Codes of Professional Conduct in Accounting - Essay Example

Only on StudentShare

Extract of sample
Codes of Professional Conduct in Accounting

A code of ethics ensures that the professionals do not get into conflicts with the society as the professionals become more aware of the limits to which their activities can go.
A code of ethics is important in that it specifies the ethical responsibilities of the accounting professionals something, which is meant to minimize any dilemmas that come whenever professionals act in contravention of the code of conduct1. The code of ethics for Accounting professionals is designed so as to ensure that, any issues facing the professionals and is likely to impact on the American society is taken care of. In addition, the code of ethics is more of guidelines, which specifies the extent to which a professional can go especially in regard to news, or reporting of a given event. The professionals' code of ethics for the Accounting professionals is also meant to protect the actions of the professionals from harming the American society and curb financial scandals.
For the Accounting professionals, honesty and trustworthy is indispensable. The professionals must always ensure that they are consistent otherwise they risk losing credibility. This is why a code of conduct is very central to the functioning of the Accounting professionals. ...
Download paper

Summary

American Accounting professionals need a code of conduct as a measure of ensuring that; the professionals uphold privacy, confidentiality, honesty, impartiality and trustworthy to the society in the process pf disseminating information and coverage of events.
Author : langoshcorine

Related Essays

Auditing and Accounting Ethics
lient....
12 pages (3012 words) Essay
Code of Professional Conduct
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit....
4 pages (1004 words) Case Study
The Principles-based Accounting Standards Debate and Politicisation of Accounting
Note an early definition of the term "principles" by the American Institute of Certified Public Accountants (AICPA, 1953, p. 9) as "a general law or rule adopted or professed as a guide to action; a settled ground or basis of conduct or practice." This means that principles are more general than rules and therefore do not prescribe exactly how each event occurring in an organisation should be recorded....
24 pages (6024 words) Essay
The dynamics shaping an organisations Financial reporting and accounting procedures
Previous research asserts that IAS, in contrast to domestic accounting standards, restricts and confines managerial discretion as far as the choice of accounting methods is concerned and necessitates a higher level of disclosure (Ashbaugh & Pincus 2001). In harmony with the idea that higher quality accounting standards pave the way for enhanced firm transparency, it was further affirmed that the adoption of IAS leads to lower analyst forecast error. In like manner, the act of having third parties to audit a firm's financial reports can improve the quality of the financial information reported...
12 pages (3012 words) Essay
A good accounting practice is vital to a company’s success
Success of a company depends upon good management. It is the effective management of labour, financial resources, procurement of raw materials, production, marketing, sales and customer relationship. Every transaction is considered here in terms of cost value, and is accounted in books in a preconceived and designated manner. Precisely it is the accounting or recording of how money comes and how money goes and how much money is saved. Without this accounting of transactions no endeavor and no business will survive to flourish. The main characteristics of financial accounting are giving...
10 pages (2510 words) Research Proposal
Business Codes of Ethics
A well designed code of ethics will help highlight the resources available to achieve various goals set at the personal and corporate levels. A good code of ethics document will inspire confidence in all business associates – like suppliers, clients and employees. The rest of the essay will critically analyze the codes of ethics of two accounting firms and evaluate their merits in the process. The two firms chosen for the exercise are KPMG and Grant Thornton (Budd, 2007)....
7 pages (1757 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!