Ethical code of standards to promote truth and economic justice in a corporation
Under the professional accounting standards, observing the ethical and moral disclaimers is crucial in necessitating accountability and effectiveness in servitude. As the accounting career focuses on handling diverse financial information, accountants and auditors should consider being ethical to avoid tricks and reduces in the process of solving financial conflicts. Accounting ethics are pivotal in ensuring that financial malpractices are curbed from an individual level. For instance, an auditor is answerable to abidance of the legal accounting standards to avoid bias when accessing a financial track either at a personal level or at a corporate level. An analysis of the accounting code of ethics and their essence in accounting related courses is crucial in guiding a profession to competence.
Some of the ethical standards studied in the course clarify that financial information should not be abused or either manipulated to favour or predate a particular individual or a party. Morals and integrity meshwork of an auditing, banking, insurance or any other financial related corporate relies on how the expertise devote themselves to the code of ethics. Continuity in service provision to the future generations also relies on how the current accountants and auditors adopt and appreciate the moral scheme in the career. Failure to take and adjust results to faulty financial assessment gradually hence violating and tarnishing the moral values as well as consumer trust over an auditing firm. Mentoring and coaching are thereby central ion the maintenance of appropriate ethical standards in an accounting firm.
In the accounting profession, through adopting a more vibrant and compelling practical and theoretical foundation, attainment of a stable accounting career is achieved. Furthermore, independence as a code of ethics in accounting will help maintain integrity and avoid any form of bias and consumer predation. Independence and objectivity either by fact or appearance, help achieve the best results out of a financial problem presenting in the course of an evaluation. Independence reduces threats imposed by some parties which had plans to mitigate transparency and breach financial information for their benefits. Familiarity poses a danger to an auditing process hence altering the independence process.
Responsibility as a code of ethics goes along with independence by providing the expected level of services to enable a modal and effective outcome and guideline that will be useful in making financial projections. As an accountant, weak points that may allow inappropriateness should be easily identified and instances, where they are masked, shows irresponsible professionalism which is liable to punishment or either allegation on a mediated financial crime. The AIPCA is crucial in guiding professionalism in accounting activities and also steering efficiency in the career as opposed to the past where auditing was prone to malpractices.
As a manager in a financial institution, I would consider adopting and reinforcing ethical code of standards to promote truth and economic justice in the corporation to build trust with the customers. Exposing the misappropriations in a financial institution is vital in rendering judgment and guiding the judicial processes to punish the criminals. Auditors in a firm should not engage in any auditing process over corporates where they are familiar to or those of their acquittances. It may lead to bias and working against the ethical code. Gratifications such as presents from the friends may end up necessitating biased decision-making process. Accounting ethics is a vital discipline which ensures integrity in handling and evaluating financial decision-making processes.
References.