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Professional Responsibility And Ethics In Accounting
0 Downloads | 12 Pages 2,771 Words | Published Date: 31/01/2018
Code of conducts are principles that all employees and professionals in an organization are expected to follow. The principles guide the professionals in decision making and how to behave in the work place. The code of ethics have a significant impact on your work practices , however, the impact in an organization depends on how the company uses it. All companies are involved in an ethical obligation continually talking about laws, rules, rights and duties, and the like facing these concepts which generates its ethical code which becomes the identity of the company or organization, which will be valued by society in general, it is important this trial because a company must be accepted socially to succeed (Accounting ethics, 2006).No individual or organization is beyond the ethical judgment in each decision must always be taken into account ethics, regardless of the type of goal or trading company. You can not spend the interests of the company above the interests moral and / or ethical society.
How ethics and behaviour affect individual in their real work
According to the respondents interviewed in this research, they are aware that ethics and behavior have a real effect on their work. The set of rules of conduct given by the Code of Ethics that regulate the activity of Public Accountant, is minimal guidance material or performance criteria that adopts the accounting profession on their daily actions in the public in general; further it provides that these principles are equally valid for all Chartered Public Accountants either working in the public, private sector or in teaching (Code of ethics, 2010). All Public Accountant should be aware that should always be adhered to the ethical principles of integrity, objectivity, independence, Reliability, Responsibility, Enforcement Standards and Laws, Competition, Professional Development, respect and collaboration with colleagues. All the accountants interviewed acknowledge the importance of ethics in the following areas.
The Code of Professional Ethics, not only serves as a guide to moral action of each Public Accountant, but also by him, the Accounting Profession declares its firm intention to comply with society and serve with loyalty, honesty and diligence (Duska & Duska, 2003).The Certified Public Accountant must always keep in mind the following principles that should govern their professional and personal drive permanently:
Integrity.- must be honest and forthright in carrying out their professional work.
Objectivity.- must be fair and not let prejudice or influence other people override their objectivity.
Professional Competence and Sufficiency.- Care must possess knowledge, skill and experience to be able to apply reasonable care and diligence, you should seek advice or assistance when required to ensure that the professional services provided are executed satisfactorily and must refuse to run when not have the necessary qualifications for it.
Character Confidencial.- shall respect the confidentiality of the information obtained and not disclose it without authorization unless there is a legal or professional obligation that requires them.
Behavior Profesional.- must act consistently taking care of the good reputation of the profession and refrain from any behavior that could discredit a person or to the profession as a whole.
Standards techniques.- out should bring their professional services in accordance with relevant technical and professional standards. You will be obliged to run with care and skill requirements of the client or employer as they are compatible with the requirements of integrity, independence and objectivity, and shall meet the standards of accounting and auditing established internationally.
Awareness to the code of conduct and ethics
From the ten professional accountants that were interviewed, nine out of ten of the respondents were aware of the professional body’s code of conduct. It is clear from the research that most of the accountants are aware of their professional body’s code of conduct (Frye & Pearson, 2008). The ethics of every work is determined by the treatment along with the relationship that every professional relate to particular cases that may be filed in the personal , specialized or social framework in their association with the people who constantly tries .
Professional Ethics is ethics in itself used for the exercise of a job and also recognizes the principles of ethical activity of all its associates , in the strange circumstances by which their professional responsibilities put them (Jeffrey, 2005).
Individuals who exercise a profession in providing their knowledge as well as skills in the service of people , have duties and tasks to all areas as well as individuals who rely on their work , therefore it is important for these professionals acceptance as well as compliance Ethics guidelines governing the relationship with the clients , employers , staff , the State as well as the general public ; so it is vital that there is a code that contains the general rules relevant to daily practice of profession conduct .
Possible consequences if they breach the code of conduct
According to the research and answers provided by the respondents, most severe consequences include being struck of from the profession and being deregistered by the accountant’s body. Hence you lose your work permit. Other consequences include law suits instituted by the clients that have been affected by the actions of the accountant when they breach the code of conduct (Jeffrey, 2008).
