Can anyone help with these two Accounting Ethics questions?
Can anyone help with these two Accounting Ethics questions?
^When should an accountant place his or her duty to the public ahead of his or her duty to a client or employer?
^Which would you choose as the key idea for ethical behavior in the accounting profession: ?Protect the public interest? or ?Protect the credibility of the profession.? Why?
Answers:
Chosen Answer
accntant4life: 1. Always - specifically, when it is known that the public is relying on the information provided to make decisions 2. Protect the public interest. If the public interest is not protected and members of the public discover that the information they have been relying on is inadequate or incorrect, the credibility of the profession will automatically suffer. Individuals, managers, CEOs, CFOs, bankers, investors, etc. would all lose their faith in the work of an accountant. Both of these answers are assuming that the accountant is a public accountant. Those that are private accountants working for companies don't work directly for/with the public so the answers may be different.
2009-07-16 14:17:49
accntant4life: 1. Always - specifically, when it is known that the public is relying on the information provided to make decisions 2. Protect the public interest. If the public interest is not protected and members of the public discover that the information they have been relying on is inadequate or incorrect, the credibility of the profession will automatically suffer. Individuals, managers, CEOs, CFOs, bankers, investors, etc. would all lose their faith in the work of an accountant. Both of these answers are assuming that the accountant is a public accountant. Those that are private accountants working for companies don't work directly for/with the public so the answers may be different.
2009-07-16 14:17:49
LongIslandRaceFan: 1. The textbook answer is an accountant should always place his duty to the public ahead of his duty to his client or employer. Practically, you sometimes need to bend the rules somewhat especially if it is a major client or if your job may be in the balance. That's exactly what happened in the Enron case.
2. Protect the public interest and the other will take care of itself.
2009-07-19 18:43:26
2009-07-19 18:43:26