Accounting Code Of Ethics Essay

2132 words - 9 pages

Accounting codes of professional conduct, or codes of ethics, influence the behavior of accountants, provides for discipline, punishes unethical behavior, and explains standards, rules and technical requirements of the profession. In Florida, the State provides a Code of Ethics applicable to CPAs, but there are other organizations that also provide guidance for accountants, although adherence to their guidelines are more voluntary, whereas CPAs are bound to adhere to the rules, code of ethics and continuing professional development by their licensing agreement, like doctors or lawyers, published by the State. Board of Accountancy of the State of Florida is the entity charged with defining and enforcing these rules, in conjunction with Florida Department of Business and Professional Regulation.State's position of accounting work productThe Board of Accountancy has rules on how clients' work product is treated under specific circumstances. For example, how long does a CPA firm need to retain the clients' original bank records, such as bank statements, cancelled checks, paid bills and account receivable statements. Accounting concepts are a foreign language to some lawyers in almost all cases and to almost all lawyers in some cases. As financial litigation becomes more complex, this often-quoted statement helps explain why attorneys sometimes need to use the services of accountants. Litigation support has become so much a part of the accounting profession that the American Institute of CPAs Code of Professional Conduct defines the practice of public accounting as including "litigation support services. For many lawyers, the need to consult a CPA is particularly acute when they work with financial statements, determine a client's net worth, and try to understand a business' books and records or handle tax matters. There is no common law testimony previlage which an accountant and his client may invoke to prevent disclouse of information which the client has revealed to the accountant. However, sixteen states and the commonwealth of Puerto Rico have enacted accountant client previlage statutes. Here is Florida client Privilege Statutes.FLA. State.ANN. & 473.15 (1965) All communicaions between Certified public accountants and public accountants and the person for whom such certified public accountant or public accountant shall have made any audit or other investigation in a professional capacity, and all information obtained by Certified public accountants and public accountants in their professional capacity concerning the business and affairs of clients shall be deemed privilege communications in all of the courts of this state and no such Certified public accountants and public accountant shall be permitted to testify which respect to any of said matters, except with the consent in writinf of such client legal representative The Michigan Law Review Association (The Michigan Law Review Association p.1264).Modified State's position of accounting...

Find Another Essay On Accounting Code of Ethics

Code of Ethics Essay

1474 words - 6 pages . “The numerous incidents of unethical behavior in the accounting profession stress the need for increased ethics in accounting education”(2). Obtaining an overall education on the code of ethics will not be simply achieved. The proposal of a new looks on the Code of Ethics will not informed professional accountants on the obligations and ethical responsibilities that they have to follow. Educating accountants of how to manage in challenging ethical

Enron's Code of Ethics Essay

1001 words - 4 pages largest distributer and producer of electricity and natural gas in the country. The company was listed as the fifth largest of the fortune 500 companies. As the energy market declined at the end of the 1990's more of their financial and accounting processes came into the "limelight". This was the beginning of the end for the company and eventually filed bankrupt in 2002. Enron's failure to abide by its own and unwritten code of ethics had

Code of Ethics

964 words - 4 pages for their own selfish needs. Criminal behavior such as in the case of Enron and Arthur Anderson would be all too common as greedy managers and unscrupulous accountants cover up their financial impropriety.By sticking to the code of ethics, accounting professionals assume a duty of self-control above and beyond the requirements of laws and regulations. Accounting professionals should only accept responsibilities that they can accomplish proficiently

Code of Ethics Comparrison

1700 words - 7 pages In 2005, the American Counseling Association (ACA) published a document titled the ACA Code of Ethics which was designed to aid counselors in the ethical decision making process and, in response, “expand the capacity of people to grow and develop” (p. 3). The ACA Code of Ethics provides regulatory guidelines for all counselors to follow in ethical decision-making and practice. Of a more specific nature, the American Association of Christian

