Ethics in Accounting and Business for Summer 10

Ethics in Accounting and Business for Summer 10 - Page 1...

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Page 1 ETHICS IN ACCOUNTING AND BUSINESS “Pray for us. We are sure that we have a clear conscience and desire to live honorably in every way.” Hebrews 13:18 Ethics are the standards of conduct by which one’s actions are judged as right or wrong, honest or dishonest, fair or not fair. Every profession develops a body of theory consisting of principles, assumptions and standards. The accounting profession, through the American Institute of Certified Public Accountants, has set guidelines on what is considered ethical behavior in the business world of accounting. We, as accountants, are often called upon to serve the public and we must have the confidence of the pubic to be successful and honor their trust. 1. Integrity means that the accountant is honest and candid, and performs with the highest sense of integrity. This means not knowingly misrepresenting facts to others. 2. Objectivity means that the accountant is impartial and free of conflicts of interest. 3. Due care means that the accountant must strive continually to be competent, to improve competence, and be alert and diligent in all situations. 4. Confidentially means that the inside information found in your job should at all times remain in your confidence. Loose talk by accountants concerning accounting information indicates a lack of ethics. The above listed standards are not just applicable to accountants, but to all people in business. ETHICAL DILEMMAS
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This note was uploaded on 03/28/2011 for the course ACCOUNTING 101 taught by Professor Bob during the Spring '10 term at Rowan-Cabarrus Community College.

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Ethics in Accounting and Business for Summer 10 - Page 1...

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