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Ethics And Ethical Standards For Accounting Professionals

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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 …show more content…

Different companies set the ethical standards that are meaningful to their organization. Ethical standards help employees in making right decisions that are beneficial to the organization (Ebimobewei, 2012). Employees become open when they see a wrong and unethical act to the company. Ethical standards provide guidance on what to do when ethical dilemmas arise. Professional, ethical codes and standards expect members of all professions regardless of job title, cultural differences or local laws to act with integrity and place the interest of customers above own interests. It expects professionals to be competent and respectful. Professional codes and standards require members of a profession to maintain and develop professional competence (Sadowski & Thomas, 2012). It covers duties of employees to employers and customers, analysis of investment, responsibilities and conflict of interest, professionalism and integrity of capital markets. Professionals who behave ethically act with integrity, show respect to everyone they interact with, provide a high quality of services, work to enhance trust and loyalty to customers and are responsible. For over a decade, the global community has claimed a set of universal accounting standards. These standards are expected

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