Ethics Code Of Professional Ethics

A certain standard of moral and professional ethics should be kept in accounting. If professional ethics are not met, some consequences may be faced. These

Ethics is important in the Accounting Profession just as much as it is important in any other profession. When in the accounting profession, we will be faced with decisions on a daily basis that we will have to decide if they are ethical or not. For instance, one CEO, Kenseth, is nervous about large stockholders who have been vocal about her lately and she considers buying them out by purchasing their shares, so she can eliminate the competition and maintain her leadership as CEO (Kieso, Weygandt, Warfield, Pg. 871). She has to decide if she should buy them out or not. If she bought them out, that would be unethical because she is using inside information and her authority to benefit herself. She should keep in mind what is good for the company as a whole, and not just what is good for herself. Additionally, depending on the company, the more particular they are, the harder it is on the Accountants to make ethical decisions. They are constantly worrying about “Am I presenting this information in a good or bad way”, or “Is this right or wrong” (Kieso, Weygandt, Warfield, Pg. 21). For instance, in the case where Weller wants to implement a rule that will present the financial conditions in a

Reporting Practices and Ethics Kara Moore HCS/405 August 1, 2011 Barbara Archer Reporting Practices and Ethics 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

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

New York State Accounting Code of Ethics      The accounting system is constantly changing. During these changes, it is important for accountants to adhere to the high ethical standards that they have always lived by. Adhering to the high ethical standards is an accountant's obligation to the public, the profession, and themselves.

Question | ONE Accountants owe the duty to act in a professional and ethical manner concerning clients, as well an obligation to respect the laws that are involved with the profession. This is where a crossroads of ethics and legalities are formed and potentially the defining point of crucial decision-making. Stephen Richards and his actions under employment with Computer Associates (CA) are then examined in light of this concept.

D) Relevant ethical codes that can be applied to the articles (please be sure which code of ethics you are citing) and how you would apply such code(s). ACA -A.1.a. – Primary responsibility (counselors will respect the dignity and promote the welfare of clients) -A.1.d. – Support Network Involvement (counselors recognize

Introduction In the wake of accounting malpractices across several companies in the United States such as Enrol Corporation, Tyco International and WorldCom, there has been a lot of attention with regards to the accounting practices in the corporate sector. Specifically, the Sarbanes – Oxley Act (SOX) which was passed by congress in 2002, was aimed at addressing the situation by regulating fraudulent accounting practices such as bribery and wrong entries in books (Williams & Elson, 2010). While regulation has its own limits, it is hoped that ethical principles can go a long way in keeping accountants in check. To this end, a number of institutions formulated within the accounting professions such as the AICPA have come up with codes of conduct to guide the action of members and ensure that they act in a way that is morally right and in line with the profession.

Businesses, investors, creditors rely on accounting ethics. The accounting profession requires honesty, consistency with industry standards, and compliance with laws and regulations. The ethics increase the responsibility and integrity of accounting professionals, and public trust. The ethical requirements influence the management behavior and decision-making. The financial scandal of Enron and Arthur Anderson demonstrates the failure of fundamental ethical framework, such as off-balance sheet transactions, misrepresentation of financial statements, inaccurate disclosure, manipulations with earnings, etc. The confronted accounting profession and concern for ethics in businesses forced regulators to revise the conceptual framework of accounting processes.

Code of Ethics and Ethical Guidelines There are many ethical codes and guidelines a supervisor should follow. One of the most important ethical codes refers to competency. The American Counseling Association (2014) and the Association for Counselor Education and Supervision (ACES) (2011) both reiterate the importance of competency professionally as a counselor and supervisor. Counselors are only to practice within their scope of competence. This is based on the counselor’s education, training, experience, and credentials (ACA, 2014). This includes experience and training as a supervisor. The ACES (2011) stated supervisors should only provide supervision for supervisees and clients that fall within their scope of training and expertise. The supervisor should be continually engaged in education to ensure continually competency (ACES, 2011). Competency is important because acting outside one’s level of competency puts the supervisor’s career at risk, can harm the supervisee, harm the client, and raise liability issues.

Ethical Standards for Management Accountants Ethics in any industry is important, but for Accounting professionals and those in need of their services, it is a particularly stressed element. Information provided by accountants is used to make major decisions, including investing, downsizing, expanding, etc, so accountants are expected to be competent, reliable, and have a high degree of professional integrity. Because of these high expectations, the professional accountancy industry, like many other professions, has adopted professional codes of ethics (Woelfel, 1986). These ethical codes go above and beyond the requirements for state or federal laws and regulations. There are several professional organizations within the

In light of the recent financial catastrophes, there appears to be an increasing desire for ethical dealings in business. Maxwell suggests that there is currently a trend in the marketplace that seems to be placing more value on integrity, taking a longer view of strategies, and setting more realistic or conservative goals, though the jury is still out regarding the effectiveness of implementation and execution in changing the corporate money-making climate. Despite the Sarbanes-Oxley Act of 2002, which sets the standard for corporate accountability and penalties for wrongdoing, some experts believe the responsibility for maintaining an ethical environment is up to management (Jackson, 2005).

Ethical decision making: A dilemma 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

Christine Lewis Intermediate Accounting Kim Hurt Ethics Paper Accounting Ethics In accounting, ethics are based on a commitment to honesty and objectivity. Financial reports are to be shown in the clearest and most accurate way possible. Investors, creditors, managers, employees, and even customers need to be confident that their accounting professional is honest

Accounting Ethics: Ethics is a term that is commonly used to describe a code or moral system that serves as a criterion for assessing right and wrong. Professionals operating in the business world usually face ethical dilemmas, which are situations where a person or group is faced with a decision that