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The Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants states that A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest - Essay Example

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The Code Of Ethics For Professional Accountants Issued By The International Ethics Standards Board For Accountants States That “A Distinguishing Mark Of The Accountancy Profession Is Its Acceptance Of The Responsibility To Act In The Public Interest”
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The Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants states that A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest
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Download file to see previous pages The public includes all the groups and individuals because the profession responsibilities affect every portion of the society (that is, the taxpayers, suppliers, and the consumers). The profession responsibilities are aimed at protecting particular public interests. These interests entail the financial reporting soundness, the comparison of the financial data across different borders, accountants’ contribution to the performance of the organization and corporate governance, and fiscal caution in public expenditures (IFAC 2011b, p4).
There is a definitional framework of the public interest and it is composed of three criteria. These criteria include (1) the costs and benefits consideration for the entire society, (2) observance of the democratic processes and principles, and (3) the respect for ethical and cultural diversity. The framework offers criteria for benchmarking the new regulation appropriateness, assessing public interest issues, designing the professions’ public positions, and developing the professional standards. It is worth noting that the accounting profession must be aware of the extent of the political, cultural, and economic effect of the public interest. Any accountancy profession is considered to be serving the public interest by IFAC if it is assessed against the three criteria. This gives IFAC the ability to evaluate whether or not the action, condition, process, or policy serves the public interest (IFAC 2011b, p4).
The three criteria have different functions; the first criterion entails the assessment of the public interest based on the costs and benefits (that is, the positive and negative outcomes) for the society in general. It should also recognize that the profession of accountancy through its procedures or actions has effect on governments, organizations, people, and capital markets. The second criterion entails the evaluation of an ...Download file to see next pagesRead More
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