Ethics And Ethical Standards For Accounting Professionals

2390 Words Mar 23rd, 2015 10 Pages
When in Rome, do what the Romans do, should that be our thinking when it comes to making ethical decisions. Can ethics be flexible where business leaders and organizations operates with one set of standards in their homeland and another overseas (George, 2008)? Now, that our world has gone global, it is imperative that we maintain a common set of ethical standards of making decisions and running businesses across the globe. Ethics, derived from the Greek word “ethos” means custom or usage, it includes the ideas of character and of disposition. Ethical standards are based on the principles of trust, integrity, fairness, equality, and accountability among others.
Today, there’s a growing need for the ethical mandate of professional accountants to be addressed by international accounting bodies. Increased globalization and global collaboration stipulate the desire to harmonize ethical standards for accounting professionals (Sadowski & Thomas, 2012). It is imperative that professional standards are adhered to, and this cannot be attained without the proper formulation of guidelines on the mode of operation. This paper aims at exploring the fundamental guidelines already established that govern the globalized code of ethics while also looking at the challenges that face governing bodies in their quest to ensure that ethical standards are followed. Equally, efforts aimed at establishing globally acceptable ethical standards will also be explored. Globalization and the…
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