1.03 Understanding Ethics ACCOUNTING I

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Presentation transcript:

1.03 Understanding Ethics ACCOUNTING I Objective 1.03 Understand ethics and skills needed for employment in accounting

Objective 1.03 Understanding Ethics What is meant by Ethics? Ethics is the study of right and wrong and and how people choose what is morally good and bad. Business ethics refers to how a company uses a code of conduct, which is designed to encourage ideal behavior when making decisions. Objective 1.03 Understanding Ethics

Organizations That Provide Guidelines for Making Ethical Decisions AICPA – American Institute of Certified Public Accountants IMA – Institute of Management Accountants IIA – Institute of Internal Auditors Objective 1.03 Understanding Ethics

Key Principles for Ethics in Accounting Integrity Objectivity Independence Competence Confidentiality Objective 1.03 Understanding Ethics

Objective 1.03 Understanding Ethics Integrity Accountants must choose between right and wrong. Accountants are responsible for entering correct entries. Accountants are responsible for true and correct financial statements. Integrity is necessary for accountants to build trust in regards to their professional judgments. Objective 1.03 Understanding Ethics

Objective 1.03 Understanding Ethics Objectivity Accountants must be: Impartial Honest Free of personal conflicts Accountants must not be influenced by personal interests. Accountants should behave in a way that does not suggest inappropriateness. Objective 1.03 Understanding Ethics

Objective 1.03 Understanding Ethics Independence Accountants do not have an interest or profit financially from the companies they audit. Accountants must have the public’s confidence in their professional services. Objective 1.03 Understanding Ethics

Objective 1.03 Understanding Ethics Competence Accountants should be knowledgeable in their profession. Accountants must have the skills necessary to perform their jobs. Accountants must have experience in their field. Accountants are expected to keep abreast of current laws by continuing education classes. Objective 1.03 Understanding Ethics

Objective 1.03 Understanding Ethics Confidentiality Accountants must not share private information regarding their clients. Accountants are expected to protect personal and private information regarding their clients. An accountant should not use information learned for personal gain. Objective 1.03 Understanding Ethics

Objective 1.03 Understanding Ethics Resources Glencoe Accounting 1st Year Course, McGraw-Hill, 2007. Objective 1.03 Understanding Ethics