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Accounting field project - Essay Example

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In accounting profession, it is the responsibility of an accountant to stay neutral and faithful towards the accounting procedures while revising financial records or evaluating financial performance of an organisation. At the same time, accountants must also remain much…
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Download file to see previous pages At times, accountants face maximum external as well as organisational pressures with respect to maintenance of professional and ethical values. Particularly with respect to areas such as tax, accountants require constantly balancing the ethical responsibilities with the professional duties in order to serve clients as per their preferences (Shafer 261-273).
As an accounting student, I want to discuss the challenges face by accountants while balancing ethical responsibilities with professional duties. I want to encourage the readers that accountants require to fulfil and honest the expectations of clients in terms of maintaining the ethical standards. In this essay, I will specifically discuss about the issue of conflict in taxation, which in turn puts extreme pressure on the accountants and makes them to face a lot of challenges.
In present day’s competitive business environment, organisations are found to remain under huge pressure while attaining their respective intended business objectives. Employees who succeed in satisfying these objectives are rewarded by huge monetary benefits and those failing to respond with the same will be punished with low pay and in worst-case situation, loss of employment. In this similar context, accountants are also hired in order to act uniformly for the beneficiary of the organisations and failure to do so can result in loss of honestly. Fulfilling the organisational objectives at certain times pressure the accountants to act in such a way, which seem unethical for accountants. According to the report published by both American Institute of Certified Public Accountants (AICPA) as well as the Chartered Institute of Management Accountants (CIMA), accounting professionals, particularly in developing economies feel increased pressure to perform unethically. During the time of economic slowdown, accountants feel much pressure in compromising ethical standards in order to make sure the ...Download file to see next pagesRead More
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