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Unformatted text preview: Chapter Notes-2 Chapter Summary 1. What are ethics and why are they important ? Ethics are broad moral principles or values that help guide our behaviour and establish trustworthy, responsible, and fair relationships. How can I work through an ethical conflict (known as an ethical dilemma) ? A six-step framework that walks through information collection, analysis, and a decision is provided in the chapter (see p. 35). 2. How are public accountants different from other professionals ? The clients of PAs are individuals, as well as management of corporations. In addition, PAs have a responsibility to users of financial statements, such as shareholders and creditors. This is a more expanded responsibility than that of other professionals. What is the role of a code of professional conduct in encouraging public accountant professional behaviour ? Such a code of conduct can have general statements of ideal conduct and specific rules that define unacceptable behaviour.code of conduct can have general statements of ideal conduct and specific rules that define unacceptable behaviour....
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- Spring '09