Professional body and how it polices its code
The accountants body has different channels in which the matters relating to the issues and unprofessional conduct by its members can be communicated. The body has a committee that looks into the cases brought by the complainants. This is one of the ways that the accountacy body polices its code. In this Code it provides that its compliance is mandatory for all Chartered Public Accountants who are enrolled in any Departmental School and pursue the profession both individually and associated and dependent and independent including performance teaching. It provides that Members of the Order must adapt their professional conduct to the standards in the Code. Also standard behavior that should have with their colleagues which should be one of respect and collaboration (Jeffrey, 2008).
It provides that all actions must be with honesty, good faith, maintaining the honor, dignity and professional capacity, assuming their responsibility for their reports or opinions that are endorsed with his signature. It states that the public accountant has an obligation to professional secrecy and may not benefit from the facts of which it is aware. In performing its function must maintain its independent judgment, act with objectivity and impartiality. The practitioner defends the good faith, and this presumes that a public act is according to law and decency, and that is why the government defined the code of ethics of definition Public Accountant profile lord and master is high human quality that is the man who gives his word and holds it so rain or shine ... so shake the earth or its inhabitants.
The Act 43 of 1990 the Code of Professional Ethics of Certified Public Accountant was enacted, this law includes the set of permanent rules on ethics that must adhere Public Accountants registered with the Central Board of Accountants in the exercise of the functions of the Public Accounts established by the laws and regulations.
What is the need of professional accounting in planning, analysis and evaluation of the organization?
Public Accounting is a profession that aims to satisfy the needs of the organization, by measuring, evaluation, planning, analysis and interpretation of financial information from companies or individuals and the preparation of reports on the financial situation, on which decisions of entrepreneurs, investors, creditors, and other interested parties on the future status of such economic entities are based. This certification will be considered an integral part of it (Jeffrey, 2013).
Your reflections on the similarities and differences in expectations
Both the professional body and the accountants expect the code of ethics to be applied in their professional work. Accountants have are of the view that the code of ethics are very important in their work because it enables thaem to know how to relate with their clientele. On the other hand, The professional body mandated to oversee and formulate the ethics, is also of the view that the code of ethics are important to reduce any conflict that may arise during work.
The difference is brought in by the fact that the professional bodies expect that all the code of conducts should be followed. However, according to the accountants interviewed, not all code of ethics are followed to the letter, because some of them are not very practical to be applied. My reflections on this is that the professional body and the members( accountants) should amicably resolve any grey areas in the code of ethics and also be more inclusive when formulating these codes.
Your reflections on what this means for you
The accountants need the code of ethics when doing their work. However, the rules should be made in consultation with the accountant because they are the ones that are affected by the code of ethics. The code of ethics are important for regulating the profession and reducing any professional misconduct by the accountants The exercise of public accounting involves a social function especially through public faith which is given the benefit of order and security in economic relations between the state and individuals or those with each other.
The Public Accountant in the development of their professional activity must be used in each case analysis methods and more appropriate evaluation to the situation presented, within the guidelines given by the profession and may also resort to specialists from different disciplines to Public Accounting and the use of all elements that science and technology are at your disposal. Basic principles of professional ethics
Code of ethics of public accountant
The set of rules of conduct given by the Code of Ethics that regulate the activity of Public Accountant, is the minimal guidance material or performance criteria that adopts the accounting profession against their daily actions in the public in general; further it provides that these principles are equally valid for all Chartered Public Accountants either working in the public, private sector or in teaching (Pohl & Pohl, 2002). The Code of Professional Ethics, not only serves as a guide to moral action of each Public Accountant, but also by him, the Accounting Profession declares its firm intention to comply with society and serve with loyalty, honesty and diligence.
The Certified Public Accountant must always keep in mind the following principles that should govern their professional and personal drive permanently:
Upon their respective enrollment in any of the schools, the practitioner agrees to comply with the provisions of the Statutes and other rules and regulations issued by the Federation of Public Accountants of Peru or the Institute of Chartered Accountants to which it belongs, and also it undertakes to respect and strictly observe all set out in the Code of Ethics.
In this Code it provides that its compliance and compliance is mandatory for all Chartered Public Accountants who are enrolled in any Departmental School and pursue the profession both individually and associated and dependent and independent including performance teaching. It provides that Members of the Order must adapt their professional conduct to the standards in the Code. It provides that all actions must be with honesty, good faith, maintaining the honor, dignity and professional capacity, assuming their responsibility for their reports or opinions that are endorsed with his signature. It states that the public accountant has an obligation to professional secrecy and may not benefit from the facts of which it is aware. In performing its function must maintain its independent judgment, act with objectivity and impartiality (Professional ethics in accounting and finance, 2010). You should refrain from giving an opinion or negative comments about the performance or suitability of any other colleague.
