Accounting Professional And Ethical Standards Board Essay

Accounting Professional And Ethical Standards Board Essay

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Furthermore, ethical conflict often arises in the workplace and creates ethical dilemmas due to conflicts between personal interest and professional duties. Business professionals are required to balance the conflicting pressures of the corporate world with the need to act with integrity (ATT Ethics, 2013). This means they have to be truthful and honest in their professional duties and they have to benefit without exploiting others. They are challenged to remain professional by protecting the interests of the clients and the public, above considerations of self interest during ethical dilemmas (Duska, Duska & Ragatz, 2011). Accountants have ethical responsibilities to themselves, their clients, their employers, their families and their profession as their profession allows them to maintain a fiduciary relationship with the public (Senarante, 2011). These responsibilities are set out in the codes of conduct and the policies of businesses. The Accounting Professional and Ethical Standards Board (APESB110) addresses the potential ethical conflicting threats that occur in the workplace and the safeguards that can be applied to resolve them. The APES encourages members to act in the public interest and it also establishes a framework that requires members to identify, evaluate and address threats in compliance with the five fundamental principles. The code classifies threats as self-interest, self review, advocacy, familiarity and intimidation. The safeguards to these threats includes continuing professional development requirements, maintaining professional standards and adequate education and training for entry into the accounting profession.

The study of ethics is important to the accounting profession because it helps develop et...

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...t the rights of the customers and employees. Accountants must ensure that their financial statements are accurate and fair to the public. Hence, being just and fair when dealing with ethical dilemmas, is practicing the theory of deontology. However, in the issue where there is evidence of conflicting interests, deontologists have to consider the consequences of the actions, relating back to the theory of utilitarianism.

The study of ethics is important to the accounting profession because it helps develop ethical reasoning skills that can be applied when an ethical dilemmas occur in the workplace.

Ethical dilemmas or conflicts occur when there is a ‘

Apart from following the Code of ethics, accountants and business professionals can apply theoretical considerations to resolve the ethical dilemmas that arise when personal goals conflict with professional goals.

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