REC, being a public accountancy firm that caters to the professional needs of small and medium enterprises, cooperatives and NGOs, plays an important role as the impact of its professional service spans the backbone of Philippine economy and society. This sector, as we have learned from experience, has a vital and strategic role during economic crises and the Firm helps a lot in the sector's development and strenghening efforts towards the social and economic progress of the nation.
It ensures that only the competent and morally fit are admitted in to the Firm, and that all partners and professional staff abide by professional excellence in accordance with the highest technical and ethical standards of service.
Thus, all REC partners and professional staff, must adhere to a Good Governance Code of Ethics that defines the ethical framework in the performance of their mandate, functions, and responsibilities. The Code ensures that they fulfill their ethical obligations to their colleagues in the profession, the State and the people. It ensures the maintenance of high standards of competence and integrity in the Firm in order to transform REC into a client-focused, technologically-propelled, vibrant and dynamic public accountancy firm.
In this light, all REC partners and professional staff shall endeavor to fulfill their ethical obligations through the following ethical standards:
1. Commitment to Public Interest, Objectivity and Transparency
REC partners and professional staff shall always remember that as public accountants, they do not live for themselves and their families alone. They are a part of society to which they owe definite responsibilities. They shall always therefore, uphold the public interest over and above personal interest.
In the performance of their services, they shall maintain objectivity and shall make decisions and actions solely based on merit. They shall remain open and transparent about all the decisions and actions that they take.They should give reasons for their decisions and restrict information only when the wider public interest clearly demands it.
2. Integrity, Accountability, and Impartiality
As an accountancy firm in public practice, all REC partners and professional staff shall bear the unassailable stamp of integrity. They shall, at all times, practice the highest standards of good morals in order to effectively discharge their functions. They shall, likewise, practice integrity and honesty in order to preserve and protect the interest and the good name of the Firm. They shall value their honor as they value their life. They shall, therefore, denounce all forms of nefarious activities that impinge upon the integrity of the accountancy profession.
They shall fully assume responsibility for the decisons and actions they take in the exercise of their profession, and live up to the consequences that flow from them including submitting oneself to whatever public scrutiny is appropriate to their professional outputs.
3. Professional Competence
REC, being an accountancy firm in public practice, must strive to attain the highest level of efficiency, effectiveness, and economy in the practice of its profession. All REC partners and professional staff shall, therefore, commit themselves to the highest degree of the professional competence, both in the technical and ethical sense, through continuing self-development. They shall commit themselves to change, reform, and innovation, where needed, in order to continually enhance the quality of service. They shall continuously update themselves on new frontiers of professionalism and respond to developments affecting the profession.
4. Service to Clients
REC exists to serve primarily its clients. The REC partners and professional staff shall accord its clients the dignity and comfort that they deserve.They must adhere to a conduct committed to a client-focused, efficient and commited service to its clients. Their service must be a measure of professionalism, and they shall, therefore, always extend prompt, courteous, and quality service to the client.
5. Positive Work Ethic
REC partners and professional staff shall develop positive work ethic, always loving their calling and working cheerfully, throughly, and well. Striving to be efficient at all times, they shall not leave for tomorrow what they can do today. Corollary to this, everybody in the Firm, even the lowliest and most modest shall always bear in mind that he or she has a job to perform and is much duty bound to perform that job as well as those occupying higher positions. In the Firm's effort to give its clients the best service, everyone shall discharge his duties and responsibilities with honesty and dedication to his or her individual work, no matter how humble or lowly the task may be.
6. Solidarity and Teamwork
All REC partners and professional staff shall work in unison and collectively always mindful that in cooperation, there is strength, and in disunity, there is weakness. They shall therefore work towards the development of a culture of unity, teamwork, cooperation, and empowerment in the practice of public accountancy. They shall at all times respect the rights of their colleagues and peers, reaching out the hand of friendship to one another and endeavor to promote an atmosphere of good feeling, ample confidence, mutual respect, and cooperation.
7. Social Responsibility
All REC partners and professional staff shall contribute to the welfare of society and promote social justice. In so doing, they must imbibe the Firm's vital role and significance to professional practice, the government, and the society as a whole. They shall at all times be mindful of the consequences on society of any of their acts and shall refrain from doing acts inimical to public safety and public interest. They shall perform their tasks with utmost consideration of the consequences it may incur on public interest and welfare.
8. Nationalism and Patriotism
All REC partners and professional staff shall, at all times be loyal and dedicated to the national interest. They shall respect the Constitution which is the expression of the sovereign will. They shall, at all times, push for the protection and promotion of the accountancy profession to guarantee their competitive edge in the global arena. They shall also use and develop local resources and conserve them for the eventual development of the Philippine economy and society.