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Why Are Ethics Important in the Field of Accounting - Research Paper Example

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Why Are Ethics Important in the Field of Accounting

Ethics have a very serious bond with legality as sometimes mortality differs as it lacks certainty. If fulfilling and implementing a legal thing might turn to be unethical in behavior, as each individual perceives morality differently (Souster, 2011). The right and the wrong is determine by the proximity of application of laws and moral values of the society and thus it becomes important to not only enforce ethics in professional capacity but also to safeguard the sanctity of the independence of the professions like medicine, law, military and even accountancy. The unethical behavior and lack of confidentiality in accounting profession and services will terminate the independence and integrity of the accountants, organizations and even the public at large. The ethical dilemmas especially the grey areas which need to be assessed by the accountants for the organization as well as the services they provide through firms which enables them to not jeopardize their professional values over the familiarity with the client or not doing their job with professional due care (AICPA, 1998). Ethical Approaches and Behavior The ethical approaches are notable by Absolutism or dogmatism, which highlights the importance of believing in universally accepted codes of conducts. The right is certain and accepted in every corner of hemisphere e.g. to murder a person is wrong and to tell the truth is always right which leads to the ethical behavior of deontological approach. Another ethical approach divulges Relativism or pragmatism that argues over the circumstances or consequences that if to murder is justice and to tell a lie for a notable cause than it is ethically right (Souster, 2011). Ethical code of conduct is label by proximity of duties and responsibilities of the professional accountants in the organizations. The ethical behavior is express in relative consequential approach that is term as teleological, derived from a Greek word ‘telos,’ which means ‘the end’. The action is right if the resultant of those actions is acceptable depending upon the ethical stances. The ethical stance of Utilitarian depicts that the action is deem right if it benefit the majority in large. This might rapture the considerations of the minorities’ ethical morals but here pluralists views to account for actions that benefits both the majority and minority. Lastly, egoistic stances favor only the action that is right for them being a selfish approach to ethical morals. The ethical approaches by consequential and role based leads to different ethical norms and decision by the organization. The personal capacity and the professional life has a strong connection in consequential approach and is deemed to be right or wrong if one goes wrong or right (Souster, 2011). Code of Ethics in Professional Accountancy Ethical standards and codes of conduct are mandatory in practicing accountancy as this profession has a wide range of services from statutory audit, taxation, financial services etc that needs specialized skills and knowledge to encounter the international standards of accounting and finance. The ethical code of conduct are define by the International Federation of Accountants (IFAC) and other professional bodies such as ACCA, CA on Integrity, Objectivity, Confidentiality, Professional behavior and Professional competence and due care. Integrity is steadfast and transparency is voluntary for accountants in their business and professional relationship. Objectivity and biasness should not arise due to any familiarity or personal issues conflicting with the professional judgment. If the accountant is being over familiar ...Show more

Summary

Ethics in Accounting Introduction Ethics is derivative from an ancient Greek word ‘ethikos’ that is referred to traditions and lifestyles. …
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