Ethical Considerations In The Practice Of Manageme Essay

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Ethical Considerations in the Practice of Management Accounting
There is a growing significance of upholding high ethical principles in business, and more than ever in the accounting profession. Scandals involving unethical accounting and financial practices demonstrated through firms such as Enron, WorldCom, Arthur Anderson and Tyco have negatively impact the images of these organizations and destroyed the lives of many employees who were fully invested. Adhering to the utmost ethical standards is particularly critical to the professionals who are considered “gatekeepers” to a firm’s financial and accounting methods. Are accountants faced with an ethical challenge when performing the functions of their professions? In Christopher Cowton’s article titled ‘Accounting and the ethics challenge: remembering the professional body’, he states, “The challenge for professional accountancy bodies, or at least those persons who would seek to influence them, from within or without, is to ensure that they fall squarely within the former and do not drift into the latter,” (Cowton, 2009, P. 187). He implies that there are always members who fail to live up to the expectations associated with acting ethically and professional. This was clearly the case with Enron; what happens when senior executives like those from Enron influences unethical behavior throughout the organization? According to Cowton, these individuals obviously fall short and ethical standards ultimately prevail. This paper explores ethical considerations in the practice of management accounting and the responsibility of accounting professionals who are required to maintain effective moral conduct.
Today we operate in a global economy and gaining a competitive advantage is what separates industry leaders from ineffective and failing firms, however, not at the cost of adopting unethical processes. Ethical violations can lead to adverse penalties for the companies, their stakeholders and the general public....

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