In the practice of accounting, what are an accountant's legal and ethical obligations to a client and to third parties who rely on the work an accountant performs for a client? Fully explain your answer.
The Accountant has the legal and ethical responsibilities towards the client (the company), the shareholders, creditors, Government and the other members of the public.
Definition of Ethics:
Ethics means the quest for, and the understanding of, the good life living well, a life worth living. Ethics is a matter of perspective: puffing every activity and goal in its place knowing what is worth doing and what is not worth doing, knowing what is worth wanting and having and knowing what is not worth wanting and having.
The Accountant should act according to the Rules and Regulations imposed by the Law of the land.
The Accountant should work in such a way that the accounting reports submitted by him reflect the accurate information about the financial affairs of the company.
1. The Accountant should not be negligent in the discharge of his duties and responsibilities. If he is negligent, then it will result in ...
The answer contains the detailed legal and ethical obligations of an accountant to client and to third parties