Acc/325 Phase 2
Sarah GunsetACCT 325
Phase 2 IP-2Jason Cade
July 21, 14
Ethics plays such an important role in the business world. There are organizations and boards that set guidelines specifically to improve the work environment and help control the amount of ethical dilemmas. The SEC works as the head quarters for these boards and has developed many new guidelines since the crisis of the early 2000’s. The International Ethics Standards Board for Accountants (IESBA) has established ethical standards and guidelines for accountants similar to those of the AICPA’s Rules of Conduct. There are many organizations that are working in unison to create the best atmosphere for the business world and those involved.
Auditors are already in a risky field …show more content…
Having integrity, an auditor will always give a sincere fair audit that is truthful and reliable to the company and its investors. Without the integrity of an auditor, there would be no foundation or value to the opinion. Auditors must also stay clear of illegal business and independent of clients.
Auditors should remain objective at all times. The audit should always be fair and neutral. No bias opinions should ever be formed and an auditor should refrain from a project if they are not able to be independent.
It is the Auditors job to stay up-to-date in their profession. Auditors should act professional and meticulous. They should knowledge, skill, and be proficient in their field of work. All standards must be strictly followed.
Without the security of confidence, auditors would become the enemy. It is highly ethical that auditors never share information or records to anyone that does not have the legal right of disclosure. Private information should never be used for the personal advantage of the …show more content…
If the auditor does not stay completely independent, financially, personally, and to a point, professionally, the audit will lose its value. Though the rule seems clear and mess free, there are exceptions. Auditors may have small loans with a client as long as they are on standard terms. An auditor may also do work for an auditor as long as they are not conflicting with the work that they audit. For example, auditors may install system software but it is a good idea not to do the taxes of a client.
Integrity and objectivity is a rule that pertains to both practicing and non-practicing CPAs. Becoming a CPA comes with many responsibilities and expectations. CPAs should never conduct misleading statements rather they are the CFO or auditor.
Auditors are to keep all information they obtain during the audit confidential. Audits would not work properly without the client’s assurance of confidentiality. This being said, there are a few legal exceptions that grant individuals or organizations the right to some
Phase 2 IP-2Jason Cade
July 21, 14
Ethics plays such an important role in the business world. There are organizations and boards that set guidelines specifically to improve the work environment and help control the amount of ethical dilemmas. The SEC works as the head quarters for these boards and has developed many new guidelines since the crisis of the early 2000’s. The International Ethics Standards Board for Accountants (IESBA) has established ethical standards and guidelines for accountants similar to those of the AICPA’s Rules of Conduct. There are many organizations that are working in unison to create the best atmosphere for the business world and those involved.
Auditors are already in a risky field …show more content…
Having integrity, an auditor will always give a sincere fair audit that is truthful and reliable to the company and its investors. Without the integrity of an auditor, there would be no foundation or value to the opinion. Auditors must also stay clear of illegal business and independent of clients.
Auditors should remain objective at all times. The audit should always be fair and neutral. No bias opinions should ever be formed and an auditor should refrain from a project if they are not able to be independent.
It is the Auditors job to stay up-to-date in their profession. Auditors should act professional and meticulous. They should knowledge, skill, and be proficient in their field of work. All standards must be strictly followed.
Without the security of confidence, auditors would become the enemy. It is highly ethical that auditors never share information or records to anyone that does not have the legal right of disclosure. Private information should never be used for the personal advantage of the …show more content…
If the auditor does not stay completely independent, financially, personally, and to a point, professionally, the audit will lose its value. Though the rule seems clear and mess free, there are exceptions. Auditors may have small loans with a client as long as they are on standard terms. An auditor may also do work for an auditor as long as they are not conflicting with the work that they audit. For example, auditors may install system software but it is a good idea not to do the taxes of a client.
Integrity and objectivity is a rule that pertains to both practicing and non-practicing CPAs. Becoming a CPA comes with many responsibilities and expectations. CPAs should never conduct misleading statements rather they are the CFO or auditor.
Auditors are to keep all information they obtain during the audit confidential. Audits would not work properly without the client’s assurance of confidentiality. This being said, there are a few legal exceptions that grant individuals or organizations the right to some