Explore BrainMass

Explore BrainMass

    Importance of Ethics in Accounting

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Are ethics important to the accounting profession? Please help me with this problem. Thank you!

    © BrainMass Inc. brainmass.com October 2, 2020, 3:14 am ad1c9bdddf

    Solution Preview

    Ethics are important to accountants and auditors for a number of reasons. The professional has recognized this and bound financial accountants, managerial accountants and auditors to strict ethical codes of conduct and discipline those that abuse these codes.

    Professionals in the accounting profession have access to sensitive information. For instance, they have details about the performance of public the market value of its shares, potential decisions and deals that might greatly impact the firm. Accountants must be ethical in not disclosing this information to anyone that might take advantage of it. Also, they must be ethical in not using it for personal gain.

    Professionals in the accounting profession are expected to take the interests of many parties into account in their activities. They are to guard the interests of their client, their profession and the parties that rely on their accounting or auditing information. That is, they must guard the reputation of the profession by always making the ethical choice and upholding the reputation ...

    Solution Summary

    Your tutorial is 639 words plus three references. This discussion gives you many ideas about the ethical challenges for the accounting profession and why it is important that accountants and auditors act ethically.