Anton Colella, CEO of the Institute of Chartered Accountants of Scotland (ICAS), is to call on the institute’s members to take personal responsibility and genuinely embrace the code of ethics of the profession.

At ICAS annual conference taking place in Glasgow, the global body will propose adding "moral courage" as a new fundamental principle to strengthen ICAS code of ethics, upon which every new member takes an oath when joining the profession.

The existing five principles are integrity; objectivity; professional competence and due care; confidentiality and professional behaviour.

"Corporate failure often begins with personal failure. Our aim is to place ethical behaviour as the number one priority for individuals," Colella will tell the audience.

He is to announce an initiative called ‘The Power of One’ which encompasses an ethical decision making framework, as well as thought leadership and mentoring in professional ethics.

"It is often a very lonely place for an individual to stand up against unethical behaviour."

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ICAS initiative, according to Colella, aims to show business men and women who meet unethical behaviour that they are not alone.

"Thousands of Chartered Accountants around the world stand behind them and indeed expect their colleagues to stand up and be counted," Colella will say.

Membership of ICAS has steadily increased to more than 20,600 members, of whom 50% are based outside Scotland.