Term Paper on "Accounting Ethics"
Term Paper 4 pages (1283 words) Sources: 1+
[EXCERPT] . . . .
Accounting Code of Conduct. The writer explores the Code of Conduct and discusses its value and merit with regards to the accounting profession. There were three sources used to complete this paper.At first glance the average laymen would be hard pressed to explain why accountants need a code of conduct in the profession. People are aware of the doctor and attorney professional vows or promises to follow certain ethical rules because of the severe damage they can do if they become unethical. Once one begins to explore the accounting profession, however, one will quickly discover that accountants have the ability to do great harm as well (Demski, 2000). Accountants have the financial survival, future, and life of their clients in their hands. If an accountant decides to become unethical he or she could easily destroy an individual, a family, a corporation or a government entity. Every year society hears about someone being financially destroyed because of the unethical dealings by their accountant. While the majority of accountants in the world are honest and fair and provide a valuable service the code of conduct is in place to provide a blueprint tangible standard of measurement to guide accountants in their practice.
For more than a century, the accounting profession in the United States has provided these valuable services to public and private organizations. The best CPAs ensure they are performing their responsibilities with technical competence and the highest ethical standards by adhering to a strict code of conduct Actually, there are several codes, each comprised of numerous technical and ethical guidelines (Badawi, 2002)."
The first measure o
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They are also expected to follow tax rules promulgated by private and government standard-setting and regulatory bodies, such as the Financial Accounting Standards Board (FASB), American Institute of Certified Public Accountants (AICPA), Securities and Exchange Commission (SEC) and Internal Revenue Service (IRS). And, they are counted on to conduct themselves according to the ethical rules prescribed in the bylaws or codes of any accounting groups they have joined (Badawi, 2002)."
While this may initially appear to narrowly define the profession and remove any freedom or creative aspect of it, it really only provides a professional guideline for setting up a professional practice.
HISTORY
The code of conduct was originally designed for the purpose of influencing the practice and judgment of professional accountants. The code has been amended and altered by various accounting organizations in the quest to better the ethical responsibility and to fit it to the tailored needs of that organization or outfit.
The most recent adaptation of the code was done in 1988. Prior to that adoption different organizations made up and followed their own set of rules. This created obviously issues when several organizations would handle one entity's accounting needs and the rules for that handling would fluctuate depending on the stage or step being performed (Badawi, 2002).
Historically however, there has been a set of rules in place for more than 100 years in America (Carey, 1965).
By 1909, the AAPA Constitution and Bylaws outlined five prohibited activities, describing the procedures for adjudicating complaints and imposing penalties. And in 1917, the American Institute of Accountants adopted its set of Rules of Professional Conduct, which numbered 13 by 1938 and 16 by 1948(Badawi, 2002). "
In 1962 the first actual Code of Professional Ethics was established and that standard was revised in 1987 and adopted in 1988(Badawi, 2002).
To assist accountants in following the code… READ MORE
Quoted Instructions for "Accounting Ethics" Assignment:
A paper on accounting ethics (anything)ex. accounting profession, major accounting scandle.
3 pages, word docment, double spacing times new roman, 12 pts a miniumum of three references required. Code of conduct.
How to Reference "Accounting Ethics" Term Paper in a Bibliography
“Accounting Ethics.” A1-TermPaper.com, 2006, https://www.a1-termpaper.com/topics/essay/accounting-code-conduct/54508. Accessed 3 Jul 2024.
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