Ethical Problems Faced by Actuaries in Business & Some Possible Solutions to These Conflicts

Financial reporting practices and ethics have manifested an ocean of literature. This has mainly come from organization theorists that address accounting practices. These theorists and professionals have given fresh accountability measures. Their ideals give this industry the tools needed to survive, grow and prosper. The way an organization prepares and reports its financial information and handles its daily operations is in essence financial practices, and in the way it accomplishes this reveals their ethical standards to which they adhere to. This paper will discuss the financial practices, ethical standards, and

What additional audit procedures, if any, should you suggest to the engagement partner in order to evaluate the appropriateness of the asbestos litigation liability as of December 31, 2009?

You have asked me to research how the cases of Shaeffer, Whiting v. Grange Mutual Casualty Company, 1981 Ohio App. LEXIS 14351 (Ohio Ct. App. 1981) and Schneider v. Eady, 2008-Ohio-6747 (Ohio Ct. App. 2008) will affect our case with

letter, entitled “Guaranteed Annuities - no excuse for not managing risk.” Here is a quote from that letter: … insurance company management should face up to the responsibility for failing to manage the inherent interest rate risk through the use of derivatives techniques explicitly or implicitly by lengthening the duration of their investments. The mismanagement of

The American College of Healthcare Executives (ACHE), has a strong impact on ethical decision making because they focus on the “entire being” of the healthcare professional. For example, in ACHE’s preamble of The Code of Ethics it states, “In fulfilling their commitments and obligations to patients or others served, healthcare executives function as moral advocates and models.” Imagine, when a healthcare administrator recites these few words, he cannot help but acknowledge the depth of his commitment and the high level of morality that is expected from him. Because of the vast number of complex ethical dilemmas that arise, ACHE further promotes the value and importance of strong ethical decision making in ACHE’s Ethics Toolkit. “When the ethical guidelines are not enough, when there is uncertainty about the proper ethical approach, and when there is a need to develop additional

Accountants are held to a higher ethical standards and they must performed their duties in compliance with standards or ethical values of honesty, integrity, objectivity, due care, confidentiality, which must be fully committed to. They must put clients or public interest first before their own. They must have and ethical values and maintain those values way beyond what the society or the company’s code of ethic. It is important that accountants’ behavior or ethical values is in conformity with the

Ethical principles provide generalized frameworks that may be employed in the resolution of ethical dilemmas in our daily lives. These principles may be applied to our interpersonal relationships as well as to our professional lives. However, as members of a profession, we will encounter more specific codes of ethics that are designed to govern our professional behavior and to offer some guidance for the resolution of commonly faced ethical issues that occur in the practice of our chosen professions (Syracuse University,

* Bo and Mo do explicitly say that it is up to Kevin to decide how to increase his productivity.

Ethics are crucial to the accounting profession and the business world, so choosing an ethics system to base your moral decisions on is extremely important. Accountants and all business professionals will be confronted with moral dilemmas on a daily basis. Being strong in your faith and knowing what you believe in will help you to always make the right decision. Based on this reasoning, this essay will explain why deontology is the best ethics system for the accounting profession.

The study is important because it examines the role of ethics in accounting. The research on identified problems is necessary due to vagueness of ethics concepts and its difficulty to

Imagine trusting your hard-earned money like your retirement savings to a financial adviser or Certified Public Accountants (CPA) only to lose it all in a fraudulent Ponzi scheme. In today’s world of business many organizations, financial planners and accountants are in the news due to the financial ethical breaches that have affected their customers, employees, and the general public. A CPA has to be responsible for their audits and take any punishments as a result of their mistakes, incompetence or illegal actions. CPAs are expected to have integrity in their work,

There have been a number of proposed and upcoming changes to GAAP and solvency reporting standards in the US, Canada and Europe in recent years. In particular, significant efforts have been made to increase convergence between US GAAP and IFRS. The following report discusses the pros and cons of convergence between standards in different jurisdictions, as well as convergence between GAAP and solvency standards, in relation to insurance contracts. Here, the term ‘GAAP’ refers to financial reporting for investors, shareholders and creditors. Solvency standards refer to the regulatory requirements imposed on insurers. The jurisdictions discussed have been limited to those in which The Greatest Life Insurance Company operates in: namely, the US, Canada and Europe.

Ethical issues have greatly transformed in our lives since the great Enron, Xerox and other huge corporations proposed big profits showing earnings of billions of dollars and yet in reality facing bankruptcy. These corporations faced great trouble with the federals and state for manipulating financial statements. But not only corporations can be blamed on this, accounting firms were involved in this as much as the corporations were. With the business stand point, ethics comprises of principles and standards that guide behavior. Investors, traders, customers, and legal system determine whether a specific action is ethical or unethical. Ethical issue is a vast subject, but we will look at the niche

As long as the largest quantity of people is receiving the greatest benefit as a result of a particular action, that action can be rationalized. With a greater understanding of the two major ethical systems proposed for the accounting profession, the evaluation of those systems becomes simpler.

witnesses also are included in the case. The primary issue in this case (drawn from actual