In 2001-2002, we saw the collapse of Enron. As the text mentions, problems existed before Enron and continue to exist after Enron due to the inherent conflicts of interest that arise in the accounting process. Why is it important for accountants to remain ethical and "protect the public"? What are the ethics of disclosure?© BrainMass Inc. brainmass.com October 10, 2019, 8:15 am ad1c9bdddf
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All disciplines and professional fields need ethics in the way they perform their duties and responsibilities. In the accounting field where businesses, investors, leaders, government, and all those concerned rely on the ethical presentation and delivery of financial information, the role of ethics plays a vital role. If accounting ethics are not preserved, these sensitive data are put at risk as well as the ones who need them. All types of businesses regardless of their size and kind, should learn the basics of accounting ethics and their relevancy to avoid legal and financial trouble.
Whether businesses are aware or not, they need accounting ethics and they rely heavily on them. Companies need to uphold their integrity and credibility to gain the public's trust. Investors, creditors and managers need to be confident that the way financial records are kept and reported are done in honest, straightforward as well as consistent with the industry standards. There is a need for accounting practitioners to act in an ethical manner ...
* Accounting ethics, importance and effects
* Effects of the Enron scandal
* Definition of disclosure
* Disclosure explained further
* 663 words
* three non-APA references