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M23050 - Ethical Dilemmas for Accountants and Auditors (Online)

  • 4 Jul 2023
  • 09:15 - 12:30
  • Online Webinar


Registration is closed
Registration Time: 09:00
Sessions Time: 09:15- 12:30  including a 15-minute break
Speaker: Mr Mario P Galea
Venue: Online Webinar
Participation Fees (The Institute is now accepting payments via Paypal)
MIA Members: €40
Non-MIA Members: €75.00
Retired Members: €20.00
Students: €30.00

The balance between ethics and economic activity persists as the major dilemma for accountants and auditors. Ethical considerations apply whether or not members of the profession are employees or employed. We are guided by the Code of Ethics and Independence to overcome the sometimes-undesirable situations which we may find ourselves in. However there is no limit to what situations we may have to face and the Code does not purport to provide us with an exhaustive list of what and what not to do and how. The International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code) sets out fundamental principles of ethics for professional accountants, reflecting the profession’s recognition of its public interest responsibility. The Code also provides a conceptual framework to identify, evaluate and address threats to compliance with the Code’s principles, and where applicable, to independence. Accordingly, a lot depends on the practicing accountants frame of mind, professionalism and sense of respect to one’s work, the clients as well as society at large.
Dilemmas always existed, still exist and will continue to exist because no amount of rules, standards and regulations will change our inner self. Unfortunately only accidents may stand a chance of bringing change and even these may fade with the passage of time which is known to have the tendency to heal. We ignore ethical dilemmas at our own risk and irresponsibly at the risk of the general public interest. Time may heal but it does not erase the harm and damage that we may cause if we act wrongly in the face of ethical challenges.
We show leadership not with our technical prowess or connections but mainly with our ethical stance. We show leadership with exemplary resolution of ethical dilemmas. 
This event will provide us with an opportunity to delve into the conceptual framework for ethics and will prod us to think about how we would best approach ethical dilemmas in our daily professional life.

Topics on the agenda

  • The Code of Ethics
  • Independence Standards
  • The conceptual framework for ethical conduct
  • The fundamental principles of ethics
  • Non-Compliance with laws and regulations


This event can be attended by accountants who practice both in business and in the profession as auditors or advisors in either warranted or non-warranted activities. Given the need for our clients and employers to understand better our profession this session will also be of use to those receiving our services. In addition, members of stakeholders relying on the output of accountants such as banks, regulators, government departments, unions and agencies would also benefit from this session. Investors would also be welcome to better understand what influences the accountants work when delivering to those in charge of their money.


In our working life we have more opportunity to practice and do business than think about how we carry out our responsibilities safely and sustainably.  We do not give sufficient weight to the force of ethics on our well being and that of our clients and society at large but the prevalence of ethics for pathways to wellbeing is undisputable.  The fundamental principles in the Code of Ethics are not school material but practice material.  The conceptual framework adopted by the Code is not for ignoring as secondary but to serve as a focal point in what really matters in our practices whether we are serving clients or serving employers.  Our profession will be better and more widely respected if we place high on our agenda the fundamental principles of ethics and more; this transcends any other objective in our professional life.  This secures our personal and the professions’ unchallenged sustainability as well as it will serve as a major challenge to the flow of lawsuits and their outcomes against members of our profession.

    Speaker's Profile

    Mario P Galea is a  certified public accountant holding a warrant to practice both as an accountant and as an auditor. Currently practising as a business advisor providing governance oversight and advisory services to businesses and corporations. Serves as an independent non-executive director on the boards and audit committees of various listed companies in the financial and commercial sectors. Mentor and advisor to family businesses. Founder, managing partner and chairman of accountancy and audit firm EY in Malta until retirement in 2012. Specialised in auditing and assurance which he has practiced for 35 years in Malta and abroad. Lectured in auditing, assurance and professional and business ethics and led several training courses. Speaker at various business and professional conferences in Malta and abroad. Speaker and producer of various webinars related to auditing, corporate governance and ethics. Assisted businesses in several areas particularly relating to governance, accounting and systems of control. Served as President of the Malta Institute of Accountants and for many years formed part of the Accountancy Board which is the accountancy profession regulator in Malta. Served on various professional committees in Malta and abroad such as the council of the Federation des Experts Comptables (FEE) in Brussels (now Accountancy Europe). Member of the Ethics committee of the Malta Institute of Accountants in Malta.


    3 Hours Core


    Terms and conditions  apply


    By Registering and/or Booking for this event, you agree that MIA will collect your information which will be using it in accordance with its Privacy Notice available at the following link.
    Please note that all webinars are recorded by the MIA. Such recordings will be retained by the MIA for internal use.

    Contact Us

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    E-mail: info@miamalta.org

    Tel. +356 2258 1900