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Dissertation sample - Exploring Professional Ethics in Accounting
Finance & Accounting
Pages 38 (9538 words)
Exploring Professional Ethics in Accounting Chapter 1: Introduction To educate a person in mind and not in morals is to educate a menace to society. Theodore Roosevelt The number and the fiscal enormity of the corporate scandals and collapses of the late 1990s and early 2000s have inspired numerous theories about what went wrong, where the fault lies and with whom…
The accountants have evolved from their role as the “watchdog” employed by ownership in the 19th century British corporate model to their own multinational corporations themselves representing the independent audit and attestation role, the tax advocacy role, a management consultative role, as well as the provider of many primary accounting and reporting services for clients (Baker, 2005). The pressures of business and market demands on independent public accountants as well as the conflicting roles that they are called upon to perform has led the profession to defend itself with a sorry “my clients made me do it” defense. The United States government has responded to these corporate scandals with the passage of the Sarbanes-Oxley Act of 2002. This Act contains the most significant reformation of accounting and public reporting standards since the Securities Act of 1933 and the subsequent Securities Exchange Act of 1934 (Thomas, 2004). Intrinsic to the Sarbanes-Oxley Act is the restructuring of public accounting firms that removes the confusion in the role required of the public accountant. ...
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