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Why are Ethics Important in the Accounting Profession? Why Are Ethics
Important In The Accounting Profession? Sheree Fletcher CE ...
... 1, 2004 New York State Accounting Code of Ethics Introduction The accounting system
is ... During these changes, it is important for accountants to ...
... Not only does ethic play an important factor in the accounting profession, ethics
also plays an improtant part in individuals lives and throught an ...
... Public confidence may even be more important to the public ... Therefore, the rules of
ethics are the foundation of ... Ethical Standards of the Accounting Profession. ...
... of 2002 is an excellent example of ethics in accounting ... This law was passed due to
accounting scandals involved ... money in a business is important, because money ...
Submitted by fletcherservices on September 5, 2007
Category: Business
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Why Are Ethics Important In The Accounting Profession?
Sheree Fletcher
CE CAPSTONE COURSE FOR THE ASSOCIATES DEGREE
IDS399
September 10, 2006
What does ethics have to do with accounting? Everything, since there have been some recent financial accounting scandals; a few examples being Xerox, WorldCom, Enron, which have generated much unwanted and unfavorable publicity for CPA’s, including those working as controllers or chief financial officers for organizations.
When you hear the word “ethics,” what is the first thing that comes to mind? Having to make the decision of doing what is right versus doing what is wrong. Some idealists say that decisions of ethics should not be conditional. However, that is not as simple as it may sound. What constitutes “right” to one person may be “wrong” to anther; what clearly distinguishes the line between right and wrong? What some may look at as being unethical does not necessarily make it illegal.
In the predicament of David Duncan, the lead audit partner at Arthur Anderson the Accounting Firm for Enron, underscores the penalty that accountants may face under professional accountability. Duncan had pleaded guilty to obstruction of justice when he was involved in the connection with document shredding.
The scandals have made some big implications on the profession as a whole. One being the decision from the Public Company Accounting Oversight Board (PCAOB), created by the Sarbanes-Oxley Act (SOA) of 2002, in April 2003 they voted to assume the responsibility for establishing auditing standards. The Auditing Standards Board of the American Institute of Certified Public...
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