Unethical Business Practices Of Multinational Companies

1512 WordsApr 5, 20177 Pages
Abstract This paper discusses the unethical business practices of multinational companies, which have become a concern on a national and international level. While the convergence of accounting standards remains a challenge, so has a set of ethical standards. The need for a global set of standards has become paramount over the last decade. Through my extensive review and research of literature, there appears to be an ongoing need for convergence. The study concludes that through cooperative efforts, between governing bodies such as AICPA and IFAC, we are on the right track in terms of acceptability. Global Set of Accounting Standards The need for a single set of accounting standards on a global basis has become increasingly important…show more content…
To help with the AICPAs mission, they host live web events, hold conferences, and issue publications further to enhance their members learning experience. Furthermore, their website offers various forms of articles, research, and other areas of interest such as career information. The AICPA has developed a code of professional conduct, which consists of two sections known as the rules and the principles, to assist in governing the professional’s overall performance (AICPA, 1988). The principles of professional conduct consist of the following: • Accountants “Responsibility” to client • Serve “The Public’s Interest.” • Perform service’s using a high degree of “Integrity.” • Maintain “Objectivity and Independence.” • Use “Due Care” when performing professional responsibilities • Use the code of conduct to determine the “Scope and Nature of Services.” (AICPA, 1988) History of International Ethical Standards (IFAC) The International Federation of Accountants (IFAC) established in Germany on October 7, 1977 on order to help strengthen the profession of accountancy on a global level in the interest of the public by: • “Developing high-quality international standards in auditing and assurance, public sector accounting, ethics, and education for professional accountants and supporting their adoption and use; • Facilitating collaboration and cooperation among its member bodies; • Collaborating and cooperating with other international

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