Published on January 28, 2016
1. Basics of Accounting Accounting Ethics
2. What is Ethics? 2 Ethics serves as the code of conduct in which the people involved comply to. In the field of accounting, different organizations such as the American Institute of Certified Public Accountants (AICPA), Institute of Management Accountants (IMA), and Institute of Internal Auditors (IIA) provide code of ethics to their members.
3. Intentions of Ethics 3 • Central element in creating profession • Outlines the various duties, responsibilities, and functions of the members of an organization • Helps in situations that concern queries on ethics and where decisions ought to be made
4. Intentions of Ethics 4 • Directs accountants and auditors to exhibit professionalism and serve, honor, and protect the public’s interest • In accounting, the code of ethics is centered on promoting integrity, objectivity, independence, due care, competence, confidentiality, and credibility
5. Intentions of Ethics 5 • Integrity • Described by AICPA as the quality from which the public trust is derived and the reference point against which a member must eventually analyze and assess all decisions • Lets an accountant or auditor retain and increase the public’s confidence • With integrity comes trust, and this gives basis for the confidence on accounting professionals’ judgment.
6. Intentions of Ethics 6 • Objectivity • One of the distinctive characteristics of the accounting profession • Directs accountants and auditors to be impartial, intellectually honest, and free from conflicts of interest • Compels accounting professionals to make a balanced evaluation in all auditing- or accounting-related circumstances
7. Intentions of Ethics 7 • Independence • Averts situations that may impair an accounting professional’s objectivity • Directs the accountant or auditor to be independent in both action and appearance while rendering accounting or auditing services
8. Intentions of Ethics 8 • Due care • Its bottom line is the pursuit of superiority and greatness • Obliges accounting professionals to administer and carry out their duties and responsibilities with competence, vigor, and to the best of their abilities
9. Intentions of Ethics 9 • Competence • Directs accounting professionals to: - perform services that adhere to the rules, policies, and standards - maintain and enhance their technical skills and know-how - present information that are definite, coherent, and terse
10. Intentions of Ethics 10 • Confidentiality • Upholds the importance and ownership of the information that accounting professionals acquire or obtain • Directs professionals to not divulge any information unless they are required by the law to do so • Prohibits auditors and accountants to use obtained information for personal gains
11. Intentions of Ethics 11 • Credibility • Means having the right skills to relate information adequately and impartially • Directs accounting professionals to be honest in disclosing information that may have an effect on their client’s comprehension towards end reports, evaluations, and suggestions
12. Good fortune is what happens when opportunity meets with planning. - Thomas Alva Edison 12 BKM Sowan Horan, LLP 15301 Dallas Parkway, Suite 960 Dallas, Texas 75001 Phone: 214-545-3965 Fax: 214-545-3966 www.bkmsh.com For more information about Accounting Ethics, please visit: http://bit.ly/BKMSH-Accounting-Ethics
This, in turn, promotes assurance and credence towards the person, product, or service.
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