You have just been hired as a graduate accountant by Water Instincts Industries, a company that manufactures swimwear and swimming products. The company was set up by John Klim in the past year. The company prides itself on producing innovative and stylish swimwear and swim accessories. The company’s production base is in Malaga, Western Australia, with its retail store in Innaloo, about 16km away.

John said. “I have been hearing all these chatter about ethics and why we should be more ethical and blah blah blah. How about you tell me the purpose of having a Code of Ethics for our company? Do we really need one? Can we not just use one that is already available, like from one of the accounting bodies? Or do we have to really have one for ourselves? This is just too complicated. Let me know what we should do.”

Question

Whether a Code of Ethics is required for Water Instincts Industries. (Please use your own words. 300-500 words.)