What is ethics? Ethics is a branch of philosophy that studies the difference between right and wrong. As professional accountants‚ you will have many opportunities to choose between right and wrong. And as you have seen in the business press‚ making the wrong choice can lead to serious consequences including corporate failure‚ loss of reputation‚ fines‚ and even jail sentences. The objective of this unit is to introduce you to different branches of ethics‚ in order to help you understand that people
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R E S P O N S I B I L I T I E S ethics & L E A D E R S H I P Revised AICPA Code of Professional Conduct Analyzing the Ethical Responsibilities for Members in Public Practice and Members in Business By Steven M. Mintz n June 1‚ 2014‚ the AICPA issued a codification of the principles‚ rules‚ interpretations‚ and rulings in the AICPA Code of Professional Conduct that specify which ethics provisions apply to members in public practice‚ members in business‚ and other members. A major improvement
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accountants are obligated to rely on integrity and objectivity to perform their duties and to main orderly functioning of commerce. The accountants are obligated to be dedicated towards professional excellence as the public relies on accountants. The accountants should also act with integrity as highlighted by Article III. All work done by the accountant should be without deception and completely honest. The obligation of client confidentiality is extremely important‚ and it should never be compromised
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the values and the virtue of the CPA’s themselves. I believe that the three most important purposes of the AICPA code of professional conduct are integrity‚ objectivity‚ and due care. The purpose of the integrity principle is to make sure that the public trust is always upheld by being honest and candid without breaking client confidentiality. This principle also helps to ensure that the CPA is not using the public’s trust for personal gain or advantage. This is important because it keeps the CPA’s
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College of University of Phoenix February 12‚ 2009 Introduction A performance appraisal is a key element in organization and can be one of the greatest tools used to record employee production. Organizations can establish their goals and objectivities‚ while involving the employees in the process. Conducting a performance appraisal increases productivity and morale and can prove to be effective in performance production. Appraisals are a positive way for an employee to know how well they
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In IESBA there are multiple fundamental principles that describe the ideal accountant. These principles dictate the accountant’s integrity‚ objectivity‚ competency‚ confidentiality‚ and overall professional behavior. (IESBA‚ 100.4) These match the standards set in the AICPA code‚ but IESBA does alter in approach for some other areas of ethics. For example‚ IESBA code uses the conceptual framework approach to
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Financial statements are a necessity when it comes to businesses. They are used by both internal managers as well as outside users and provide information about the entire company. Managerial accounting is primarily used by individuals within a company or organization. The main purpose of financial accounting is to prepare financial reports that provide information about an organization’s performance to external parties like creditors‚ investors and tax authorities (Hilton‚ 2006). There are several
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Accountant Responsibilities By: Jennifer Koppelman March 11‚ 2014 Accountant Responsibility Accountants have responsibilities to many different groups such as their clients‚ the government and third parties. It is important that accountants act in a particular manner and have high ethical standards‚ integrity and professionalism. Accountant’s job responsibility is to validate financial statements and perform the duties in accordance with all the principles‚ standards and laws. Even
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results of operation in terms of established objectives (ISDE). Because it offers a historical perspective on the past performance of organizations‚ it is often said‚ "financial accounting is backward looking and sacrifices decision relevancy for objectivity" (Bromwich‚ 1988). This short-term external focus on reporting differentiates financial reporting from managerial reporting. Some of the financial reports used by external entities for evaluation of a business include the balance sheet‚ the statement
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communications‚ nurturing a sense of ownership as well as responsibility and building relations through zones in the systems. Therefore‚ when the case management systems are changed in support of cooperative working groups‚ there is a guarantee of objectivity in all special
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