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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where he was formerly Convener of the Department of Accounting. Educated at Chigwell School and New College‚ Oxford‚ he qualified as a chartered accountant in the London office of Peat‚ Marwick‚ Mitchell & Co. (now KPMG)‚ winning prizes at all three levels of examinations. He was a co-opted member of the Council of the Institute of Chartered Accountants in England & Wales (‘ICAEW’) from 1986 to 1993 and chaired its Environmental Research Group and its Student Education Advisory Group. He has been
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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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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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IMPACT OF GLOBALIZATION ON INTERNATIONAL ACCOUTING HARMONIZATION: A CASE OF VIETNAM BY NGUYEN THI PHUONG THAO Graduation Project Submitted to the Department of Business Studies Help University College‚ in Partial Fulfillment of Requirements for The Degree of Bachelor of Business (Accounting) Hons JUNE 2010 ACKNOWLEDGEMENT First and foremost‚ my sincere gratitude is dedicated to my supervisor – Dr. Le Van Lien. Thanks for your strong support‚ guidance‚ intuitive comments‚ and
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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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