Role of Professional Accountant (Week 3)

Role of Professional Accountant (Week 3) - Business...

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Business & Professional Ethics Chapters 3 & 4 (PPTs 3 & 4) Role of a Professional Accountant
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 For Previous Session on Ethics & Governance Learning Objectives Why are good ethics and good governance important? What constitutes good ethics and good governance? How can good ethics and good governance be instituted?
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Nuggets from Previous Session New Stakeholder-oriented Governance Paradigm: Accountability Dependency Puts a Premium on: Reputation Management Ethics Risk Assessment Corporate Citizenship Ethics Management Mechanisms including an ethical corporate culture
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Role of a Professional Accountant Learning Objectives What is expected of a professional accountant? What understandings, attributes, values and judgment are necessary? What guidance is available?
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 What is expected of a professional accountant? What do professionals do? Serve the public What is their value-added? Expertise Trust they will act in a client’s best interest Serve the public interest What is required to permit this?
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Lang Michener Affair Are expectations for professional standards above non-professionals? Lawyers actions not up to expectations, or obligation to clients, prof., law society, public? Is self-regulation effective? Is an honest mistake “of no consequence?”
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Public Expectations of a Profession Essential Features: (Bayles) Extensive training Provision of important services to society Training and skills largely intellectual in character Typical Features: Generally licensed or certified Represented by organizations, associations, institutes Autonomy Foundation of Ethical Values: (Behrman) Significantly delineated by and founded on ethical considerations rather than techniques or tools
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 What understandings, attributes, values and judgment are necessary? Features, Duties, Rights & Values Of the Accounting Profession… Table 4.2 Features Duties essential to a fiduciary relationship Rights permitted by most jurisdictions Values necessary to discharge duties and maintain rights
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Prof. Len Brooks, Rotman School of Management, University of Toronto, 2008 Features and Duties, Table 4-2 Features: Provision of important fiduciary services to society Extensive knowledge and skill are required Training and skills required are largely intellectual Overseen by self-regulating membership organisations Accountable to governmental authority Duties essential to a fiduciary relationship:
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