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Ethical and Legal Obligations in Accounting. According to Marshall (2004),
“accounting is the process of identifying, measuring ...
Accounting Ethical and Legal Obligations Pape. Introduction: Ethics is
first of all, the quest for, and the understanding of, the ...
... The Public Company Accounting Oversight Board (PCAOB) also plays a role in enforcing
the ethical and legal obligations of financial reporting. ...
... Ethical and Legal Obligations Paper FASB, SEC, and PCAOB The Financial Accounting
Standards Board or FASB is responsible for creating uniform and generally ...
Ethical and Legal Obligations Paper. ... for known or suspected ethical or legal violations;
and to ... an honest and ethical conduct, including the ethical handling of ...
Submitted by joker2 on April 1, 2006
Category: Business
Words: 1324 | Pages: 6
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According to Marshall (2004), “accounting is the process of identifying, measuring, and communicating economic information about an organization for the purpose of making decisions and informed judgements” (p. 3). Specifically, financial accounting “refers to the process that results in the preparation and reporting of financial statements for an entity” (Marshall, McManus, & Viele, p. 5). While many entities prepare their own financial statements, firms can also contract with a public accounting firm or a Certified Public Accountant (CPA) to perform services such as reviewing or compiling statements. (A CPA is a professional designation granted by individual states.) Entities that are publicly traded or complex in nature contract for auditing services. The provider of the auditing service will test the compliance of the entity’s financial reporting against generally accepted accounting principles as issued by the Federal Accounting Standards Board (FASB). The provider will also ensure that the company, if publicly traded, complies with requirements of the Securities and Exchange Commission (SEC) and the regulations of the Public Company Accounting Oversight Board (PCOAB). This paper briefly explains the principles of financial accounting and how the deviation from ethical and legal obligations led to greater government oversight and the need for ethics training of future accounting professionals.
Principles of Financial Accounting
Since 1973, FASB has been the private sector organization designated to establish standards of financial accounting and reporting. Lending authority to its designation is the recognition of the SEC and the American Institute of Certified Public Accounts (AICPA) as the principle issuing entity for financial accounting principles in the United States. The SEC has statutory authority over setting standards in the public sector; however, according to the FASB website, the SEC relies on the private sector for this function...
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