business‚ and keeps the business profitable. (Osanyin‚ 2008) In accounting‚ there is the professional ethics that guides the accounting profession. Accountants are expected to adhere to the set ethical standards which are designed to ensure that they behave in a way which is ethical and consistent. For most professional accounting organizations‚ accountants are certified in order to comply with ethics and they are stripped off their certificates if they fail to abide with ethical codes. Therefore‚ it
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Financial Statement Restatement Paper Shhh‚ hear the sound of the geek’s laughter? Anyone would have‚ if they were an HP employee in the summer of 2010. On June 10‚ 2010‚ Erica Ogg reported Dell’s earnings would be restated due to disclosure and accounting fraud. The PC maker will take a $100 million hit on its first quarter earnings. The New York Times headline read: “Dell to Pay $100 Million Settlement.” Edward Jones states‚ “The SEC had accused Dell of misleading investors by using money
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Honesty/duty of care Is there any conflict of interest faced by Ming as an assistant accountant in Wholesalers Ltd? Ming V Bing Decide to go with Bing’s guide as instructed or record Bing’s fraudulent discrepancy or follow the company’s policy. Yes there is a conflict of interest because if Ming says anything there is a chance that he will be fired. As he is only an assistant accountant and Bing is the chief accountant there is a chance that he will not be believed as Bing is there much longer. (red
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unendow professorial chairs. * 6 full-time and 2 part-time employees will have to be fired and only four will remain including the Chief Accountant‚ Susan Santos. IV. | OPPORTUNITIES | THREATS | STRENGTH | | | WEAKNESSES | | | V. List of Alternatives 1st Alternative Name | Position | Salary Range | Susan Santos | Chief Accountant | ( 5‚500-6‚000) | Soledad Trias | Assistant to the
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my Accounting and A for Mathematics but I didn’t get the chance to enter public university. After SPM‚ it is important for student to decide which path to go for their future. I choose to study in accountancy and become a professional accountant. My father decided to send me to Taylor’s University to continue my
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individual not the relationship. Professional accountants can maintain the support of the public while giving tax advice by understanding the difference between the expectations of the general public and the clients. The general public expects the professional accountants to adhere to the highest ethical standards while the client expects loyalty and reasonable level of service for their fees. It is‚ however‚ the job of the professional accountant to define these expectations and help close the
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In the Board of Directors structure‚ no management accountant was appointed to advise the company on the cost implications of their expenditures. There was no budget guidelines to expenditures incurred. The up-coming financial advice proffered by the lone qualified accountant appointed only in 1990 was disregarded. A case in point was the statement attributed to one Senior Manager‚ berating the accounting profession‚ saying that accountants were not professional electronic engineers: “they know
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Angeles office. Pointed out in the comment‚ professional accountants are responsible to choose the right alternative facing a white-or-black condition. It is their professional duty to protect the confidential information of their clients. As in the case of insider trading‚ a collection of an ill-gotten wealth at the expense of betraying the material non-public information of clients is totally unethical for London‚ a professional accountant to do. And in the certain case of insider trading‚ both
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perceived accountants to have lost their commitment to public service. The credibility of the profession is threatened when the ideals of integrity‚ independence‚ public service and ethical standards come under suspicion. Well-known scandals of one of the major leading accounting firms in the United States Arthur Andersen coupled with alleged unethical acts committed by Enron have arouse the conscious of the public and stakeholders as to the moral decline and unethical posture of public accountants unveiled
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line with standards set by IFAC: five fundamental principles of Integrity ‚ Objectivity ‚ professional competence and due care ‚ confidentiality and professional behavior. Candidly‚ these principles demonstrate what it means to be a professional accountant and act as the criteria against which my behavior as a member is measured. They will guide my judgments‚ decisions and actions when acting in a professional capacity‚ and when faced with ethical dilemmas. My judgment is enhanced to help businesses
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