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Assignment Week One ACC260

Assignment Week One ACC260 - They are expected to be...

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Assignment Week One Question 13: Is a professional accountant a businessperson pursuing profit or a fiduciary that is to act in the public interest? Question 14: Why is it important for a professional accountant to understand the ethical trends discussed in this chapter? A professional accountant is defined as a person who has the skill and experience in establishing and maintaining accurate financial records for an individual or business. A fiduciary is defined as a legal duty or ethical relationship of confidence or trust regarding the management of money or property between two to more parties, most commonly a fiduciary and a principal. It is the highest standard of care at either equity or law.
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Unformatted text preview: They are expected to be extremely loyal to the person to whom he owes the duty. If we go by what is defined in the definitions of a professional accountant and a fiduciary then I believe a professional accountant could be a fiduciary who also pursues a profit although nowhere in either definition does it say that a professional accountant pursues a profit. So with that being said I believe that a professional accountant would be defined as a fiduciary who acts in the public interest. It is important for a professional accountant to understand the ethical trends so that they will have good ethical decisions which leads to good consequences in the business....
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