The Measures to Improve Professional Competence

Accountants and their practices have traditionally been held to very high standards. The most recent publication of the AICPA’s Code of Professional Conduct defines a key position as,

The Model of Trust Enhancement was established to enhance and maintain the public’s trust in the accounting profession. Over the last two decades, the ethics of the accounting profession has been questioned and public trust destabilized, in particular for auditors, due to the Enron debacle. The fact that an auditing firm would assist their clients with publishing an inadequate set of financial statements shows their willingness to violate laws and regulations (Sims & Brinkmann, 2003). According to the textbook, “Because trust is essential, even the appearance of an accountant’s honesty and integrity is important. The auditor, therefore, must not only be trustworthy, but he or she must also appear trustworthy” (Duska, Duska & Ragatz, 2011, p. 116). The majority of statements filed inadequately have a substantial impact on the credibility of the accounting profession as a whole. Sullivan (n.d.10) states that a CPA must possess a high level of trust, by applying professional judgment and enhancing the three trustworthy characteristics (ability, benevolence, and integrity) when resolving accounting ethics dilemmas (slide 3).

In recent years, both domestic and abroad continued exposure accounting fraud, financial fraud and other cases, internal control has been a hot topic that people focus on. Accounting fraud has spread to all types, become a common phenomenon in the wider economy. In response to this, the recent discussion focused on improving accounting professionals (including accountants and CPAs,) of professional and ethical standards, to strengthen accounting practitioners and increasing the penalties for non-economic aspects.

Pubic accounting is a very competitive professional field, and the most CPA firms are anxious to obtain new clients. The client acceptance of engagements procedures can be done easily done through business transactions, however, it depends on the firms’ desire whether to establish client and auditor relationship after evaluating the risk associated with a client and maintaining the integrity of the securities. There are not any CPA firms would have business transaction with someone who have engaged in fraudulent activities and misleading business practices that might create a breach of the accounting firm’s professional obligations. Therefore, this paper is going to address about how a CPA firm obtains its clients and what they look for in clients depending on the given information.

This report provides an analysis of dealing with professional and ethical issues when offering auditing services. It gives a brief decision-making process model by first identifying the key issues and relevant standards involved in the case and then combining theories with reality and giving a short conclusion and some recommendations at the end.

It is a duty of Management Accountants to observe the highest standards of ethical conduct and integrity and to uphold the good standing and reputation of the profession. Management Accountants have to refrain from directly or indirectly involved in activities which might discredit their professionalism. Even condoning the commission of unethical acts by others both within and outside their organizations; so long they have a duty to act for the interests of the general public, is deemed unethical. Therefore, a Management Accountant’s responsibility does not mean to exclusively satisfy the needs of an individual client or his/ her employer alone; he/ she must be seen as someone who maintains public confidence and trust in the management accounting

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

The credibility and acceptance of any profession by a society is predicated on how well it defines and maintains standards of performance. (Heneghan, 2006) National and global economies trust accountants to decide what are the most appropriate accounting practices in order to achieve relevant and reliable financial information.

Moreover, there is no denying the fact that when it matter to the concepts of professionalism as it relates to public accounting discipline there is some factor that have rather gone for a dramatic change all around, especially the involvement of independent governmental agency to review the audit process. And interestingly, auditing also have gone a notch above, given that laws in that regards are also passed with necessary reforms in order to propagate an image of the professional concepts as it relates to accounting discipline.

Auditors have to face internal managers of the companies and the CPAS in companies, so that auditors have to enhance their professional judgment. Content of professional judgment include: 1) the importance indicators in the audit, 2) main objectives and conclusions of fraud audit, 3) efforts in internal control, 4) the trustworthiness of the internal control system, 5) the choice of the appropriate audit procedures and determine in the company 's financial statements whether properly and fairly reflect the current operating situation.

In a world full of financial corporate scandals, the effective management of accounting and finance functions is a vital undertaking in that these two areas have direct connections to ethics (Mele, Rosanas, & Fontrodona, 2017, p. 609). Due to the occurrence of corporate fraud, these two areas are in need of ethical rules. According to Mele et al.

Accounting graduates are likely to encounter ethical situations in the workforce; however, ethics instruction in universities is inadequate and accounting graduates are ill prepared to handle ethical duties of complex, modern business organizations and transactions. The drive for high profit and high stock prices can tempt management to falsify or hide financial information from other stakeholders. Intense competitiveness and uncertainties of the global marketplace can force accountants to consider decisions to either benefit or to harm stakeholders. Accounting graduates must be able to consider the ethical implications of accounting decision making as well understand, apply and implement the rules and regulations of the accounting profession, which

The accounting profession is considered a very important element in the business world and the economic world. This profession is performed by the certified public accountant (CPA). After passing the state’s exam and meeting the additional experience requirement you will get a CPA license. Based on the article of “CPA Horizons 2025” we are going to identify the four influential factors in the profession of CPAs, which are: Pre-certification and lifelong learning, pride in the profession, value proposition, and world-wide profession.

This report discusses the roles and responsibilities of a professional accountant and what are the guidelines that accountancy profession has to follow. Ethics and governance as the name suggests is the behavior and rules & regulation of the accountancy profession is the main part and the back bone of the knowledge and abilities of current accountancy profession. Ethics concerned with the behavior while governance concerned with the rules and regulation of that profession. This report mainly will deal what ethical behavior is requires and what key

In 2013, the American Accounting Association carried out an annual meeting focusing on the importance of professional scepticism and their objectivity in the process of auditing. It was stated that PCAOB professional scepticism is the foundation to the part and function of auditors. It was thus emphasized that it is necessary for the PCAOB professional standards to make the objectivity clear and make sure that professional scepticism is expressed in the ability of audit firms and workers, the judgement which applied in choosing suitable auditing procedures and conclusion, and the action of the audit work. It was to make clear that the implantation of professional scepticism is a foundation to the field of auditing quality and the moral courage of the audit process.