1. Do you agree with the authors that a code of ethics should do more than establish minimum acceptable standards? Why or why not?
Indeed, I agree that a code should be in place to accomplish more than set up minimum satisfactory measures. The minimum adequate models permit accountants and administration the utilization of escape clauses and specialized exemptions, subsequently they have financial explanations that are in compliance with GAAP, yet don't give a reasonable portrayal of the organization in an ethical way. The significant reasons a code of ethics ought to accomplish more than set up the minimum standards, is recognize any conceivable dangers to resistance. You can make that a stride further and ought to have the capacity to decide
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Describe the five cardinal virtues of professional accountants that the article’s authors discuss.
The five cardinal virtues of professional accountants are: integrity, objectivity, diligence, loyalty, and, professional behavior. Integrity - honest and courage is the two elements that connects with integrity. Honesty means that all communication with clients and stakeholders must be trustworthy. Courage means that the accountant must be able to stand behind what they write or say in their reporting of the accounting system based on the ethical principles. Integrity requires skills and wisdom in projecting the proper balance of transparency or inadequate disclosure. Objectivity: The objectivity is the point at which the accountant follows his work with the standards in a technical and ethical way. In the ethical angle the accountant needs to guarantee that the work was done under the ethical standards, at any rate to the best knowledge and conviction of the accountant. The objectives behind the AICPA, GAAP, and the IFRS is that the accountants have no conflicts of interest, don’t show any bias and be influenced by the clients in any way while implementing the rules and standards. The objectivity requires that the accountant is in compliance with all financial
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They must be able to address these issues as well as gather all information that is connected to problems. Loyalty: loyalty means being able to instill faith from the clients or employer by building good communication, confident by always being truthful. The accountant must also uphold their oath to society of business ethics.
Professional behavior: I think that professional behavior is the above four all wrapped in one because in order to present professional behavior you must exemplify all the rest such as trustworthiness, honesty, loyalty, be objectivity and diligence to implement good ethical behavior. The accountant must also be able to implement the AICPA and GAAP accounting rules and regulation to the fullness. Professional behavior also means that the accountant must never engage in nothing that will discredit his or her reputation.
3. We’ve talked about rules-based versus principles-based accounting standards. Should we have rules-based ethics standards? Why or why not? Should they tell you exactly what to do in specific ethical
The messaging in both the Canadian Health Information Management Association (CHIMA) and Canada’s Health Informatics Association (COACH) Code of Ethics are very similar. They both discuss prioritizing privacy and security, set an expectation of maintaining a professional and collegial work ethic, encourage the continuing of education and building of one's knowledge base and both refer to a focus on the awareness of future developments/advancements within the industry. My initial preference was the CHIMA Code of Ethics as I preferred the phrasing and third person approach, however, upon further review I noticed that CHIMA’s used the word ‘strive’ instead of COACH’s approach of ‘I will’. This to me seems to have less impact then the COACH counterpart.
Ethics plays a vital role in developing accurate and high quality financial statements for management, financial institutions, and investors. As management utilizes financial statements to make decisions regarding the operations of the business, it is necessary to review accurate financial statements to make strategic decisions about the future of the organization. Investors and financial institutions require accurate financial statements to make informed decisions upon whether to invest funds into the organization or the wisdom of lending funds to said organization.
First, the Code of Professional Conduct encourages accountants to behave ethically. Encouraging accountants to behavior ethically is a strength because it helps create customer loyalty, positive work environments, and dedicated employees, which helps avoids legal issues. Accounting professionals have to behave ethically just because of the profession they are in. Accountants need to behave ethically because the investors, creditors, and rest of the public rely on an accountant’s professional judgment to make
The first case that I have chosen to analyze is case #3. The standards from the Code of Ethics that comes into play regarding this particular case would be the first and most valuable one will be commitment to client. With this code the social worker primary responsibility is to promote any type of well-being to the clients. The social worker has to remain loyal to their clients. Another standard from the Code of Ethics would be the privacy and confidentiality with this code only as a social worker you are only allow to discuss with persons who are legally incapable of giving informed consent and also their legal representative. Social workers can not disclose confidential information that could lead to identification of a client/ patient with
What does ethics have to do with accounting? Everything, since there have been some recent financial accounting scandals; a few examples being Xerox, WorldCom, Enron, which have generated much unwanted and unfavorable publicity for CPA's, including those working as controllers or chief financial officers for organizations.
Objectivity and independence is most related to the section 5062.2 of CA Accountancy Act because both focus on maintaining objectivity and be free of conflicts of interest in making professional decision. In addition, section 5062.2 shows that a CPA should not accept employment with the Corporation that they audited within last 12 months.
The code of ethics are ethical obligations and duties for every person whom may decide to become a nurse. To practice competently and with integrity, nurses of today must have key elements in place which will guide the profession. Key elements would include licensure, certification, and education and a relevant code of ethics (ANA, 2015). This paper will discuss the Code of Ethics Provisions five through nine.
With every business activity come opportunities for fraudulent behavior which leads to a greater demand for auditors with unscathed ethics. Nowadays, auditors are faced with a multitude of ethical issues, and it is even more problematic when the auditors fail to adhere to the standards of professional conducts as prescribed by the American Institute of Certified Public Accountants (AICPA). The objective of this paper is to analyze the auditors’ compliance with the code of professional conduct in the way it relates to the effectiveness of their audits.
Supposed infringements of the codes shall be dependent upon an associate check. The protocols for principles or improper actions that are given by the Code of Ethics. Of course a code of ethics can’t assure ethical conduct. Professional obligations usually require any one person to go above and over their own personal beliefs.
Professional ethics incorporate personal, organizational, and corporate standards of behavior expected in an organization. Certain professions are bounded by the rules and values of their profession (Jones, 2013). For example, a doctor is bound by certain ethical decisions when treating patients. A doctor is limited to an extent of what they can do in some situations. Doctors are not supposed to perform unnecessary medical procedures and are held accountable to act in the best interest of a patient. Jones (2013) affirmed that people often assume the rules and values of their profession. Ethics is important to practice even when no one is watching. The source of professional ethics ultimately defines individual ethics.
The importance of having a code of ethics is to define acceptable behaviors and promote higher standards of practice within a company. The code should provide a benchmark for...
Clients want accountants with integrity. Thus, integrity is critical to the public trust. As a matter of fact, one of the general definitions of integrity provided by the AICPA Code is that it is a quality from which the public trust derives. Also, it is an element of character fundamental to professional recognition, and it requires members to be (among other things) honest and candid within the constraints of confidentiality (Duska, Duska & Ragatz, 2011).
Sometimes it is not easy to change the way people judge and think , but education can help. Thirdly , it may be useful to build appropriate mechanisms which allow employees to discuss ethical dilemmas and report unethical behaviour .This addresses the issue when employees have situations in which they face difficulty in making the appropriate ethical decision . Lastly ,if the senior staff in an financial institution is careful in making ethical decision ,chances are that will affect other employees also .To sum up, firms need to ensure that ethical conduct is rewarded, and provide clear and practical guidance on how it can be
The aim of this paper is to provide the framework of the current professional accounting code of ethics. What are the ethics and how we define them? In this report we try to determine the main ethical principles that will establish the right and
As a law enforcement officer, my fundamental duty is to serve mankind; to safeguard lives and property; to protect the innocent against deception, the weak against oppression or intimidation, and the peaceful against violence or disorder; and to respect the constitutional rights of all men to liberty, equality and justice.