Professional Code of Ethics

What is the difference between values and ethics? Values are rules by which people make decisions about what is right versus wrong; good versus bad and what one should or should not do. The definition of values according to Dictionary.com is “the ideals, customs, institutions, etc., of a society toward which the people of the group have an affective regard. These values may be positive, as cleanliness, freedom, or education, or negative, as cruelty, crime, or blasphemy” (The American Heritage® Dictionary of the English Language, 2009).

Accountants are relied upon to be trustworthy and maintain high ethical standards. It is because of the nature of the profession that puts them in a position of trust with people who rely on their professional judgment and guidance in making decisions. These decisions are extremely important in accounting and more so that companies that have high ethical standard or main good ethical culture spend enormous time to train the staffs about the conduct that is expected of them.

Professional code of ethics is the fundamental cornerstone in relation towards human services. According to Reamer (1998) ethics in human services consist of four main periods: the morality period; the ethical theory and decision making period; and ethical standards and risk management period. That is why the area most relevant to human services from the three general subject area, normative ethics studies the moral action regarding acceptable behaviours and conducts for practitioners to follow regarding the standards and values that deem pertinent and appropriate for those working these fields. It helps cover real dilemmas that might take place concerning the duty of care, responsibilities and the rights of the different parties that are associated with the situation. The use of the professional code of ethics within human services equips the practitioners to ask the right set of questions that would help assist in decisions making and taking the right actions that are morally right or wrong.

My thesis is that the core of business is moral just as the core of any

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:

Forensic accountants also should consider that confidential sources of information may have a hidden motive for providing information. Former spouses, business partners, employees, neighbours, and friends may know specific details. However, the reasons for providing such information may be suspect. The confidential source may be providing information that is intended to discredit or embarrass the target. A forensic accountant should weigh the benefits of relying on the evidence against the risk of potential damage to the case if the information proves false. To the extent possible, information received from confidential sources should be corroborated through independent investigation.

Fraud in the financial community is consistently hidden in "style." Since its beginnings in the "great depression," to now, "the great recession" fraud has undoubtedly taking many forms and styles. Subsequently, many non suspecting patrons have been severely damaged as result of this greed and corruption. Many of America's largest and most established companies are not exempt from this form of style manipulation. As we will soon see, many corporations, including Enron, have both the ability and incentive to commit fraud. In today's fast paced information age, fraudulent activities are now becoming more difficult to detect, and even more difficult to prove. As a result, the demand and subsequent use of forensic accountants will be very important in the future as litigation continues to take hold of the financial services industry. Firms such as JP Morgan, Bank of America, Goldman Sachs, and larger banks have now been subjected to large amounts of litigation and negative publicity. The need for forensic accounting during these periods is high as their skill set warrants their use in court.

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.

The role of forensic accountant in the courtroom is in the insurance and litigation markets, and expert testimony, and fraud auditing/ investigative accountancy. People in this field need accounting, auditing, and investigation skills. These skills are utilized to communicate financial information clearly and accurately. Technical skills are needed to prepare reports with visual aids to support trial evidence. An example is financial evidence is analyzed and presented in computerized applications that are presented to the clients. The analysis and opinions of the forensic accountant are the basis of legal cases and claim settlements. The litigation support is an extensive area

Forensic accounting began as just a necessary solution to the age old problem: what arrows does someone have in their quiver to avoid, detect, and address fraud? Since then, forensic accounting has spun off from its brother, professional

“Accounting is widely regarded as the language of business” (McMullen and Sanchez, 2010, pg.1). As such, the need for basic accounting skills is self-evident, for a forensic accountant to be able to review financial reports and other source documents he needs to have an understanding of basic accounting. Without that understanding, the forensic accountant couldn’t determine if the entries in the

Professional ethical theory and practice become the distance from one to another that explore new modes for business, as for other professions. The conventional approaches of professional ethics are concerned with telling people how they ought to behave. These questions include what is one’s moral obligation? What ought we to do? What is our duty? What is the ultimate principle of moral right and wrong? (Blackburn & McGhee, 2004). Business is a complex corporations operate between manufacturers and consumers, employers and employees, managers and stockholder (Hoffman, Frederick, & Schwartz, 2014).

In the world today, according to the Business Dictionary professional ethics is, “professionally accepted standards of personal and business behavior, value and guiding principles. Code of professional ethics are often established by professional organizations to help guide members in performing their job functions according to sound and consistent ethical principles.” (Business Dictionary, n/d) Professional ethics are standards or codes of conduct set by the people of a certain profession. It is basically the expectations and behaviors the employees should follow. Honesty and respect are the two main components of professional ethics. If an employee is following the code of conduct, being honest and respectful, to

My name is Yunyao Zhu, the audit manager of the audit firm Reliableaudits & Co. whom has been allocated to the audit of the companies below which I will further discuss each company situation review. I will describe the possible threats to companies’ independence with respect to appropriate section of the Professional Code of Ethics. Lastly, under each company review, I will also propose necessary recommendations in order for Reliableaudits & Co. to safeguard against potential independence threats that have been identified.

There is general recognition of the fact that journalists have responsibilities not only vis-à-vis their own convictions but also towards the public. Summarily, four kinds of responsibility may be defined: contractual responsibility in relation to the media and their internal organisation, a social responsibility entailing obligations towards public opinion and society as a whole, responsibility or liability deriving from the obligation to comply with the law and responsibility towards the international community, relating to respect of universal values. These four types of responsibilities may in certain respects be contradictory or even conflicting.