They’re the scaffolding of the profession itself. In upholding them, you define the profession’s character.  You enhance the profession’s reputation for ethical leadership.

A Signpost in Conversation

One of the Code’s most underrated powers is conversation.

At Cranlana, much of our work involves helping professionals find the language, and the courage, to speak up and take the lead when something doesn’t feel right.  A clearly articulated Code gives practitioners the vocabulary to draw a line without pointing a finger, and to express disquiet without casting aspersions.  It allows difficult conversations to happen without defensiveness.  When a long-time client pressures you to "smooth" earnings for investor appeal, the Code doesn’t just tell you to say no, it equips you to explain why. Because integrity, objectivity and transparency aren’t just personal values, they are public commitments.

A Shared Compass

We all know there’s strength in numbers, right? Here’s where things get more powerful still. The Code isn’t just an internal compass. It’s a shared one.  When you uphold it, you’re not just acting ethically, you’re reinforcing the reputation and reliability of the entire profession. When one member adheres to the Code, it builds confidence for all. When one falls short, the whole foundation is strained.

This shared commitment, across borders, organisations and sectors, is what allows the public to treat “Chartered Accountant” as shorthand for ethical reliability. It creates a values-based professional community. That sense of collective accountability is a quiet but mighty force.

So What?

It might be tempting to see the Code as a compliance document, or an exam hurdle from a distant past. But it’s far more than that.  It is the ethical gymnasium in which you build your professional judgment. It is the social contract that helps you lead and earn trust. And it is the invisible thread that connects you to a global professional community with shared values and standards.

In an age of growing complexity, misinformation and moral ambiguity, the ability to know what’s right, and show what’s right, is a rare and vital skill. And you already have the tools.

The real question, then, isn’t “How do I know if I’m doing the right thing?”
It’s “Am I using my superpower?”

In the next edition: Integrity, not a moment of decision, but the quiet discipline of daily practice.

Thank you for reading the first instalment in our Ethical Leadership series. Ethical Leadership is a partnership between CA ANZ and the Cranlana Centre for Ethical Leadership, exploring the role of ethics as an integral part of your professional membership.