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Integrity in Accounting by Dr. Alindada

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Integrity in Accounting by Dr. Alindada

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This was the second in a series of UE Accounting Lectures, held on March 4, 2008, 2 p.m. at the UE Theatre. The UE Accounting Lecture Series is being held by the University of the East in cooperation with the Philippine Institute of Certified Public Accountants.|  Dear accounting friends, ladies and gentlemen:Thank you for inviting me to be the second speaker in this lecture series immediately after Mr. W. SyCip himself. I am humbled to say that he has been my mentor and friend for over half a century—you see I joined SGV as a junior auditor just a few days after my 18th birthday. I also welcome the opportunity to be back in the school where I learned what accounting was all about; and also to teach accounting for a few semesters, oh so many years ago. The title of my paper, “Integrity in Accounting,” required me to look up the meaning of integrity. Webster’s Dictionary actually lists two different meanings for the word:—The first meaning: Integrity is “the quality of being unimpaired, in perfect condition, complete and unbroken.”—The second meaning: Integrity refers to “the state of being of sound moral principle, uprightness, honesty and sincerity.”So given these two definitions, I would now like to play on the word integrity by re-titling my paper to: Does the Completeness of Accounting (and Auditing) Rules Insure an Accountant’s Sound Moral Principles, Honesty and Sincerity?ACCOUNTING RULES ARE ABSOLUTELY NECESSARY The Accounting architecture is complete only if there is completeness in the following: 1. Accounting Principles — how to account

2. Auditing Standards — how to audit
3. Ethical Standards — how to behaveThe Accounting architecture must be in place in order that there can be some semblance of accountants’ integrity; otherwise, how can they be judged if they accounted, audited and behaved the right way? With this as a premise, let us briefly review whether the accounting architecture in the Philippines is complete.ACCOUNTING PRINCIPLES In...

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