Ethical Standards In Accounting Essay

Ethics is derived from the Greek word ‘ethos’, which means character and the Latin word ‘moras’, which means customs. Thus ethics are defined as the personal and professional behaviour with regards to the values, customs, behaviour, principles and morals of society (Senarante, 2011). Professional ethics can be defined as the personal and corporate standards of conduct that is carried out by members of a particular profession. For example, medicine, accounting and engineering. Professional ethics or business ethics cover larger areas than the law, and although an issue may not be illegal, it can be considered as an ethical issue (ATT Ethics, 2013). Business ethics can be defined as the policies and principles that act as operational guidelines

Business ethics in a broader sense relates to the ethical codes of conduct that members of a profession abide by (Mantzke, Carnes & Tolhurst, 2005). These ethical codes of conduct, further acts as a framework for business professionals in the decision making process. It also informs the members of a particular association about the acceptable behaviour and how to go about the daily operations in their profession (ATT Ethics, 2013). This essay will talk about the ethical standards and code of conduct in the accounting profession, in particular for CPA Australia, the importance of ethical education for accounting students, the importance of ethical financial reporting and also addresses ways to deal with conflicts that arise from ethical issues in the profession.

Furthermore, ethics are important to the accounting profession because it informs and guides the professionals to perform their duties morally and ethically (Eginiwin &

It consists of a global membership of more than 150,000 members, with more than 25,000 members in senior positions in 120 countries around the world. This makes CPA Australia one of the worlds largest accounting bodies. CPA Australia is also known for being the worlds best member service organisation. They provide core services to their members which includes education, training, technical support and advocacy. Their main goal is to maximise the share of people who want a career built on professional accounting skills. They encourage their employees and members to work together with local and international bodies to represent the concerns and views of the profession to governments, regulators, industries, academia and the general public. A Certified Practicing Accounting (CPA) is a business professional with specific qualifications in accounting and finance. A CPA accreditation is an indication of a high professional competence and it also indicates a soundness in depth, breadth and quality of accountancy knowledge. CPA Australia provides its members with an internationally recognised qualification and the opportunity to complete specialist training and Continuing Professional Development (CPD). This further makes CPA’s highly regarded by employers. In order to get a CPA accreditation a member must complete a degree or postgraduate award recognised by CPA Australia, complete the