Accounting Ethics by Ronald Duska, Brenda Shay Duska, Julie Anne Ragatz

By Ronald Duska, Brenda Shay Duska, Julie Anne Ragatz

This re-creation of Accounting Ethics has been comprehensively up to date to accommodate the numerous adjustments in the accounting career seeing that 2002; the authors systematically discover the hot diversity of moral concerns that experience arisen because of contemporary advancements, together with the monetary drawback of 2008.

  • Highlights the debates over using fair-value accounting and ideas- as opposed to rules-based standards
  • Offers a finished evaluation of ethics in accounting, in addition to an exam of and proposals for fixing the present difficulty during this field
  • Investigates the character and goal of accounting
  • Uses concrete examples and case reports, together with present situations
  • Examines the moral obligations of person accountants in addition to accounting firms

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Example text

Tom’s action of using insider information to buy a specific stock is an individual action, which is an instance of the general practice of using inside information. Ethics also evaluates organizations, institutions, and even social, political, and economic systems. For example, we can evaluate the practices of an organization such as the American Institute of Certified Public Accountants (AICPA), a company such as a Big Four accounting firm such as Ernst and Young, the entire accounting profession, or even a system such as our free enterprise economic system, which stresses free market exchange and profit making.

Accounting and the Chief Ethical Difficulty 25 has evolved over a century of experience, it would also add substantially to the cost of providing business with all the professional accounting service it needs. ”19 Whether combining consulting and auditing services is right or wrong, affects independence, or creates a conflict of interest is open to debate. But several consequences followed this practice of combining services. In the 1960s the real estate scandals began. The 1970s and 1980s evidenced international fraud and bribery, which led to the prohibition of nonaccounting related services, along with disclosure requirements for the amount and nature of nonaudit services.

If they stood up to clients regarding questionable practices, they expected their firms to back them. At that time, the Big Four accounting firms were not afraid to speak and write about major accounting principles. There was no marketing to new clients, because advertising was frowned upon, as were other forms of self-promotion. 18 “The result (to place too much emphasis on the appearance of independence, rather than independence in fact) might be to deprive clients of valuable creative contributions to improved management which their auditor, through their familiarly with the client’s business, acquired in the course of an audit, are in a better position than anyone else to make.

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