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Ethics In Accounting

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Ethics is defined as a moral philosophy which determines the concepts of good and evil, crime and justice, right and wrong. Professional ethics is defined as a person’s behaviour or conduct when working in a professional field. Examples of the fields are Accountant, Consultant, Researcher, Teacher, Engineer, Lawyer, Doctor and Pilot. Professionals have the abilities to make judgments,express opinion and make recommendations using their knowledge and skills. The judgments should be governed by standards or code of conduct and ethics. The code of ethics is important as it serves as a guide and the core fundamental principles for the professionals to make decisions. The types of ethical theory are classified into teleological, egoism, utilitarianism, …show more content…

Auditors have to act in a high integrity to exercise their duties in order to minimize or curb accounting scandals from rising further. Accounting profession has a purpose which is to serve the public with honesty. Accountants must retain independence all along the accounting cycle. Ethical conduct is crucial in performing an audit task because the audit profession itself is categorized by the trust, independence and integrity. The audit standards and the code of ethics is a strong base for the ethical behaviour. Auditors are required to absorb the rules and apply that rules when making judgments. The success factor of an auditor is measured by the aspect of morality and ethics that is implied when conducting an audit.Business actions are being judge by its morality values. This is due to business ethics is a concept where it is also changing according to the technology advancement, new methods are confronted on the utilisation of resources, growing awareness of the individual life where vast technology development has put the urge for business ethics to serve on the society norms. The stakeholder’s theory also ensures that the business organization

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