For the accounting field‚ the American Institute of Certified Public Accountants (AICPA) maintains and enforces a code of professional conduct for public accountants. By adhering to the code‚ accounting professionals assume an obligation of "self-discipline above and beyond the requirements of laws and regulations" (AICPA‚ 2006‚ para. 8). The duties placed on accounting professionals by the code of ethics require "professional competence‚ confidentiality‚ integrity‚ and objectivity" (Bookrags‚ 2006
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including breaking the law to get extra money. An accountant has an opportunity to “cook the books” (Xaxx‚ 2013) that can allow they to take a little or a lot. This is very tempting as no one seems to get hurt in the process. At times ignorance of the tax law or regulations about insider trading can be easily misunderstood by inexperienced accountants‚ which could cause unethical behavior without even realizing it. The role of an accountant is to use information the company provides to gather
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Professional Conduct can be considered the foundation of ethical reasoning in accounting. The code presents rules and principles to help accountants complete their jobs with integrity and ethical decisions. The code also protects the interest of a company and the interest of the public. Purpose The American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct was created to help individuals in the accounting profession‚ to perform their job while using
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reporting‚ financial management and performance management‚ as defined in the CIMA Official Terminology 2005 edition. CIMA members and students should sign into My CIMA to access these services and resources. The Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0)20 7663 5441 F. +44 (0)20 7663 5442 E. tis@cimaglobal.com www.cimaglobal.com 2 Topic Gateway Series Customer profitability analysis Definition and concept Customer Profitability
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Forensic Accounting in 1940. In India Forensic Accounting is still in nascent stage and it becomes very difficult to find and retain the forensic accounting resources in India. Worldwide we consider Sherlock Holmes to be the first Forensic Accountant; however the contribution of some of the historic characters in India cannot be ignored. In India‚ Kautilya was the first person to mention the famous forty ways of embezzlement in his famous Kautilya Arthashastra during the ancient Mauryan Times
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for the financial statements The Board is responsible for the preparation and the true and fair presentation of these financial statements in accordance with Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants‚ and the Hong Kong Ocean Park Corporation Ordinance 1987. This responsibility includes designing‚ implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that
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others were born from the creation of new laws and regulations‚ some are state agencies‚ and many more are private organizations made up of academics and certified public accountants who altruistically want to improve ethics in one’s field of accountancy. These organizations include the Financial Accounting Standards Board (FASB)‚ the Public Company Accounting Oversight Board (PCAOB)‚ the Securities and Exchange Commission (SEC)‚ and the International Accounting Standards Board (IASB). Companies
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dispute resolution that is often used when the parties involved do not want to face one another? 9) Which of the following is true regarding mediation? 10) There are no accountants on the board of the Oriole Corporation‚ a privately held corporation. The board routinely relies on a Certified Public Accountant (CPA) to explain the financial situation of the corporation. The board does not do an independent analysis of the CPAТs report. In these circumstances‚ the board i 11) Self-dealing
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prepared for permitting public accounting firm to sell their ownership interest to individuals not in public accounting from incorporation: 1) Assessing capital in the economy is enhanced which makes the allocation of scarce resources efficient within the economy. 2) Since public accounting firm participate against companies that are permitted to get in a certain manner‚ they must not be constrained to capital accessible from accountants and loans. 3) The certified public accountants (CPAs) own 51 percent
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’ LO 1 3 The types of accounting information are limited. A) True B) False This is the correct answer. Feedback: There are many types of accounting information‚ including financial accounting‚ managerial accounting‚ and tax accounting. 4 Accountants use the term financial position to describe an entity’s activities during the year. A) True B) False This is the correct answer. Feedback: Financial position refers to an entity’s financial resources and obligations at one point in time. The
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