StudentShare solutions
Got a tricky question? Receive an answer from students like you! Try us!

Research Paper example - Accounting Ethics Can Make the Difference Reasons why Morals are Key Components

Research Paper
Pages 5 (1255 words)
Download 0
In the article of the New York Times, Claudia Parsons cites Steve Priest, president of Ethical Leadership Group, who eloquently sums up what can be justly called as modern crisis of accounting ethics: “Investors don’t trust the companies they’re investing in…

Extract of sample

They don’t trust the financial statements, they don’t trust the audits, they don’t trust the bond rating agencies.” Indeed, contemporary profession of accountancy has been continuously wrestling with how to improve ethics in the profession. In the wake of prominent accounting scandals such as Enron, WorldCom, Tyco, and Arthur Andersen, the accounting profession in general and accounting ethics in the main has received both public’s and regulator’s glare. In 2002 the U.S. Congress responded to this dilemma with enactment of The Sarbanes-Oxley Act. However, when it seemed the regulatory field for adherence to accounting standards and ethics had been prepared, the world witnessed yet another crisis of accounting ethics triggered by unnoticed 50 billion Ponzi scheme invented and managed by Bernard Madoff for almost twenty years. Because the accounting profession is the gatekeeper of the financial affairs of the business community, it must strive to cultivate and maintain ethical standards and principles that must not be compromised. Ethical sensitivity is paramount in conducting business honorably and fairly. Business communities around the globe hold accountants in high esteem and expect them to be beyond reproach, ethically. ...
Download paper
Not exactly what you need?

Related papers

Shifting Power to Make a Difference
The problems that faces the institutions that handle international aid - whether they may be on the supply side or intermediaries- is how to best utilize the fund such that the intended improvements for the beneficiary are achieved. This has especially been a growing concern because even with the billions of dollars that have been donated and already consumed, much of the inequalities still remain…
5 pages (1255 words)
Auditing & Accounting Ethics
The concept of auditor independence during this era did not conceive of auditors as advocates for audited entities; British investors explicitly forbade auditors from investing or working in the businesses that they audited. At the same time, as long as auditors maintained their primary loyalty to the investors back home, the scope of professional accounting services could be reasonably broad. For…
23 pages (5773 words)
Auditing and Accounting Ethics
12 pages (3012 words)
Business and Accounting Ethics
The main purpose of business ethics is to maintain a code of conduct which reinforces consumer confidence in the business. The American Institute of Certified Public Accountants (AICPA) has put down ethical guidelines for accounting. The AICPA's first principle of professional conduct states: "In carrying out their responsibilities as professionals, members should exercise sensitive professional…
2 pages (502 words)
Make a Difference Paper
The easiest way is tapping the existing parents and teacher's organizations in the schools and other important personalities are to be added as long as necessary. Proper alignment of responsibilities will be identified and focus shall be on major tasks identified. These tasked includes: research and baseline data gathering, program designing and testing, implementation, and monitoring and…
2 pages (502 words)
Morals and Ethics
Understanding the ways in which ethics and morals may conflict and converge and, how actions may be judged as moral but not ethical, and vice-versa, it is important to define these two concepts. According to the Webster dictionary, the term ethics refers to a set of moral principles whose application allow for the differentiation between right and wrong. On the basis of this definition, it would…
3 pages (753 words)