Code of Ethics

1106 words - 4 pages A common element that different companies have across the board is a code of ethics. Not only do they have these codes of ethics, but they enforce them as best they can. From mass media to public relations, every kind of company has a code of ethics. Mass media has used codes of ethics for nearly 100 years. There have been arguments on if media should have a code of ethics. Michael Dorsher and David Gordon argue in Chapter 5 about these codes of

Code of Ethics

1256 words - 5 pages EVALUATION OF A BUSINESS CODE OF ETHICS: DYNCORP INTERNATIONALEvaluation of a Business Code of Ethics: DynCorp InternationalStan CooperPHL 323November 10, 2014Chuck ThompsonEvaluation of a Business Code of Ethics: DynCorp InternationalDynCorp International (DI) is an American private military contractor that provides government services globally. The corporation provides essential support for U.S. national security, governance and justice

code of ethics

1256 words - 5 pages EVALUATION OF A BUSINESS CODE OF ETHICS: DYNCORP INTERNATIONALEvaluation of a Business Code of Ethics: DynCorp InternationalStan CooperPHL 323November 10, 2014Chuck ThompsonEvaluation of a Business Code of Ethics: DynCorp InternationalDynCorp International (DI) is an American private military contractor that provides government services globally. The corporation provides essential support for U.S. national security, governance and justice

Code of Ethics

922 words - 4 pages behavior. It is a quality system by which we judge human acts right or wrong, good or bad” (p.12). Ethics deals with the reasoning behind morals, or the underlying logic which leads to morality. Joseph Migga Kizza (2011) describes ethics as, “…a theoretical examination of morality or ‘theory of morals’” (p.18). Ethics, morality, and law are the typical foundation for the code of ethics or the code of conduct for an organization. The following

Business Code of Ethics

1587 words - 6 pages Business Code of Ethics Every organization should have a code of ethics in place as a guide for their business to follow. The code of ethics should address the major components that are important to the particular business needs. The Society of Professional Journalists has a code of ethics that guide journalists toward the proper reporting methods and protocol which is meant to ensure that fact based journalism is the result passed on to the

Company Code of Ethics

726 words - 3 pages Company Code of Ethics The Company code of ethics will cover all employees within our organization. The Code of ethics is essential for corporations today to remain in business and abide by their federal and state government regulations. Ethical training programs will exist ever corporation and are given to each employee usually the first day of employment and renewed on the annual basics. An ethical conflict occurs when people will encounter

"Thoreau's Code of Ethics"

655 words - 3 pages David Thoreau had a strong belief about the public and how they should act. This moral belief has came to be called his code of ethics, which simply stated, says that all people should do what is right in their own conscience and not just what the government tells them to do..I believe that by today's standards it is far easier to live by Thoreau's code of ethics than it was back in Thoreau's time, over one hundred years ago.Even though our

Similar Essays

Accounting Code Of Ethics Essay

820 words - 3 pages The Code of Professional Ethics for public accountants was developed by the American Institute of Public Accountant and includes four different categories. The first, Concepts of Professional Ethics, establishes major requirements for CPAs in different areas of their day-to-day professional activities. The main parts of the Code are: Independence, Integrity and Objectivity in the practice of public accounting, Competence and technical standards

Accounting Code Of Ethics Essay

1033 words - 4 pages responsibility of performing services, they also agree to follow all laws, rules, codes and ethics that relate to accounting practices. By following the rules and laws put in place ensures professional judgment, integrity, objectivity, and responsibility to the public. As shown in the rules and laws, the Board values client privilege by placing a code to protect the client's information as confidential, provides rules for the work product, and takes

Code Of Ethics In Management Accounting And Financial Management

516 words - 2 pages Code of Ethics in Management Accounting and Financial Management When faced with major problems and dilemmas in management accounting and financial management, practitioners look to the 'standards of ethical conduct' for practitioners of management accounting and financial management. While looking at ethical standards one has to look at four different areas they are competence, confidentiality, integrity, and objectivity. These four areas

Aicpa Code Of Ethics Essay

933 words - 4 pages 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