7. ETHICAL ISSUES IN ACCOUNTING "Accountants and the accountancy profession exist as a means of public service; the distinction which separates a profession from a mere means of livelihood is that the profession is accountable to standards of the public interest‚ and beyond the compensation paid by clients." —Robert H. Montgomery‚ describing ethics in accounting. Accounting ethics is primarily a field of applied ethics‚ the study of moral values and judgments as they apply
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| |Professional Accountants in Public Practice | | | | | Ethical Dillemma Case Studies Professional Accountants in Public Practice Case Study 1 DEALING WITH STAFF PERFORMANCE
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those two characteristics. There are many careers that are essentially a service to others. I can only hope that my accounting mindset will be just that: a service to others. If my abilities‚ desires‚ and opportunities all aligned my life as an accountant would be perfect. I would see my dreams of becoming a Chief Executive Officer (CEO) come true; however‚ the title CEO would mean more to me than just a status. It would boost my inner confidence and reassure me that I can achieve my dreams with
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accounting department in keeping a business operating without hitches and delays. That’s probably because accountants oversee many of the back-office functions in a business — as opposed to sales‚ for example‚ which is front-line activity‚ out in the open and in the line of fire. Accountants are professional person who performs accounting functions such as audits or financial statement analysis. Accountants can either be employed with an accounting firm‚ a large company with an internal accounting department
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of work‚ using work equipment for personal use‚ taking things from work to your home‚ and in the accounting world- embezzling money from others for financial gain. There is no reason for unethical behavior except for self interest and greed. Accountants might falsify reports with bad information for a company so that they would have a better outcome on their papers‚ or to cover up something that is going on with the money. This would also include falsifying and altering business documents like
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Differences between book keeping and accounting 1-2 accounting concepts and conventions and basis Accounting concepts Accounting conventions Basis of accounting 1-3the role of accountant in society and its relation ship with other disciplines relationship of accounting with other disciplines role of accountant in society conclusion CHAPTRE TWO: MULTINATIONAL CORPORATIONS Introduction 1-1what is multinational corporation definition M.C history M.C M.C options 1-2 Definitionale Problems
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the case presented in the Brooks and Dunn text‚ two female accountants discuss the areas of accounting in which they practice‚ Sophia concentrating on not-for-profit‚ as Maya prefers tax accounting. Sophia feels the accounting profession’s top priority is public interest‚ not profits. She claims tax accounting is using loopholes in the government tax system to save companies money‚ and put it in the pockets of executives and tax accountants for their own benefit. She feels this takes
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filing that they were restating its earnings since 1997‚ and this would reflect a $586 million dollar reeducation. They reported this only a couple months after there first quarterly loss‚ this loss was the first in four years. In this case a;; the accountants were charged with preparing inaccurate information. This lead the investors to invest in something that was not there and something that was not true. All investors are relying on a company to have accurate financial information. This is how investors
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related to companies’ business processes and the related controls in place to minimize those risks. Public accounting‚ tax - Tax accountants prepare individual and corporate tax returns‚ provide their clients with advice on how best to structure business transactions to minimize current and future taxes‚ and engage in estate planning. Private industry - Accountants employed in private industry are involved in preparing budgets‚ analyzing variances‚ costing products and services‚ and evaluating
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will be his to explain his dilemma. Second he has another option to resolve his dilemma by telling the problem direct to the manager. Question 3: Consider the impact of this company’s approach on young accountants. How could working long hours be an ethical problem? Answer: For the young accountant‚ long
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