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Code of Professional Ethics and Conduct - Essay Example
Author : sophia78
Finance & Accounting
Pages 3 (753 words)
CODE OF PROFESSIONAL ETHICS AND CONDUCT (Accounting Ethics) Name of Student (author) Student ID Number: Name of of School (University) Address of the School Estimated Word Count = 1,003 March 09, 2012 CODE OF PROFESSIONAL ETHICS AND CONDUCT The accounting profession has formed its own body that governs the actions of all its members in the conduct of their auditing, accounting and other services…
This paper examines some of the ethical violations committed by members and the corresponding penalties and sanctions imposed on these erring accounting members. There is an urgent need to remind members how important it is to follow these rules in the performance of their assignments so that high ethical standards can be maintained and avoid controversies. In this connection, it is important for the profession to be strict with regards to observing standards formulated by its professional bodies in terms of accounting and auditing ethics and conduct. A member must at all times endeavor to observe the code of conduct that governs their profession. Rule 102 – this rule pertains to integrity and objectivity. This means accountants should maintain at all times honesty in performing his work and avoid conflicts of interest that may be damaging to that integrity and objectivity by assiduously observing independence. Expectations of the code is a CPA will not knowingly misrepresent facts, make materially false or misleading entries or fails to correct those erroneous entries when there is an opportunity to rectify them. Violations of this rule was shown in the case of Mr. Robert E. ...
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