On Ethical Dilemma - Research Paper Example

, people with work experience, or exposure gained through a Master’s in Business Administration degree frequently find themselves better equipped for the exam (Sterret, 1906). This is because accountancy is the language of business, and pertains to this area of professionalism only. Accountants, once qualified, become part of associations of accountants in their country. For example, in the USA they become part of the American Institute of CPAs. In the UK, they join a different institute, namely the Institute of Chartered Accountants UK.

Similarly, different institutes in different countries acknowledge the professional services provided by their accountants (Garber, 2008). Accountants report facing very challenging and rewarding careers, but at the same time, face numerous ethical dilemmas due to the sensitive nature of their work. The reason why an accountant’s work is sensitive is that they are responsible for handling the finances of other people, as well as corresponding to the higher authorities in the government. This level of responsibility binds them to follow a certain code of ethics in their line of work, as professionals.

The aforementioned associations, to which these accountants belong, provide this code of ethics. In England and Wales, for instance, accountants follow the code of ethics implemented by the Institute of Chartered Accountants of England and Wales (ICAEW). This code is similar in all countries, and entails five main traits to be present in every accountant’s work. First is integrity, which requires total honesty and straightforwardness from the accountant while engaging in any business relationship.

This helps maintain the reliability, of both the accountant and the firm that he or she represents. Next is objectivity, which requires that any professional actions taken by the accountant be uninfluenced from any biases or conflicts of interest. The accountant needs to remain impartial while making decisions, and unhindered by the