These principles include Responsibilities, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of Services. Accountants can use these principles as a guide when they encounter questionable requests from their clients, or supervisors, as well as avoiding any conflicts of interest that may arise (Mintz and Morris, 2011). It is important that accountants act ethically in reporting a company’s finances. Investors, as well as the general public rely on information when making financial decisions and whether to invest in a company. Out of the purposes of the AICPA Code of Professional Conduct, three of the most important include public interest, integrity, and due care.
Financial Statement Paper P Agnes Pierre Louis ACC/280 September 26, 2011 Minh Truong Financial Statement Paper In today’s business world it is required to keep an accurate account for assets and liabilities of each company. Good and ethical accounting practices can build the base for a strong and profitable company if the information is used properly. The definition of accounting is obvious but one most know the purpose of accounting which will be covered in the following paragraphs. There are four financial statements that are prepared by companies in today’s society as a form of reporting accounting companies. Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows.
To follow the code of ethics are the basic duties of the employees. For those reasons, to adopt the code of ethics in the County of San Diego is important to keep the county’s public good and goals. G.M Financial Corporation The main purpose of ethics in the G.M Financial Corp. guide principle of business conduct rule for employees with customers, vendors. The G.M’s ethics are basically all G.M employees and they follow the ethics for their business, behavior and conduct. According to the G.M Financial Corp.’s of code of ethics, GM Financial’s mission is to create value for our stakeholders by constantly improving our services, investing in innovative solutions and information-based strategies, and promoting a culture of teamwork, excellence and integrity
When an individual is accepted into the AICPA, the member is obligated to perform in the best interests of the public’s trust, as the public relies on the integrity and honesty of the member. According to American Institute of CPAs (2012), “…the objectivity…of certified public accountants…to maintain the orderly functioning of commerce” (ET Section 53 - Article II the Public Interest). Expected from the public is for the member to provide quality services and demonstrate professionalism that reflects the Principles of the Code of Professional Conduct (American Institute of CPAs,
It also demands the employees to abide by the laws and regulation set forth by the state and federal governments. The code of ethics is based on the company’s core values. The values of Microsoft includes having strong integrity, being compliant with regulations, maintaining the trust of customers and shareholders, responsible management of the way the organization is ran. Most importunately having respect for the environment and the people
AICPA Code of Professional Conduct Certified public accountants (CPAs) perform a role that is essential to society. Because of the importance of that role, CPAs have responsibilities to anyone who employs their professional services. CPAs also have a responsibility to assist one another in enhancing the accounting profession, maintaining the public's confidence, and consistently fulfilling the profession's exclusive responsibilities. The voluntary association of CPAs, better known as the AICPA, has proposed a code of conduct that CPAs have chosen to adhere to. Now it is time to discuss the purpose for AICPA’s code, why it is considered the foundation of ethical reasoning, and its most important purposes.
Again, it was my principles that compelled me to do the right thing. Integrity plays an essential role in a community. It helps establish mutually beneficial relationships, and develop a sense of loyalty and duty amongst people. People who adhere to the principles of integrity will act correctly in academic, personal, and professional settings. In professional community, integrity enhances personal commitments to the code of ethics set forward by the professional organization.
It is your job to build this trust and loyalty. 6. Motivate followers to access and achieve their full value. Optimize your resources. Your team is the
2. Reliability: With moral principles clients are able to rely more on the Accountants. The nature of the work carried out by accountants and auditors requires a high level of ethics. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. They rely on the opinion of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company.
Therefore, a moral leader will stimulate a moral influence. The best leaders make their values and their ethics known and preach them in their leadership styles and actions. The duties of leaders include the responsibility for