International Ethical Standards - Essay Example

In the US, the American Institute of Certified Public Accountants (AICPA) borrows the professional best practices from the International Federation of Accountants (IFAC) (Brewer, 2015).

Asian important components of economic success and public or private investment, credibility, transparency, and competency are fundamental values in the accounting practice. Specifically, this is ideal for ensuring reliability, quality services, and moral behavior to promote the ethical standards of the occupation. In addition, the development of quality service through the observation of moral standards attracts investors (Brewer, 2015).

The United States Securities and Exchange Commission (SEC) is mandated with proposing new regulations and invite the public to submit their opinion on how to make the accounting professional better and comply with the ethical standards. In executing their duties, regulatory bodies need to embrace transparency as a core value to enhance ethical behavior in accounting occupations. Public transparency in regulatory practices is essential for standardizing ethical practices in accounting. There are uncountable regulatory agencies that exist at different international, national, regional, and local levels (Brewer, 2015). Due to the increase in global economies and the demand for accounting reports, ethical practices have become fundamental to the practice, fostering an intervention by agencies to manage and control moral standards.