First of all, a professional accountant should be a fiduciary whether they are pursing profit or not. The reason I say that is because a fiduciary is someone who has a ethical and legal duty to act in the best interests of entity or another person according to a set of rules and regulations. They must be willing to work in the best interest of the stakeholders of their company, the employees, as well as the public. A professional accountant should not falsify financial statements in any way at all. He/She shall not do tax returns for a higher or lower profit from which the company that hired him/her charge. A honest accountant would not cut corners and will always use good ethical judgment. 14. Why is it important for a professional accountant to understand the ethical trends discussed in this chapter?
It is important for a professional accountant to understand the ethical trends discussed in this chapter because an accountant has a certain set of rules and regulations that needs to be followed as a professional. The public expect the professional accountant to carry out the ethical trends that are discussed in this chapter. Being a professional you are required to act in the best interest of the public both ethically and morally. A professional would not compromise their job or moral standards by falsify information.