ACC 260 Week 1 Checkpoint Ethics in the Accounting Profession

ACC 260 Week 1 Checkpoint Ethics in the Accounting Profession

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13. Is a professional accountant a businessperson pursuing profit or a fiduciary that is to act in the public interest? A professional accountant should not be a business person pursuing profit. A professional accountant’s main objective for their job is to act in the public interest. Ethics and morals should work according to rules and regulations in the interest of the public. Accountants should not change tax returns and finance statements to get higher profits from the firm that hired them. Professional accountants should not take short cuts with work and always be ethical, and this will help with finding work and making money. Accountants can lose their license if ever caught up in fraudulent acts. 14. Why is it important for a professional accountant to understand the ethical trends discussed in this chapter? Accountants provide valuable services and they are much sought after by both public and private entities for information and advice. The best accountants
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Unformatted text preview: ensure they are performing their responsibilities with technical competence and the highest ethical standards by adhering to a strict code of conduct. They must conform to most, but not all, of the rules of conduct in all types of engagements or is subject to disciplinary actions. Even though each state board of accountancy has specific rules of conduct and licensing requirements, many states have adopted the CPC to govern the practice of public accounting and licensing within their state. A CPA found guilty of violating the rules could lose the license to practice, as well as being barred from AICPA membership. Both the AICPA and the state societies of CPAs also participate in the Joint Ethics Enforcement Program. Certain things done wrong by an accountant could end them up in court looking at jail time or fines....
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This note was uploaded on 11/15/2010 for the course ACC 260 taught by Professor Dr.smith during the Spring '10 term at University of Phoenix.

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