Accounting Ethics

Abstract

The aim of this paper is to talk about the ethical practices that a professional should follow in the field of business, and especially in the field of accounting. This study will highlight the thoughts and views of different professionals regarding the question that what it meant to be an ethical accounting professional. Further, factors affecting the erosion of consumer trust are also included in discussion with the help of recent examples of consumer trust's erosion that occurred in the environment of business during the past few years. The motive is to lime light the ethical standards that most of the businesses are not following in the current business scenario, and as a result, consumer's trust is at stake.

Accounting Ethics

Introduction

Accounting ethics refers to the guidelines for professionals who practice accounting, and these guidelines need to be followed by them in order to ensure ethical standards of accounting. Moreover, these guidelines consist of moral values and judgments that represent norms of accounting for professionals in this field, just like other professionals have in the fields of law or medicine. For people entering to serve in the field of accounting, the professional integrity is as much important as their accounting abilities and skills. So, it is equally important for them to ensure not only their professional competency, but also professional ethics. These are the reasons for numerous accounting professionals to develop certain code of conducts to be followed by every professional entering this field.

Discussion

The essence of ethics is merely dependent upon its use. An accounting professional needs to follow these established codes of conducts to show self discipline at higher levels, and to value them beyond legal premises. These accounting standards and code of conducts are typically followed when an accounting professional joins such organizations as IMA, CIA, and the like. One of the major responsibilities of accounting professionals is to ensure that nobody would lose trust and confidence in this noble profession, as well as, in organizations that are serving in this field. The maintenance of professional integrity and objectivity has its vital significance that cannot be underestimated (Kelly, Earley, 2004).

Accounting and role of ethics

The main role of ethics in the field of accounting is to ensure that the accountants entering this field must be following certain established rules and standards in order to conduct the jobs in a justified and legitimate way. Moreover, it is also the responsibility of accounting professionals to facilitate the confidence of public in accounting. There are numerous institutes and organizations that develop these guidelines for professionals to follow, such as Institute of Internal Audit (IIA), Institute of Management Accountants (IMA), etc. These professional organizations of accounting establish certain ethical guidelines and direct their members to follow those guidelines. The question that arises here is that whether ethics can be taught to professionals or not? The best answer to this question is that there are certain rules and standards that are taught to us by different people in our lives. No one in the world comes ...