Role of Professional Accountant (Week 3)

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

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Unformatted text preview: Business & Professional Ethics Chapters 3 & 4 (PPTs 3 & 4) Role of a Professional Accountant 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? 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 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? 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 clients best interest Serve the public interest What is required to permit this? 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? 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 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 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...
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Role of Professional Accountant (Week 3) - Business...

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