Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 26 views

    Ethical Issues in Accounting

    Uploaded by

    api-643732098
    This document discusses several ethical issues in accounting. It begins by summarizing the key principles from the International Federation of Accountants' Code of Ethics for accountants: integrity, objectivity, professional competence, confidentiality, and professional behavior. It then provides more details on integrity and professional behavior. The document also discusses recent accounting scandals and emphasizes the importance of focusing on doing what is right for all involved to help combat ethical issues.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Ethical Issues in Accounting

    Uploaded by

    api-643732098
    26 views11 pages
    This document discusses several ethical issues in accounting. It begins by summarizing the key principles from the International Federation of Accountants' Code of Ethics for accountants: integrity, objectivity, professional competence, confidentiality, and professional behavior. It then provides more details on integrity and professional behavior. The document also discusses recent accounting scandals and emphasizes the importance of focusing on doing what is right for all involved to help combat ethical issues.

    Original Title

    ethical issues in accounting

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    This document discusses several ethical issues in accounting. It begins by summarizing the key principles from the International Federation of Accountants' Code of Ethics for accountants: integrity, objectivity, professional competence, confidentiality, and professional behavior. It then provides more details on integrity and professional behavior. The document also discusses recent accounting scandals and emphasizes the importance of focusing on doing what is right for all involved to help combat ethical issues.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    26 views11 pages

    Ethical Issues in Accounting

    Uploaded by

    api-643732098
    This document discusses several ethical issues in accounting. It begins by summarizing the key principles from the International Federation of Accountants' Code of Ethics for accountants: integrity, objectivity, professional competence, confidentiality, and professional behavior. It then provides more details on integrity and professional behavior. The document also discusses recent accounting scandals and emphasizes the importance of focusing on doing what is right for all involved to help combat ethical issues.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 11

    ETHICAL ISSUES IN

    ACCOUNTING
    By: Nicole Savinda
    November 11, 2022
    Seton Hill University
    Senior Seminar SLA 400 45
    CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS
    C O P I E D F R O M : “ R E V I S E D C O D E O F E T H I C S - C O M P L E T E D.” I FA C , 3 0 S E P T. 2 0 1 9 ,
    H T T P S : // W W W. E T H I C S B O A R D.O R G / P R O J E C TS / R E V I S E D - C O D E- E T H I C S - C O M P L E T E D.

    • In June 2005, the IESBA (formerly the Ethics Committee) issued a revised Code of Ethics for Professional Accountants. The revised Code establishes a
    conceptual framework for all professional accountants to ensure compliance with the five fundamental principles of ethics:
    • Integrity.
    • A professional accountant should be straightforward and honest in all professional and business relationships
    •
    Objectivity.
    • A professional accountant should not allow bias, conflict of interest or undue influence of others.
    •
    Professional Competence and Due Care.
    • A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer
    receives competent professional services based on current developments in practice, legislation and techniques. A professional accountant should act
    diligently and in accordance with applicable technical and professional standards when providing professional services.
    •
    Confidentiality.
    • A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not
    disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose.
    Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional
    accountant or third parties.
    •
    Professional Behavior.
    • A professional accountant should comply with the relevant laws and regulations and should avoid any action that discredits the profession.

    2022 ETHICAL ISSUES IN ACCOUNTING 2


    INTEGRITY AND PROFESSIONAL BEHAVIOR

    Integrity Professional Behavior

    • Being Honest • Etiquette in the workplace


    • Having strong moral principles • Courteous conduct

    The importance of
    The importance of having integrity: professional behavior:

    • You’ll gain respect • Benefits your career


    • People will trust you • Benefits the company
    • You’ll be more likely to get • Can lead to future success
    promotions

    2022 ETHICAL ISSUES IN ACCOUNTING 3


    ACCOUNTING
    IN THE NEWS

    (Source: Calantas, 2022)

    2022 ETHICAL ISSUES IN ACCOUNTING 4


    ACCOUNTING IN THE NEWS:
    ERNST & YOUNG

    (Source: GaNun, 2022)

    2022 ETHICAL ISSUES IN ACCOUNTING 5


    (Source: nytimes.com, 2022)
    VULNERABILITY IN THE WORKPLACE

    Vulnerability is something we all struggle with from time to time. When listening to
    Brene talk about this particular subject, I found it interesting that she referred to
    vulnerability as a type of “armor” that people wear. (Brene, 2021)

    She mentions that people tend to try to be perfectionists and that they think that they
    have to be right all of the time. Instead, she goes on to say, that people should focus
    on learning how to get it right.

    I think that this concept could have been useful for Ernst & Young prior to their mishap.
    They should have focused on teaching their employees instead of expecting them to be
    perfect. In this case, their vulnerability has put the company in a very bad place.

    2022 ETHICAL ISSUES IN ACCOUNTING 7


    CATHOLIC SOCIAL TEACHING
    ISSUES

    R I G H TS
    DIGNITY OF DIGNITY OF
    &
    ALL HUMANS WORK & WORKERS
    R E S P O N S I BI L I T I E S

    2022 ETHICAL ISSUES IN ACCOUNTING 8


    F ORTUNE’S BEST WORKPLACES

    Twelve accounting firms were


    included in the ranking for
    Fortune’s Best Workplaces in
    2022.
    Nine of those were in the large
    firm category, while the other
    three were in the small/medium
    category.

    (Source: 12 Accounting Firms, 2022)

    2022 ETHICAL ISSUES IN ACCOUNTING 9


    SUMMARY

    As we see here, ethical issues


    can arise at any given time.
    Every profession has its
    dilemmas. The accounting
    profession is no different. It is
    how we react to those and
    overcome them that makes a
    difference.
    If we focus our efforts on doing
    what is right for everyone
    involved, we can help to combat
    those issues before they become
    a problem.

    2022 ETHICAL ISSUES IN ACCOUNTING 10


    REFERENCES
    12 Accounting Firms Made Fortune’s Best Workplaces for 2022 List . (2022, September 15). CPA Practice
    Advisor. https://www.cpapracticeadvisor.com/2022/09/13/12-accounting-firms-make-fortunes-best-
    workplaces-for-2022-ranking/70654/

    Brené Brown on What Vulnerability Isn't. (2021, March 8). [Video]. TED
    Talks. https://www.ted.com/talks/taken_for_granted_brene_brown_on_what_vulnerability_isn_t

    Calantas, L. M. (2022, November 8). Ethical dilemmas in the accounting profession. The Manila
    Times. https://www.manilatimes.net/2022/11/09/business/top-business/ethical-dilemmas-in-the-accounting-
    profession/1865561

    GaNun, J. (2022, June 28). Accounting giant Ernst & Young admits its employees cheated on ethics exams .
    NPR.org. https://www.npr.org/2022/06/28/1108044858/accounting-giant-ernst-young-admits-its-employees-
    cheated-on-ethics-exams

    nytimes.com. (2022c, June 28). https://www.nytimes.com/2022/06/28/business/ernst-young-sec-cheating.html

    “Revised Code of Ethics - Completed.” IFAC , 30 Sept. 2019, https://www.ethicsboard.org/projects/revised-


    code-ethics-completed

    2022 ETHICAL ISSUES IN ACCOUNTING 11

    You might also like