Ethical Values in Accounting

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Ethical Values in Accounting
University of Phoenix
March 26, 2011

Ethical Values in Accounting
Ethics in accounting is of greatest significance to accounting professionals and those who rely on their services. “On a personal level, everyone must answer the following question: What is my highest aspiration? The answer might be wealth, fame, knowledge, popularity, or integrity. But if integrity is secondary to any of the alternatives, it will be sacrificed in situations in which a choice must be made. Such situations will inevitably occur in every person's life” (Smith, 2010, p. 1). At some point in an accountant’s career, they will find themselves making a decision regarding whether a situation is ethical or unethical. Professional ethics is an important part of an accountant's job. As an accountant, one must have the obligation to each customer to display competence, confidentiality, integrity, and credibility. With competence a person must show a level of professionalism as well as acquiring the information and skills that you will need as an accountant. Confidentiality occurs when an accountant must keep information confidential unless authorized or legally required to release client information. The integrity of a person must communicate with the associates to avoid any conflict of interests. Lastly there may be credibility is when one must communicate information in a rational and objective method. Accountants are known and respected for their honesty by showing their integrity and competence. This is one reason it is important for all accountants and their firms to show and practice good ethical values. When it comes to ethical values and a professional obligations there are many things that should be shown and taken seriously. There are a large number of businesses that did not show integrity or competence and are now no longer in business. A good example of this is a business by the name of Enron Corporation. This...
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