explain each of the 7 reasons why the Code of Ethics exists in accounting. It is inherent to the accounting profession- Information needs to remain confidential- The integrity of the employees- The accountant needs to be knowledgeable- The company’s reputation- Tax payments- Financial planning-
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explain each of the 7 reasons why the Code of Ethics exists in accounting.
- It is inherent to the accounting profession-
- Information needs to remain confidential-
- The integrity of the employees-
- The accountant needs to be knowledgeable-
- The company’s reputation-
- Tax payments-
- Financial planning-
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- Discuss the importance of personal competence, professional judgment, and ethical behavior onthe part of accounting professionals.Which of the following statements best explains why public accounting, as a profession, promulgates ethical standards and establishes means for ensuring their observance? A. Ethical standards are established so that users of accounting services know what to expect and accounting professionals know what behaviors are acceptable, and so that discipline can be applied when necessary. B. Ethical standards that emphasize excellence in performance over material rewards establish individual reputations for competence and character. C. A requirement for a profession is to establish ethical standards that primarily stress responsibility to clients and colleagues. D. Vigorous enforcement of an established code of ethics is the best way to prevent unscrupulous acts.Directions: Please select the appropriate answer on the statement below;T - If the statement is trueF - When the statement is false or part of the statement is false A public accounting firm is believed to have fulfilled its responsibility to provide services in accordance with professional standards because it joins a professional society that encourages the implementation of a code of ethics.
- The objectivity standards of management accountants state that they must communicate information fairly and objectively. This means essentially that accountants must perform each task A as professionals, possessing the degree of skill of those management accountants who held the position before them. B so as to provide relevant information, both positive and negative, to the recipients of their reports. C to the satisfaction of government regulators. D in conformity with generally accepted accounting principles. ↓yWhich of the following are important factors in ensuringthe integrity of accounting information?a. Institutional factors, such as standards for preparinginformation. b. Professional organizations, such as the American Insti-tute of CPAs. c. Competence, judgment, and ethical behavior of individ-ual accountants.Question 1 In order for public to have confidence in work perform by professional accountants it is essential to have a system regulation. Regulation can take the form of both ethical and statutory guidance. Required; a) State the five threats contained within IESBA's Code of Ethics for professional Accountants and for each threat list one example of circumstance that might create the threat. b) Explain the Auditor's ethical responsibilities with regards to client confidentiality and when they have obligatory responsibility to disclose client information on a voluntary responsibility to disclose client information. Compliance with the fundamental principles in IESBA's Code of ethics for Professional Accountants can be threatened in a number of ways. Required; c) Explain each of the five fundamental principles of IESBA's Code of Ethics for Professional Accountants. d) List the five ethical threat to independence and objectivity and for each threat identify one example of a circumstance…
- When discussing and evaluating professional ethics, it is essential to understand the purpose, terminology, and repercussions of professional misconduct. The American Institute of Certified Public Accountants (AICPA) code of professional conduct is the gold standard for defining professional conduct in accounting; it is therefore important for business professionals to be familiar with. In this discussion, you will explore one principle in depth and discuss it and others with your peers. First, select one of the following principles of professional conduct to examine in the AICPA Code of Professional Conduct document: Responsibilities Public interest Integrity Objectivity and independence Due care Scope and nature of services Then, for your initial post, reflect on what appropriate practice of your selected principle would look like in the field, and also on some potential examples of violations of the principle. Use the following questions to help guide your reflections: How would…Which of the following is not a code of ethics for professional accountants? Professional behavior Professional competence Objectivity Communication skillsIdentify to what ethical theories these quotations best relate. Explain your answers in 3 to 5 simplesentences: 2. “A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in thepublic interest. Therefore, a professional accountant’s responsibility is not exclusively to satisfy the needs ofan individual client or employer.” IFAC, Code of Ethics for Professional Accountants
- Economics (a) Which would you choose as the priority for ethical behaviour in the accounting profession: “protect the public interest” or “protect the credibility of the profession?” Explain, providing an example. (b) Explain the affiliation between the fiduciary relationship and conflict of duties when a professional accountant provides a service to a client. Provide an exampleEthical conduct and professional judgment each play important roles in the accounting process.a. In general terms, explain why it is important to society that people who prepare accountinginformation act in an ethical manner.b. Identify at least three areas in which accountants must exercise professional judgment, ratherthan merely relying on written rules.What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add to the integrityof accounting information?
