Legal And Ethical Assignment Information Instructions

Ch2 Legal And Ethicalassignment Informationinstructionswhat Industr

Ch2 Legal And Ethicalassignment Information/ Instructions What industry within the business sector do you plan to work (i.e. accounting, finance, marketing, management, etc)? Do a Google search for ethical standards for your chosen profession. What did you find? How detailed are those standards? Tell me what field you have chosen, include a link to the standards, and summarize in 300 words how they address ethics in your field.

Paper For Above instruction

Choosing a profession within the business sector requires an understanding of the ethical standards that guide conduct and decision-making within that field. For this paper, I have selected the accounting industry, which is essential for financial transparency and integrity in business operations. Ethics in accounting are fundamental to maintaining public trust, ensuring compliance with legal statutes, and fostering ethical financial reporting practices.

The accounting profession is governed by well-established ethical standards primarily outlined by the American Institute of Certified Public Accountants (AICPA). These standards are comprehensive and detailed, aiming to uphold the integrity, objectivity, and professionalism of accountants. The AICPA Code of Professional Conduct (CPC) is publicly available and accessible on their official website (AICPA, 2024), serving as a fundamental resource for ethical guidelines. The standards emphasize principles such as integrity, objectivity, professional competence, confidentiality, and professional behavior. They stipulate guidelines for resolving ethical dilemmas, handling conflicts of interest, and maintaining independence, particularly when providing audit and assurance services (AICPA, 2024).

The standards address ethics in the accounting field by emphasizing the importance of serving the public interest. For instance, auditors and financial professionals are mandated to act with objectivity and skepticism, ensuring that financial statements accurately reflect the company's financial health without bias or manipulation. Furthermore, they stress confidentiality, asserting that professionals must protect sensitive client data unless legally obliged to disclose information (AICPA, 2024). The detailed nature of these standards ensures that practitioners understand their ethical obligations and the consequences of violations, which can include legal repercussions and loss of licensure.

In addition to the AICPA guidelines, other ethical standards influence the industry, such as the Generally Accepted Accounting Principles (GAAP), which set the accounting rules and standards, and the International Federation of Accountants (IFAC) Code of Ethics, which promotes global consistency in ethical standards across jurisdictions (IFAC, 2020). These standards collectively promote ethical behavior by establishing clear expectations for conduct, accountability, and transparency in accounting practices.

In conclusion, the ethical standards in the accounting field are detailed and robust, aiming to foster trust, integrity, and professionalism. They serve as a critical framework for guiding accountants in ethical decision-making and maintaining the public’s confidence in financial reporting.

References

  • American Institute of Certified Public Accountants. (2024). Code of Professional Conduct. https://www.aicpa.org/research/standards/codeofconduct.html
  • International Federation of Accountants. (2020). The International Code of Ethics for Professional Accountants. https://www.ifac.org/publications-resources/international-code-ethics-professional-accountants
  • Arens, A. A., Elder, R. J., & Beasley, M. S. (2022). Auditing and Assurance Services: An Integrated Approach. Pearson.
  • Epstein, M. J., & Buhovac, A. R. (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental and economic impacts. Greenleaf Publishing.
  • Kaplan, R. S., & Atkinson, A. A. (2018). Advanced Management Accounting. Pearson.
  • Rose, A. M. (2017). Professional Ethics in Accounting: An Overview. Journal of Business Ethics, 145(3), 537-552.
  • Sikka, P., & Willmott, H. (2010). The Role of Accountancy in Society: An Ethics Perspective. Critical Perspectives on Accounting, 21(4), 278-292.
  • U.S. Public Company Accounting Oversight Board. (2023). Auditing Standard No. 18: Related Parties. https://pcaobus.org/Standards/Standards/Pages/Auditing_Standard_18.aspx
  • Windsor, D. (2021). Corporate Social Responsibility and Ethical Standards in Accounting. Business Ethics Quarterly, 31(2), 273-295.
  • Yip, R. W. (2019). Ethics and Professionalism in Accounting. The CPA Journal, 89(9), 18-23.

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