Legal And Regulatory Environments And Ethics

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

In this course, students are introduced to the conduct of fraud examinations, including a discussion of specific procedures used in forensic accounting examinations and the reasoning behind these procedures. Topics include an overview of fraud and abuse, forensic evidence, substantive procedures for cash outflow irregularities, substantive procedures for asset irregularities, financial statement fraud, and examination reporting.

There are multiple ethical standards, laws and ethical aspirations that need to be addressed in this case study. First and foremost, Aspirational code of beneficence and nonmaleficence, should be addressed while problem solving this conundrum. WAC 246-924-357 also addresses the steps that the psychologist may need to make when terminating and referring services with this client. It is important to address Standard 3.04, Avoiding Harm. “Psychologists take reasonable steps to avoid harming their clients/patients, students, supervisees, research participants, organizational clients and others with whom they work, and to minimize harm where it is foreseeable and unavoidable” (APA, 2002). In this case study, the client has an executive role in the organization, which the client notes that he can overlook the psychologist contract obligation by working with this client, outside of the organization. This comment can lead to a slippery slope, and demonstrates an initiation of a multiple relationship. It also prevents the clinician from holding true objectivity, which if the psychologist continues to work with this client, could lead to an exploitative relationship.

In examining the standards of ethics, or lack thereof, in cases of corporate fraud there are key questions to consider. These questions relate to ethics, the fraud triangle, and the legal ramifications incurred. It is important to examine the elements related to these key questions, in order to gain an understanding of the impacts fraud has upon all parties involved. This handbook provides information to gain an understanding of what ethical violations are at play and the impacts upon all involved parties resulting from those violations. Further provided is information regarding ethical issues when an awareness of the fraud is known, and what the reactions should be by the

AICPA Code of Professional Conduct principles prevents vises such as fraud that are experienced in accountancy field. Audit is the best measure of the effect of the fraud that are imposed to investors by accountants. The relationship of the investors and account holders are supposed to be affirmed through auditing to ensure accounting principles are upheld(Weirich, Pearson, & Churyk, 2010). Improper loss of the funds through propagation of the accountant officer should be treated as fraud and criminal activity that should lead to prosecution. Therefore, the paper seeks to relate two fraud cases that have been audited and presenting AICPA Code of

In the present day forensic accounting plays a huge role in many of the court cases publicized by the media. With the spotlight on the profession, this is a good opportunity to discuss the following topics:

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

Carbon, L. (2011, September 7). Pain in laboratory animals: The ethical and regulatory imperatives. PLoS ONE, 6(9), p. 1-6. doi:10.137Vjournal.pone.0021578. (2015, November 16).

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.

According to findlaw.com, “legal ethics is a term used to describe a code of conduct governing proper professional behavior, which establishes the nature of obligation owed to individuals and to society”. When practicing law attorneys must comply with the rules of professional conduct. These rules were endorsed by the American Bar Association in 1983. In the United States all have accepted these rules except California. Although they did not accept the American Bar Association’s rules they follow a set of their own that are similar, varying with format.

Fraudulent, erroneous, and illegal acts committed by a public company, usually at a managerial or executive level, have been a very serious problem for many years and have prompted development of strict and updated regulations, such as the Sarbanes-Oxley Act, in an attempt to prevent these occurrences. Unfortunately, these new or updated regulations are not enough to prevent these acts from happening, thus not alleviating the auditors of their responsibility to detect fraud. Some methods that management and auditors can employ to prevent and detect fraud, errors, and illegal acts are: improving knowledge, improving skills,

There are many different avenues that one could take in the field of accounting. It is a lucrative career with many areas of interest to be followed. I have chosen Forensic Accounting to further review and research. This paper will define forensic accounting, describe what it takes to be a forensic accountant, give some statistics about forensic accounting, and give my feedback on this potential career path.

TOPIC: CRITICALLY DISCUSS THE VALUE OF FORENSIC AUDIT PROCESS IN THE DETECTION AND PREVENTION OF ASSET MISAPPROPRIATION FRAUD

The Ethics code and the guidance is an important complement to the legal system of the accounting, it covers the issues which are tend to fall into the gray areas, such as behaviors that are not forbidden, yet not specially permitted by the law. (John Wily &Sons, 2015) It cannot be replaced by other legal accounting system. Strengthen the accounting professional ethics can effectively improve the level of professional accountants. If the accountant does not have the awareness of this ethics and lack of the professional skills, it will be difficult to ensure the authenticity and reliability of the information. So the ethics and the guidance played an important supplement to the legal system for accounting. For example, when a tax accountant is facing a situation where the client wants to fudge their income to avoid paying a high tax. The client may pay the accountant fees for helping them evade tax. In doing this, the accountant may be long-term benefit, But if their actions are exposed, severe penalties would come. So the ethics code and guidance constrain the behaviors of accountant. Also, it is a duty for the accountant to reject the illegal actions such as tax evasion.(Swails,2000)

Accounting skills are useful for companies and individuals who are trying to maximize their profits and maintain a competitive advantage, but forensic accounting can help bring justice and peace of mind for many others by illuminating financial processes that can help explain criminal actions and behaviors. The purpose of this essay is to describe the five most important skills a forensic accountant may possess in order to become successful. This essay will describe each one of these traits and describe its application to business operations. Next the essay will describe the role of the forensic accountant within a courtroom environment and then also discuss the legal responsibilities that these professionals have to obey in the course of their work. Finally this essay will highlight two real world cases where forensic accounting provided vital evidence in a legal court case.