Importance of Accountants to Maintain High Ethical Standards Disscussion

Respond to the following in a minimum of 175 words: Discuss the importance of ethics in accounting. Why is it important for accountants to maintain high ethical standards? What are the potential penalties to the accountant and the accountant’s employer for behaving in an unethical manner?Respond to the following in a minimum of 100 words:Hugo Soto I would say that this topic has come up multiple time during the past years and classes. I believe that Ethics and Integrity are extremely important for accounting and accountants. Accountants are dealing with sensitive data, and more importantly with client’s money information. Ethical codes are the fundamental principles that accounting professionals choose to abide by to enhance their profession, maintain public trust, and demonstrate honesty and fairness. Ethics and integrity should go hand in hand in the accounting profession. A critical component of trust is making unbiased decisions and recommendations that benefit the client. Conflicts of interest, demand exposure under independence guidelines. Benefiting from the sale of one financial product over another could lead to a bias that skews financial advice to a client.Nowadays you see Movies about blatant fraud, theft and corruption but as you see at the end, those characters never end well. The same can very well be applied to real life situations. Unethical accounting occurs when businesses bend accounting rules or falsify their financial statements to present a more favorable picture than actually exists. More than likely any one that acts unethical can face civil and criminal penalties.Patricia OserEthics in accounting is honesty and accuracy when it comes to financial issues. Accountants and bookkeepers are responsible to collect information from the business accounting department and with management. Failure to do that can become an issue for the owner, stakeholders of said business and the tax reporting agencies. The purpose for the financial accounting ethics is to certify that skilled public accountants also known as CPA’s must conduct duties with integrity. There basis for regulatory and legal requirements relate to maintaining public trust. Accountants must remain free from conflicts of interest and other uncertain business relationships when directing accounting services.The fundamental principle codes are:Integrity,Impartiality,Professional capability,Due care,Along with confidentiality and professional conduct. Create the standard of behavior expected of a professional accountant (PA) and it reflects the profession’s acknowledgement of its public interest responsibility. Accounting ethics is mainly a field of everyday ethics and is part of business and human ethics. Moral values and decision are as they apply to accountancy.

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