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Professional Ethics and Management Accountants - Coursework Example

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"Professional Ethics and Management Accountants" paper states that an accountant has a professional obligation to provide complete and accurate records of all business transactions. This would only be possible when he or she can act competently without external interference…
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Professional Ethics and Management Accountants
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Extract of sample "Professional Ethics and Management Accountants"

Download file to see previous pages According to Needles et al (2007), professional ethics is the consolidation of values that are acceptable and observed by people with specific expertise.

Every business enterprise should conduct itself in an acceptable manner. It should provide products or services in the right quantities and qualities. In the same way, professionals should do their work diligently and honestly to the best of his or her capabilities. The management accountants must be independent, objective, and honest when carrying out their accounting duties. They should be responsible for their colleagues, employers, and clients under their jurisdiction. Furthermore, they must comply with standards and procedures that govern accounting (Duska and Duska 2003). According to Romal and Hibschweiler (2004), accounting scandals generate bad publicity for management accountants. Furthermore, their actions spread to other employees in the company who are linked with financial management such as chief financial officers and comptrollers. Neglecting ethical procedures can lead to adverse consequences. Disciplinary actions like penalties, jail sentences or license revocation can be preferred against unethical behavior of the company’s officers. Therefore, all management accountants should work hard to ensure that they are ethically correct before and after entering the workforce. They should know that it is their moral obligation and responsibility to protect the interest of the companies that they work for. In addition, top managers should encourage their employees to talk freely about ethical issues in the company. Consequently, all companies’ officers would be comfortable and take ethical issues seriously. Ethical conflict and dilemmas need to be handled by an ethics specialist and the top management should be seen to follow and acknowledge the ethical principles in their companies. The good thing about professional ethics is that they can be learned. ...Download file to see next pagesRead More
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