Accounting calls for lot of ethical considerations. Do you agree?
Answers
Answer:
The Importance of Integrity
Integrity is an important fundamental element of the accounting profession. Integrity requires accountants to be honest, candid and forthright with a client's financial information. ... Theseethics and conduct rules ensure allaccountants act in a consistent manner.
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Explanation:
Accountants deal with the intimate financial details of individuals and organizations. Some have the ability to execute million-dollar transactions, and others assist with safeguarding retirement funds of cab drivers and social workers.
Ethical codes are the fundamental principles that accounting professionals choose to abide by to enhance their profession, maintain public trust and demonstrate honesty and fairness. People who join organizations and secure the credentials to present themselves to the public as CPAs or Certified Internal Auditors (CIAs) strive to protect the reputation of the profession.
Sadly, not everyone who works in the accounting field is trustworthy. Daily violations of public and private trust occur, and resolving ethical dilemmas does not always end favorably. The following are five areas that deserve the attention of anyone considering working in the accounting profession.
1. Independence and Objectivity
Ethics and independence go hand in hand in the accounting profession. A critical component of trust is making unbiased decisions and recommendations that benefit the client. Conflicts of interest, for example, demand exposure under independence guidelines. Benefiting from the sale of one financial product over another could lead to a bias that skews financial advice to a client.
2. Integrity
Demonstrating integrity means being straightforward and honest in all business and professional relationships. Upholding integrity requires that accountants do not associate themselves with information that they suspect is materially false or misleading — or that misleads by omission.
3. Confidentiality
Disclosure of financial information or revealing the disposition of a potential merger by an accounting professional without express permission violates the trust that is the foundation of a professional relationship — unless there is a legal or professional reason to do so.
4. Professional Competence
The field of accounting is regularly disrupted by various evolving factors, requiring that accountants develop new skills, competencies and agility in professional roles. As technology, information security considerations, legislation and best practices change, a professional accountant must remain up to date. To exercise sound judgment, an accountant must stay abreast of developments that could affect a decision’s outcome.
5. Professional Behavior
Ethics require accounting professionals to comply with the laws and regulations that govern their jurisdictions and their bodies of work. Avoiding actions that could negatively affect the reputation of the profession is a reasonable commitment that business partners and others should expect.
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