Ethical Standards Of Ethics: The Institution Of Management Accountants

Ethical standards are subjective. Like morals, mission statements and corporate responsibilities and conduct, Ethical standards or practices are used to guide behavior in an organization or profession. This paper will explore the Institute of Management Accountants (IMA) Statement of Ethical Professional Practice and their ability to interact in the global market.

When auditing a publicly held company, auditors need to observe principles. The ethical principles of the American Institute of Certified Public Accountants (AICPA) Code of

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

Question 5 is about the ethical standard of competence of the Institute of Management Accountants (IMA) and how it relates to biblical principles. Competence is the first of four standards that help guide management accountants in their conduct. The other three standards of the IMA (n.d.) include confidentiality, integrity, and credibility. These standards are so important to the IMA (n.d.) that the organization even states that “a member’s failure to comply with the following standards may result in disciplinary action” (p. 2). The IMA even has an ethics committee and ethics helpline that can be called for help with ethical issues.

According to Marshall (2004), "accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements" (p. 3). Specifically, financial accounting "refers to the process that results in the preparation and reporting of financial statements for an entity" (Marshall, McManus, & Viele, p. 5). While many entities prepare their own financial statements, firms can also contract with a public accounting firm or a Certified Public Accountant (CPA) to perform services such as reviewing or compiling statements. (A CPA is a professional designation granted by individual states.) Entities that are publicly traded or complex in nature contract for

Ethics is an essential in the running of any business, but it is more than ever critical when transacting accounting decisions. When dealing with ethics in the business world, management must remember what is ethically right

The article “Ethical reasoning: Implications for Accounting” by Mintz and Morris from Ethical Obligations and Decision Making in Accounting, summarizes modern moral philosophies and defines different views on ethics according to the philosophy being followed. There are four broad categories of moral philosophies: teleology, deontology, justice theory, and virtue ethics. In many cases, there are specific subgroups within these major groups. The article gives specific examples of when each philosophy should be used and illustrates the strengths and weaknesses of each philosophy.

Bitcoin now has the largest market capitalization among all kinds of crytocurrency. Bitcoin 's success has generated a number of other crypto-currencies including Litecoin, Peercoin, and Namecoin, etc. Bitcoin, an electronic currency, is established by computers producing a string of unique numbers through complicated math problems. Bitcoin is sold on unregulated exchanges and acknowledged by an increasing number of people and businesses due to the fast speed and low transaction cost. One Bitcoin is now valued at about $500 and other crypto-currencies hold less value. The trend is that cryptocurrencies are attracting more interest as potential investments. A distinguishing feature of crypto-currency is that it is not issued or backed by government. So it is difficult for government to manipulate or interfere with. Governments around the world hold different perspectives

As the Ho and Lin report found "it is a challenge for accounting professionals to understand the differences in perceptions of accounting ethics" (p. 884). Accounting firms may not have previously recognized their responsibilities and roles (especially regarding ethics) but are certainly more aware currently of those items and tasks. Accordingly, one of the measures that now takes place by accounting firms has to deal with the measuring of intangibles. Intangibles such as behaviors, standards and ethics are now front and center in the

The C.I.M.A code is includes three parts. Part A explains which fundamental principles of professional ethics should be professional accountants complied. Part B is suitable for professional accountants who work in public practice. And Part C applies to the professional accountants who work in business. Among these three parts, the main elements highlighted within the C.I.M.A. code of ethics could be grouped into three.

Introduction. The authors study reasons of potential discrepancies between leaders and non-leaders of accounting firms. The firm’s ethical norms directly influence the behavior of its members. The researchers state that it is important to identify and understand the factors that affect ethical norms in the organization (p. 125). The firm’s leaders should play a meaningful role in building and supporting the ethical environment. The main objective of research is to analyze motives of perceptions’ inconsistencies in of the ethical setting between the management, partners, and other accounting professionals of the firm. The study is important through its investigations of influential factors of ethical standards on perceptions of accounting firm’s members, and in reducing the gap between partners and non-leaders of the CPA firm. The authors consider two problems of the study: greater ownership interest promotes the decision leadership in the company, and lack of non-leaders participation in modeling the firm ethical environment (p. 126).

Researcher: I am a student pursuing accounting in my studies and am doing a research on accounting ethics. I’d like to get your assistance in doing my research

Ethics are a decision one makes in knowing the right thing to do and essentially doing the right thing. They are the rules of behavior based on one’s belief of what is morally good and bad. A person may hear the word ethics and immediately think of government or the law. Not only does ethics have a role in government, it also plays a major role in business, including accounting. Schroeder, Clark & Cathey (624) states that the “reason for a high level of ethical conduct is the need for public confidence in the quality of services provided by the profession.” Ethical conduct not only encourages a high standard of performance; it also encourages a high quality of professional service. Enron’s financial scandal put a huge damper on that confidence. The Enron scandal made the public aware and conscientious of what could happen when dealing with unethical individuals. Since then, the public has educated themselves and are continually becoming more informed. Ethics in the accounting profession is not going away, it will only continue to change as business transaction change and become more complex.

Ethics is a decision one makes in knowing the right thing to do and actually doing the right thing. They are the rules of behavior based on one’s belief of what is morally good and bad. A person may hear the word ethics and immediately think of government or the law. Not only does ethics have a role in government, it also plays a major role in business, including accounting. Schroeder, Clark & Cathey (624) states that the “reason for a high level of ethical conduct is the need for public confidence in the quality of services provided by the profession.” Ethical conduct not only encourages a high standard of performance; it also encourages a high quality of professional service. Enron’s financial scandal put a huge damper on that confidence. The Enron scandal made the public aware and conscientious of what could happen when dealing with unethical individuals. Since then, the public has educated themselves and are continually becoming more informed. Ethics in the accounting profession is not going away, it will only continue to change as business transaction change and become more complex.

Ethics is perhaps one of the most significant disciplines that should always be evident in every profession. Just like in the field of Accountancy where adherence to the Professional Code of Ethics is an utmost importance. It serves as the foundation for the practice of one’s own profession and it helps ensure the highest quality of service to the public (Ballada, 2015). Moreover, knowledge on ethics enables an individual to make a more reasoned judgement regarding what is morally right from wrong when faced with ethical dilemmas.