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Week 1 Checkpoint- Ethics in the Accounting Profession

Week 1 Checkpoint- Ethics in the Accounting Profession - 14...

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13. Is a professional accountant a businessperson pursuing profit or a fiduciary that is to act in the public interest? Professional accountants should be a fiduciary that acts in the public interest to uphold the credibility and reputation of the accounting profession as well as the corporations they work for. Shareholders, stakeholders, and the public in general rely on the reports that for information regarding the performance of the corporation. Therefore, the accountants that prepare and audit these reports need to be trustworthy and to be trustworthy these accountants need to value independence, integrity, and objective judgment and reporting. Accountants need to report what is actually going on, not advising on how to make the reports look good to the public.
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Unformatted text preview: 14. Why is it important for a professional accountant to understand the ethical trends discussed in this chapter? It is important to understand the ethical trends discussed in this chapter because an accounting firm can become none existent due to unethical behavior. The accountant or accountants responsible will also face legal ramifications, such as jail time and heavy fines. The reputation of accountants is harmed when unethical practices are heard of even though not all accountants are unethical. It is also important to understand these trends because new laws and governances are being established to protect shareholders and the public, accountants will be held accountable for acting unethically....
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