Implementation in Business Sector - Assignment Example

Accounting and the Ethics Challenge Name: Professor Course: Date: Accounting and the ethics challenge Introduction The course deals with the actual of idea of profession and its meaning as well as implementation in business sector. The main benefits accruing from professionalism are pointed out accordingly not forgetting the major challenges that come with its practice. The main topic of discussion in this case is challenges faced by accountants as professionals as well as the effects they have on the accountancy as a profession. I have been able to learn that ethics is one common aspect in most professions though the upholding of the same is hardly practiced mainly because it is feared to result to compromising profit making for businesses. How corporate environmental as well as social duties serve as considerable strategic business issues as opposed to being merely humanity aspects In this case, I have appreciated the analysis of the three major ethics challenges facing accountants including; professional, practical as well as pay off challenges. It has been made clear that professions differ with respect to the distinct levels of services offered to society by upholding ethics. I have been able to learn that being ethical is in one way or another linked to professionalism as well as rewards accompanying them. This is where the question of how corporate environmental as well as social duties serve as considerable strategic business issues as opposed to being merely humanity aspects (Porter & Reinhardt 2007, p. 23). It is evident that the environmental as well as social aspects are in this case a reference of ethical attributes to professionalism. The main question here is how are social as well as environmental ethics linked to business strategies particularly profit making? Pay off predicament properly explains that ethical aspects happens for go in line with a significant portion of functionalities within most accountancy firms. It is therefore emphasized that it is not proper to compromise ethics since appropriate management would lead to meeting of the specific organizations’ strategic business objectives (Swartz 2010, p.40). It is made clear that upholding ethical business measures particularly of accounting normally pay off hence it is advisable that actors in this field choose to observe the same not only for the benefit of society but also for their own advantage. One the ways in which business strategies are met by way of upholding social ethics is through the positive effect this has on share prices for companies that are publicly listed. Another is more of a correlation aspect whereby elevated financial performance results to increased ethical behavior. I have learnt the importance of accountants operational in business to ensure that they make a proper analysis of financial impacts linked to a particular ethically anticipated occupational practice. Additional ethical aspects that have been very well presented are; reputation as well as trust and the manner in which they lead to business profitability. Good reputation in accountancy as a profession is expected to result to trust hence increased sales and profits (Anderson 2005, p.92) In addition to pay off, practicality aspect is yet another mentioned challenge linked to ethics in business operations. This is manly related to subject definition and the assumptions that are more or less contradictory to the actual meaning. For instance, I too had a notion that profession as a term can be used to represent any kind of occupational group. However, I have been able to understand that this term is a lot more specific particularly in its relation to ethical codes that are rather self-enforced (Williams & Elson 2010, p. 107). This definition tends to have a greater demand to anticipated morality as well as law. Practicality challenge tends to have significant relation to ethics’ code with respect to the fact that codes are now being perceived as important ethical aspects in business. The codes are constituted by rules as well as principles defining operations in a profession or an organization. The association and the differences between these two have been properly explained together with the manner in which law supersedes their applicability (Sin & Dahlgren 2011, p.142). In this case, accountancy as a profession has been found to define ethical codes with which morality is expected. The learning obtained in this course will be considerably helpful in the actual planning of my career having understood the main challenges facing accountancy profession. It is of importance to note that I initially had a general perception of definition attached to profession as a term but I am now in a better position to even relate it to ethical aspects. I must admit that I am now equipped with the various expectations of the profession by the public as well as the actual business performance (Cowton 2009, p. 180). Prior to my former perception that ethics are in one way or another means of compromising profitability in a business, it is clear that proper safeguarding of ethics may eventually result to increase of business returns. Moreover, it will be necessary to plan the means through which to cultivate trust in accountancy practice as I have learnt of its significance in achieving self-regulation. Reputation in the profession practice will also form a significant part of my planning whereby I will need to maintain exceptional output in order to earn recommendation from relevant parties (Mary, Howard & Keith 2011, p.233). I believe good reputation is considerably important as it is expected to increase profitability in the business. In actual career planning, I understand that the aspect of reputation will not be attained in a fortnight so the need to make it a consistent aspect since it is a requirement throughout the practice (Mennicken 2012, p.191). Integrity as well as ethics forms significant aspects in my professional life as it occurs that they considerably define the appropriate profession practice. In this case, it is important to point out that since accountancy deals mainly with financial performance of businesses; it makes the profession sensitive to trust. Accountants are normally entrusted to a very delicate role in businesses since in the occurrence of their failure, the same trickles down to the entire business hence loses (Beverley, Barry, Philomena & Steven 2007, p. 941). It is therefore importance that honesty is upheld in order to earn a considerably good reputation on the same. Ethics are also important as there is no successful profession or even business that runs without defined rules as well as principles. There is the laid down code for accountancy practice that I need to adhere to since evaluation is based on the same (Sears 2006, p. 29). In conclusion, have learnt quiet a number of ethical aspects and their application to accountancy. It is evident that ethics form significant aspect in the proper practice of professionalism at all levels. It is also clear that it is challenging to uphold ethics at all times due to their possibility of compromising profitability (Baird & Zelin 2007, p. 42). However, I have learnt that proper practice of accountancy as a profession makes ethics integration considerably manageable and it may not require as much effort to uphold. References Anderson, DR 2005, Corporate Survival: The critical importance of sustainability risk management, iUniverse, Inc, New York (chapter 3, pp. 88-109). Baird, J, & Zelin, R 2007, 'Personal values and ethical viewpoints of accounting majors: How do they compare to other students'?', Journal of Legal, Ethical & Regulatory Issues, 10, 2, pp. 39-54. Beverley, J, Barry J., C, Philomena, L, & Steven, D 2007, 'Professional accounting bodies' perceptions of ethical issues, causes of ethical failure and ethics education', Managerial Auditing Journal, 22, 9, pp. 928-944. Cowton, CJ 2009, 'Accounting and the ethics challenge: re-membering the professional body', Accounting & Business Research (Wolters Kluwer UK), 39, 3, pp. 177-189. Mary, L, Howard, D, & Keith, H 2011, 'Accounting scandals, ethical dilemmas and educational challenges', Critical Perspectives On Accounting, 19, Chinese Learning, pp. 222-254. Mennicken, A 2012, 'Review of 'Accountants' truth: Knowledge and ethics in the financial world'', British Journal of Sociology, 63, 1, pp. 189-190. Porter, ME & Reinhardt, FL 2007, 'A strategic approach to climate', Harvard Business Review, vol. 85, no. 10, pp. 22-26. Sears, B 2006, 'A culture of ethics and integrity: Lockheed Martin moves beyond Sarbanes Oxley and the sentencing guidelines', Journal of Organizational Excellence, 25, 3, pp.27-36. Sin, S, Reid, A, & Dahlgren, L 2011, 'The conceptions of work in the accounting profession in the twenty-first century from the experiences of practitioners', Studies In Continuing Education, 33, 2, pp. 139-156. Swartz, J 2010, 'Timberland's CEO on standing up to 65,000 angry activists', Harvard Business Review, vol. 88, no. 9, pp. 39-43. Williams, J, & Elson, R 2010, 'The challenges and opportunities of incorporating accounting ethics into the accounting curriculum', Journal of Legal, Ethical & Regulatory Issues, 13, 1, pp. 105-115. Read More