It states that the Certified Public Accountant, who exercises the profession individually or collectively, will offer its services in a serious and measured, without abuse of advertising, without damaging her personal and professional dignity of their colleagues.Notes that the Public Accountant whatever the field in which it operates is responsible for their actions and therefore should always drive with caution and high standard.
The Chartered Public Accountant who holds the University Teaching has an obligation to transmit the updated knowledge of the profession and the rules of conduct provided by the Code of Ethics to students, and gird all academic and administrative acts to ethical principles and moral virtues, without realizing their condition Teacher for economic or other benefits dishonestly, thereby denting the dignity of all the accounting profession and his other colleagues Teachers.
Failure to comply with the provisions in the Code of Ethics by any Chartered Public Accountant, constitutes violation of the Code of Ethics and deserves his punishment according to the seriousness of the offense.
The practitioner defends the good faith, and this presumes that a public act is according to law and decency, and that is why the government defined the code of ethics of definition Public Accountant profile lord and master is high human quality that is the man who gives his word and holds it so rain or shine . In performing its function must maintain its independent judgment, act with objectivity and impartiality. You should refrain from giving an opinion or negative comments about the performance or suitability of any other colleague.
Code of professional ethics
Professional quality of work. In providing any services expected of a true professional Public Accountant job so you always have in mind the provisions of the profession regulations that are applicable to specific work that this play. Professional preparation and quality. As a requirement for the Certified Public Accountant agrees to provide services, you must have the necessary technical training and ability to perform professional activities successfully. The exercise of public accounting involves a social function especially through public faith which is given the benefit of order and security in economic relations between the state and individuals or those with each other (Templar, 2011).
The practitioner shall not take advantage of situations that may be impaired who have hired their services. Agreeing to the economic compensation to be received by the public accountant must always have a presence that remuneration for their services is not the only objective or the reason for the exercise of their profession.
The practitioner take care of their relationships with their partners, with colleagues and institutions that group, seeking the dignity of the profession but never undermine exalted, acting with team spirit. Dignifying based professional image quality to reach who sponsors their services and society in general an image of professional and personal quality (Templar, 2011). All Public Accountant who somehow conveys his knowledge will aim to maintain the highest professional and behavioral standards and contribute to the development and dissemination of the expertise of the profession.
The practitioner has an obligation to professional secrecy and not disclose for any reason the facts, data or circumstances of which it is aware in the exercise of his profession, except the information that force the laws .Public Accountant can benefit by using information obtained in the exercise of the profession, nor may communicate such information to others who take advantage of it.
The CPA may consult or exchange views with colleagues on matters of opinion or doctrine, but should never provide data identifying individuals or businesses concerned, unless it is with consent of the parties concerned. The practitioner who is a member of other institutions will refrain from directly or indirectly involved in acts that are detrimental to the profession of Public Accountant. The practitioner acting both independent function as a dependent, assume professional responsibility in relation to their reports, opinions, affidavits etc., which are endorsed with his signature. No Public Accountant, whatever the cause, may retain books and accounting records of their customers, because it is a misappropriation.
Accounting ethics. (2006). London [u.a.].
Code of ethics. (2010). Canberra, A.C.T.
Duska, R. & Duska, B. (2003). Accounting ethics. Malden, MA: Blackwell Pub.
Frye, C. & Pearson, W. (2008). Microsoft Office Accounting Professional 2007 step by step. Redmond, Wash.: Microsoft Press.
Jeffrey, C. (2005). Research on professional responsibility and ethics in accounting. Amsterdam: Elsevier JAI.
Jeffrey, C. (2008). Research on professional responsibility and ethics in accounting. Bingley: Elsevier JAI.
Jeffrey, C. (2013). Research on professional responsibility and ethics in accounting. Bingley, U.K.: Emerald.
Mintz, S. (1997). Cases in accounting ethics & professionalism. New York: McGraw-Hill Companies.
Pohl, A. & Pohl, A. (2002). Accounting. Harlow: Pearson Education.
Professional ethics in accounting and finance. (2010). London.
Templar, R. (2011). The rules of management. Harlow, England: Prentice Hall Business/Pearson.
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