Good ethical behaviour may require acting beyond the requirement of the law. In a highly competitive complex business world, it is essential that professional accountants maintain their integrity and remember the trust and confidence which is placed in them by whosoever relies on their objectivity and professionalism. Required: • Discuss why the code of ethics is important to professional accountant
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Good ethical behaviour may require acting
beyond the requirement of the law.
In a highly competitive complex business
world, it is essential that professional
accountants maintain their integrity and
remember the trust and confidence which is
placed in them by whosoever relies on their
objectivity and professionalism.
Required:
• Discuss why the code of ethics is important to professional accountant
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- Many professional certifications now have requirements for ethics training. A. Define ethics. B. Why does the accounting profession put so much emphasis on acting ethically?As a Professional Accountant, you are regarded as an expert with specialized knowledge acting ethically and influencing others to do what is right whilst working to very high standards. When confronted with an ethical challenge or dilemma in a corporate setting, Lynne Paine suggests two approaches to the management of ethical issues in organizations - the compliance based approach and the integrity based approach. Required: Compare and contrast the compliance hased approach and the integrity based approach in the management of ethical issues.1.Explain why businesses need ethics programs and list their minimum requirement. 2.Describe the role of codes of ethics in identifying key corporate risks. 3. Review the factors in successful ethics training and goals. 4.Explain the ways ethical standards are monitored, audited, and enforced.
- How can I answer this question? "The IFAC Ethical Code of Conduct identifies five main key principles, these are Integrity, Objectivity, Professional Competence, Confidentiality and Professional Behaviour. You are required to discuss these key five principles along with the key threats to the ethical behaviour of accountants" Thank you for your supportAFTER READING THE CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS: IS THERE REALLY A NEED FOR A CODIFIED SET OF ACCEPTABLE ETHICAL BEHAVIOR? yes or no, justify your answer. GIVE 3 JUSTIFICATIONS AND ELABORATE YOUR ANSWER1. Give one example of an ethical standard from the conceptual framework that accountants have to follow and briefly apply it to a self-created scenario.
- A written code of ethics for a business would be most helpful to company employees when identifying ethical and unethical situations. evaluating alternative solutions to an unethical situation. identifying stakeholders in a business decision that requires ethical decision-making. O weighing the impact of business decisions on each company department.Identify to what ethical theories these quotations best relate. Explain your answers in 3 to 5 simplesentences: 2. “A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in thepublic interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs ofan individual client or employer.” IFAC, Code of Ethics for Professional Accountants6. Which of the following Threats to The Fundamental Principles of professional ethics, that may occur as a result of the financial interests of a professional accountant in a client company. a. Advocacy threat b. Self-interest threat c. Self review threat d. Intimidation threat
- When discussing and evaluating professional ethics, it is essential to understand the purpose, terminology, and repercussions of professional misconduct. The American Institute of Certified Public Accountants (AICPA) code of professional conduct is the gold standard for defining professional conduct in accounting; it is therefore important for business professionals to be familiar with. In this discussion, you will explore one principle in depth and discuss it and others with your peers. First, select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document: Responsibilities Public interest Integrity Objectivity and independence Due care Scope and nature of services Then, for your initial post, reflect on what appropriate practice of your selected principle would look like in the field, and also on some potential examples of violations of the principle. Use the following questions to help guide your reflections: How would…Which of the following statements best explains why public accounting, as a profession, promulgates ethical standards and establishes means for ensuring their observance? A. Ethical standards are established so that users of accounting services know what to expect and accounting professionals know what behaviors are acceptable, and so that discipline can be applied when necessary. B. Ethical standards that emphasize excellence in performance over material rewards establish individual reputations for competence and character. C. A requirement for a profession is to establish ethical standards that primarily stress responsibility to clients and colleagues. D. Vigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.Business ethics is about managing ethics in an organizational context and involves applying principles and standards that guide behavior in business conduct. According to IFAC, “The decisions and behaviors of accountants should reinforce good governance and ethical practices, develop and promote an ethical culture, foster trust and transparency, bring credibility and value to decision making, and present a faithful picture of organizational health to stakeholders.” Explain how accountants and auditors can meet these expectations in a global environment and protect the public interest.