While codes of ethics may provide guidelines for employees, including accountants, these guidelines may not offer the methods to follow for moral reasoning when confronted with ethical issues when performing accounting duties. Alternative models to assist accountants have evolved to assist them in making morally sound judgments.
1. Identify and analyze the different moral standards as used by each of the following moral reasoning models:
- the utilitarian model
- the rights model
- the justice model
2. Choose the model that is most appropriate for accountants and using that model answer:
- Explain how the theory applies to accountants in the deployment of their duties.
- Explain why you think the model you selected is most appropriate for accountants to stay within the realm of ethical behavior. Defend your position with specific examples of different situations that accountants may be faced with, and how your selected model will be appropriate to stay within the realm of ethical behavior in those situations.
3. Discuss the process that involves moral standards and the several-step process that you may utilize to make a decision that is morally ethical.
A code of ethics provides procedures or methods for accountants to follow the moral reasoning when the concerned person is confronted with some ethical issues. These guidelines also provide some accounting standards in order to perform accounting duties. This paper will explain all the ethical model of accounting that helps to assist professionals in making sound and ethical judgements. This will also define the step by step process of the selected model, so that the accounting profession may stay within the realm of ethical behavior.
Accountancy is a profession that exists for the means of public service, and its livelihood is more accountable for public interest. Accountants are responsible for operating periodic profits and net profit of the business. For every business, Accounting rules and standards provide a specified format that helps to prevent fraud and dilemma in presenting reports of expenses or net profit. Accounting ethics is a study that provides criteria for evaluating ethical dilemmas. Accounting ethic models are a moral system to provide a high standard of ethical behavior to those who are involved in this process (Mcphail, 2009).
Accounting standards are used to articulate the code of ethics that also provide rules and guidance to the members who are involved in their professional responsibilities. Public accounting is an essential part of every business, and there are various authorities, which prescribes the ethical conduct and other internal auditing services for public accounting. The analytical models for ethical decisions are helpful and informative in order to motivate professionals to behave ethically. It provides a framework to analyze ethical issues that can violate professional codes (Porter, & Norton, 2010).
This section will include three analytical models for ethical accounting such as utilitarian model, rights ethical model and justice model.
Analytical models and accounting standards are used to present ethical dilemmas that are helpful in raising ethical ramifications and other accounting issues. Analytical models provide a framework to evaluate situations, determine the facts of the situation and determine the issues of stakeholders that may include employees, creditors, management, community and shareholders. It also identifies values related to situations that specify the alternatives course of action in order to solve any ...
Detailed response to the query with references. A code of ethics provides procedures or methods for accountants to follow the moral reasoning when the concerned person is confronted with some ethical issues.