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Ethics Of Ethics In Accounting

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Accounting as a job serves as the financial backbone of a business for it deals with money and its primary task is to record and analyze financial information. It includes the keeping of financial records and assurance that the records are accurate which makes it as a detail- oriented work. Gibson, Hutchinson, Homrigh and Leung (2011) claims that corporate scandals are widely known in the name of the business in which it cause extensive damages in the economy and society. These question the morality of businessmen in general and accountants in particular. With these duties and accountabilities, the concept of ethics is highly needed to be given emphasis in this field. Future accountants are to be trained as early as possible to avoid such scandals …show more content…

The nature of accountant’s work is subject to trust in relation to their client, employers and general public who rely on their professional judgment and guidance in making decisions. Decisions in turn highly affect the resource allocation process of an economy. The accountants are relied upon because of their professional statutes and ethical standards (Gibson, 2005). Accountants need to apply ethics in the profession for it highly affects the credibility of the company or organization. Ethical standards are created to assess the righteousness of accountants for it play a big role in preparing financial results of a company and helping managers to make sound …show more content…

With the help of the considerations, a professional accountant must determine the correct course of action to be consistent with the principles and one must consider the weight of the consequences for possible course of action (Code of Ethics, 2005). In the business world, ethical dilemmas are uncontrollable and it appears by means of many forms and with this, accountants seek assistance in determining such complex and challenging conflicts. Ethical dilemmas are treated by accountants as “business decisions” and not practice professional code to assess potential courses of action. Such ethical dilemmas cover various ethical issues, such as overstating performance and valuation, participating in fraudulent activity, non-disclosure and withholding of information from auditors and other stakeholders, and making a decision without adequate information

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