Ethics (B) - Module B Professional Ethics To educate a...

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Module B Professional Ethics “To educate a person in mind and not in morals is to educate a menace to society.” -- Theodore Roosevelt Always do right--this will gratify some and astonish the rest. -- Mark Twain
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Module Objectives 1. Understand general ethics and a series of steps for making ethical decisions. 2. Reason through an ethical decision problem using the imperative, utilitarian, and generalization principles of moral philosophy. 3. Identify the different entities that make ethics rules for CPAs and public accounting firms. 4. With reference to American Institute of Certified Public Accounting (AICPA), Public Company Accounting Oversight Board (PCAOB), Securities and Exchange Commission (SEC), and Independence Standards Board (ISB) rules, analyze factual situations and decide whether an accountant’s conduct does or does not impair independence. 5. With reference to AICPA rules on topics other than independence, analyze factual situations and decide whether an accountant’s conduct does or does not conform to the AICPA Rules of Conduct. 6. Explain the types of penalties that can be imposed on accountants. MODB-2
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General Ethics Ethics that branch of philosophy which is the systematic study of reflective choice, of the standards of right and wrong by which it is to be guided, and of the goods toward which it may ultimately be directed. - Wheelwright, 1959 Key elements Decision problems Moral principles Consequences MODB-3
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Why are ethics important?
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An Ethical Decision Process 1. Define all facts and circumstances 2. Identify stakeholders 3. Identify stakeholders’ rights and obligations in general and to each other 4. Identify alternatives and consequences 5. Choose superior alternative with respect to consequences and/or rules MODB-5
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Philosophical Principles in Ethics The Imperative Principle (Kant) Hard, fast rules Following the rule always leads to the best possible ethical outcome Example: Lying is wrong
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Philosophical Principles in Ethics The Principle of Utilitarianism What are the consequences of the actions? Warning: Ethics and values are not defined.
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Philosophical Principles in Ethics Act Utilitarianism What action leads to the best outcome? Too many exceptions Assumes everyone else is following the rules
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Philosophical Principles in Ethics Rule Utilitarianism Which rule leads to the greatest good? Focuses on adherence to rules while considering consequences.
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The Generalization Argument What would happen if everyone acted this way? Similar people, similar
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This note was uploaded on 02/05/2011 for the course ACCT 461 taught by Professor Staff during the Spring '08 term at George Mason.

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Ethics (B) - Module B Professional Ethics To educate a...

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