Assignment 1: Review of Accounting Ethics The New Zealand Institute of Chartered Accounts (NZICA) represents over 33‚000 members in New Zealand and overseas. The organization audits private companies and public companies that are members of the organization (Graham‚ 1960). In October 2012‚ the organization was found to be practicing breaches of accounting with its members when an employee of the organization was found investing in different companies using client’s money. The loans were supposed
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ACCG 399 Reflection Learning Log Lecture 1 Financial Accounting is highlighted in the lecture. There are two key points of financial accounting. Firstly‚ financial accounting is a process involving the collection and processing of financial information to meet the decision-making needs of parties external to an orgnisation. The other one is related to laws and accounting standards‚ external reporting‚ financial statements‚ values and material‚ independent audit opinion‚ overview general purpose
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today ’s diverse world‚ ethics in accounting and financial decision- making is a process that many organizations have trouble dealing with. Many organizations put emphasis on ethics and the financial decision making process within the organizations( www.managemyaccounting.com(2007). It is expected that all organizations will behave in an ethical manner in the current economy. (www.managemyaccounting.com(2007). In today ’s business world‚ it is difficult to define what ethics are because of the different
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Accounting numbers in business is a closely watched area these days largely in part to the bad financial decisions made by certain corporations. This all has happened over the past 10 years when large corporations were found to be fudging the numbers causing thousands and thousands of employees to lose everything when the company went under. The article chosen for this paper is about the importance of educating students on ethics in accounting. It was written by Susan Schott Karr in 2004‚ who frequently
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the role of theory is not always significant in scrutinizing the human resource(HR) strategy and the strategic plans. However‚ depending on the organizational strategy‚ HR strategies can be matched. This critique thoroughly discusses the linkages between Business strategies and the Human Resource Management (HRM) and their relevance in the dynamic environment. Strategic management is defined as the set of managerial decisions and actions that determine the long run performance of a corporation
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Ethics in Accounting • • • • • • • • Systematic body of theory and knowledge Extensive education process for its members Ideal of service to the community High degree of autonomy and independence Code of ethics for its members Distinctive ethos/culture Application of professional judgment Existence of a governing body Attributes of a profession • Service ideal • Market control view The service ideal vs. the market control view Accountants work in: • private companies
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Ethics and Legal Responsibility in Accounting The profession of accounting has become spotlighted by the events in recent years including namely Enron. The ethical behavior of businesses is becoming increasingly scrutinized at every turn. Thus it is important to specify the nature of conducting accurate and ethically in accounting and how this can be of subsequent benefit to the company as well as the business world in the long run. The definition of accounting according to Webster ’s dictionary
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professional responsibilities‚ the public interest‚ integrity‚ objectivity and independence‚ due care‚ and the scope and nature of services without establishing specific standards. Nevertheless‚ every practitioner should read them. An understanding of the difference between independence and objectivity is important particularly when consulting services are being provided to attest service clients. * List three suggestions given by the AICPA. 1.Sources of a Code of Conduct in Tax Practice
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The Financial Accounting Standards Board (FASB) has been working for ten years to bridge the gap between the United States’ Generally Accepted Accounting Principles (GAAP) and the International Accounting Standards Board (IASB). As part of this movement‚ Russell Golden‚ the chairman of the FASB‚ indicated that he would like to focus on making corporate disclosures more consistent. By doing so‚ it would be easier for investors to compare companies from different sectors. The FASB is “working on a
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Since the barrage of scandals in the early 2000’s‚ regulatory bodies like the Federal Accounting Standards Board (FASB)‚ Securities and Exchange Commission (SEC)‚ and law reform like the Sarbanes-Oxley Act 2002 have worked to improve the standards and principles used in accounting and financial reporting. The FASB is “the designated organization in the private sector for establishing standards of financial accounting that govern the preparation of financial reports by nongovernmental organizations‚”
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