Grand Canyon University: BUS 340
The Legal, Ethical, and Technological Concerns Paper
For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.
What does it mean to be ethical? Regardless of where you are in the world, the word ethical has a similar meaning for all. We are holding true to our moral principles, or the company’s principles, and always striving to do the right thing by recognizing and avoiding the wrong, unethical thing. Depending on our culture, the way we were raised, not everyone carries the same standard of ethics within them. This is why each company develops a code of ethics by which they expect their employees to abide by and be in accordance with the rules and the code. Being that accounting and financial reporting deals with money, it is crucial for employees to be ethical and moral. Anyone within the accounting profession might face ethical issue such as pressure from the management. Management might ask the accountant to falsify certain financial reporting, or hide certain numbers, for the sake of the company. This further takes us into another concern where the accounting might be put in a position to become a whistleblower, or break the laws and become unethical. It is the accountant’s duty to report any violations within the company. Not reporting illegal actions and false reporting could create a lot of problems for the executives and the accounting that would be held...
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