Code of Ethics
Code of Ethics
Accountants are expected to not only work for their clients but also for the general public. They are trusted to do the accounting work of their employers correctly and according to laws and regulations. While errors cannot be prevented completely, they should not be making errors knowingly. Especially if the errors are in the company’s favor, it could be considered fraud.
Integrity
Accountants should always be honest in their job because many people are relying on them. As mentioned earlier, they are working for their clients/employers but also for the public. The clients or employers are expecting the accountant to act with integrity. They should never lie about the numbers and record everything accurately. This ensures that the employer/client will not get in trouble with the government when they are audited. Accountants must also act with integrity because the public is relying on them. As a consumer, people want to know how well a company is doing but even more so as an investor or creditor. In order to invest money into a company or to lend them money, people want to know how a business is doing and whether they will be able to pay that money back. To do so, they must rely on the integrity of the accountant and trust that they are not lying in the financial statements and reports that are being used to make the decision.
Objectivity
Accountants must stay focused on the task at hand. They are hired to do the accounting work for a company, not to hide anything or embezzle any money. They must not let their own personal problems get in the way of their job. They cannot do the work on how they are feeling at the moment or what they want. They need to follow strict rules and regulations to ensure that everything is done correctly. They should not let others talk them into doing something wrong and should keep the company’s best interest in mind.
Professional Competence and Due Care Accountants should also continue educating
Accountants are expected to not only work for their clients but also for the general public. They are trusted to do the accounting work of their employers correctly and according to laws and regulations. While errors cannot be prevented completely, they should not be making errors knowingly. Especially if the errors are in the company’s favor, it could be considered fraud.
Integrity
Accountants should always be honest in their job because many people are relying on them. As mentioned earlier, they are working for their clients/employers but also for the public. The clients or employers are expecting the accountant to act with integrity. They should never lie about the numbers and record everything accurately. This ensures that the employer/client will not get in trouble with the government when they are audited. Accountants must also act with integrity because the public is relying on them. As a consumer, people want to know how well a company is doing but even more so as an investor or creditor. In order to invest money into a company or to lend them money, people want to know how a business is doing and whether they will be able to pay that money back. To do so, they must rely on the integrity of the accountant and trust that they are not lying in the financial statements and reports that are being used to make the decision.
Objectivity
Accountants must stay focused on the task at hand. They are hired to do the accounting work for a company, not to hide anything or embezzle any money. They must not let their own personal problems get in the way of their job. They cannot do the work on how they are feeling at the moment or what they want. They need to follow strict rules and regulations to ensure that everything is done correctly. They should not let others talk them into doing something wrong and should keep the company’s best interest in mind.
Professional Competence and Due Care Accountants should also continue educating
References: Brooks, L., & Dunn, P. (2010). Business & professional ethics for directors, executives & accountants. Mason, OH: South-Western Cengage Learning. International Federation of Accountants. (2006). Code of Ethics for Professional Accountants. Retrieved August 24, 2012, from http://ethics.iit.edu/codes/code-of-ethics-for-professi-1.pdf