Ethical Issues Involving Information Accounting - 1193 Words

Introduction Ethical issues involving information accounting is a part of doing business and a large part of personal human ethics. Accounting ethics refer to codes or moral systems used to determine right and wrong in accounting. Accountants have a challenge with the arrival of information technology to observe business ethics in the field of accounting. Technology needs to be appreciated and used by accountants in the most important ways to improve efficiency, regulatory compliance, enhance financial reporting, increase revenues, and enhance management practices. Accountants also need to be well informed with new technology and come up with the need for appreciating technology use in their firms. Technology has therefore created a†¦show more content†¦The accountant is responsible for the machines and technology that is available to him/her in dispensing his/her duties. Therefore an accounting issue that arises in business due to technological issues can be traced back to the in dividual machine and technology where the holder of such technology is held responsible. Such a violation will be treated as a fracture in the accounting code of ethics associated with the use of the machines, software, or other technology’ used. The individual accountant will then be held liable. More often, accountants find themselves in tight positions while preparing financial reports. Therefore an individual’s integrity, objectivity, and professional competence are key components for an accountant, especially when they use technology (Hall, 2008). Integrity is a key component in accounting since it is required by a person of high moral standing. An accountant who upholds this ethical code becomes more reliable individual whose financial reports are a true reflection of the business situation. An accountant with high integrity will use the machines provided to him/her for the purposes assigned to him/her. Such an accountant earns trust from clients and business owners. There have been many reports of accountants misusing the technologies provided to them and compromising corporate information. Some of the integrity issues associated withShow MoreRelatedEthics Of The Financial World1056 Words   |  5 Pagesfinances, mainly accounting and auditing. As I progress towards my accounting degree, I found out that there are many issues that I have to deal with in regards to the business itself. Eventually, finances also have to go through ethical issues. The ethics of financial business is determined mostly by the numbers, but i t also recognizes the business environment, as well. As I realized, there are many ethical issues affiliated with finances; some financial results are the ethical dilemmas. Some examplesRead MoreChallenges Facing the Accounting Profession Today700 Words   |  3 Pagesï » ¿Accounting Profession Today Objective The objective of this study is to explain challenges facing those in the accounting profession today. Secondly, this work will explain the rules for financial reporting in terms of where they can be located and noting the most important of the rules. Finally, this work will address what should be done to address an ethical dilemma and specifically one involving one student observing another accounting student cheating on a test. I. Challenges the AccountingRead MoreEthics and Conceptual Framework Paper1333 Words   |  6 PagesFramework There are two major philosophies in accounting consisting of a principles-based system for accounting and a rules-based system for accounting. The following discussion will speak about these two philosophies and will define one as being a best fit for encompassing the role of ethics and the conceptual framework. The conceptual framework was established by the Financial Accounting Standards Board (FASB) and is used to help define the boundaries of accounting. It gives definitions of key terms andRead MoreFinancial: Internal Control and Public Accounting Firm1290 Words   |  6 PagesCongress (Gibson, 2013). 4. Describe the duties of the Board. The duties of the board are: †¢ Register public accounting firms that prepare audit reports for issuers †¢ Establish and/or adopt auditing, quality control, ethics, independence, and other standards relating to the preparation of audit reports for issuers. †¢ Conduct inspections of registered public accounting firms. †¢ Conduct investigations and disciplinary proceedings, and impose appropriate sanctions. †¢ Perform such otherRead MoreManagement Planning- Arthur Anderson1299 Words   |  6 PagesIn this paper, the writer will evaluate the planning function of management within Arthur Andersen. Specifically, the paper will discuss at least one legal, ethical, and social responsibility issue that impacts Arthur Andersen. Additionally, this paper will analyze the impact these factors have on Arthur Andersen’s management planning. Finally, this paper will analyze at least three factors that influence Arthur Andersen’s strategic, tactical, operational, and contingency planning. The firmRead MoreAnalysis Of Accounting Ethics935 Words   |  4 PagesThe accounting world has changed dramatically during the last two decades, yet at the same time its core responsibilities remain the same as it has in previous eras. Ethically speaking, company accountants and outside accounting firms have been at the crux of many of the disasters that have befallen major corporations both in America, and globally. The word Enron is a prime example of a company becoming a hiss and a byword, and the lack of ethics evidenced in that case is quite blatant. One reportRead MoreThe Liability Of An Accountant1235 Words   |  5 Pagespublic accounting. The AICPA (American Institute of CPAs) has been lobbying for liability reform in cases involving negligence or fraud committed by public accountants. So, being an accounting major myself, I wanted to write about the ongoing fight involving liability reform in public accounting. Contrary to some belief, accounting is not a â€Å"cakewalk† career. Accountants do not sit at a desk one-hundred percent of the time crunching numbers that always add up perfectly. In fact, accounting fraud isRead MoreManagement Planning of Arthur Anderson Essay1284 Words   |  6 PagesIn this paper, the writer will evaluate the planning function of management within Arthur Andersen. Specifically, the paper will discuss at least one legal, ethical, and social responsibility issue that impacts Arthur Andersen. Additionally, this paper will analyze the impact these factors have on Arthur Andersen’s management planning. Finally, this paper will analyze at least three factors that influence Arthur Andersen’s strategic, tactical, operational, and contingency planning. The firmRead MoreEthical Codes For Professional Accountants1470 Words   |  6 Pagesbecause they are able to adopt a pragmatic and objective approach to solve issues. Accountancy professionals assist business executives with corporate strategies, provide advice with product cost, improve mitigate risks of the company. Public accountants not only serve the interest of the company but also have the duty to the general public. Therefore, they have a key role in helping organizations to act ethically. Ethical codes for professional accountants globally compels, regardless of the rolesRead MoreThe Ethical Guidelines Provided By The Cima Provides Different Conflict Resolutions1143 Words   |  5 PagesThe ethical guidelines provided by the CIMA provides different conflict resolutions. Examples of the different conflict resolutions that the CIMA offers are; considering facts for proper identification and then applying the proper course of actions once determined. The facts need to b e relevant fact and there needs to be different ethical issues involved. There are also different essential principles that should be related to the matters that are being questioned. The CIMA also suggests that there