importance of accounting ethics cannot be underestimated as it plays a vital role in the daily professional activities of an accountant. It is obvious that in the process of carrying out duties as a professional accountant‚ their will be various challenges as to whose interest is to be protected. In such a situation‚ if there are no ethics in place‚ it is possible for the accountant to act unprofessional. Origin and background of accounting ethics The history of accounting ethics can be
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Recommendation for an Internal Accountant Recommendation for an Internal Accountant Internal Auditing is an independent‚ objective assurance and consulting activity designed to add value and improve an organization’s operations (What is internal auditing?‚ 2010). Internal accounting control is a series of procedures designed to promote and protect sound management practices‚ both general and financial that will increase the likelihood that: * Financial information is reliable‚ so that managers
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Introduction to Accounting Accounting is a profession used to make financial and business decisions. Billions of dollars exchange hands every day‚ in millions of separate business transactions. These are recorded and reported on using a comprehensive set of guidelines‚ referred to as Generally Accepted Accounting Principles (GAAP). Brief History of Accounting Accounting was born before writing or numbers existed‚ some 10‚000 years ago‚ in the area known as Mesopotamia‚ later Persia‚ and today the
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manner in which the day-to-day financial activities of a business entity are gathered and recorded. A firm’s accounting practice refers to the method by which its accounting policies are implemented and adhered to on a routine basis‚ typically by an accountant and/or auditor or a team of accounting professionals. In another context‚ an accounting practice is intended to enforce a firm’s accounting guidelines and policies. It exists as the daily recording of financial data that is important to the evaluation
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becoming an accountant with the company that I am presently working for. Being a Christian in the accounting profession will give me opportunities to let Christ shine through on my interactions with others. Whether I am dealing with clients and guiding them through their taxes‚ doing financial reports for a company‚ or interacting with my co-workers I can choose to always do the right thing for the client and for God. Accounting has a lot of grey areas and there are many ways an accountant can
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BUACC 2614 – Management Accounting 2 According to Martin and Steele (2010‚ p.13)‚ “The two principal professional associations in Australia – CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significance of issues of sustainability reporting and development of appropriate skill sets in word and in deed. The commitment of both organisations to sustainability principles has been shown by their adoption of‚ and support
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My Career Choice in Accounting Introduction I didn’t really choose accounting to begin with. When I was in high school I wanted to be a vet‚ but as time went on‚ I discovered that I have the right skills to be an accountant and not to be a vet. Here is my story and how I decided upon accounting as my career of choice. As a woman‚ I was always told that I was predisposed to being bad at math. This may be why I always tried harder at math because it did not want to be pigeon holed as just another
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financial statements. In addition‚ principles-based accounting standards allow accountants to apply professional judgment in assessing the substance of a transaction. This approach is substantially different from the underlying “box-ticking” approach common in rules-based accounting standards. FASB Chair Robert Herz has stated that he believes the professionalism of financial statements would be enhanced if accountants are required to utilize their judgment instead of relying on detailed rules. Another
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Justin Valsecchi 201306421 Accounting Studies Tut Group #3 Tutorial Assignment 2: How people getting richer impacted the accounting proffession and accountants. Over the last few hundred years the world saw the rise and evolution of the accounting profession‚ a profession that was greatly impacted by the increase in personal wealth of people‚ particularly during the industrial revolution. In the begining (i.e. the rennaissance era) merchants and explorers would have made use of
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Accounting Fraud at WorldCom LDDS began operations in 1984 offering services to local retail and commercial customers in the southern states. It was initially a loss making enterprise‚ and thus hired Bernie J. (Bernie) Ebbers to run things. It took him less than a year to make the company profitable. By the end of 1993‚ LDDS was the fourth largest long distance carrier in the United States. After a shareholder vote in May 1995‚ the company officially came to be known as WorldCom. WorldCom culture
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