...Introduction to Accountant Responsibility Essentially, accountants have a responsibility a number of parties, with the major parties in this case being the government, clients and third parties. In today’s capitalist society, the accounting profession is deemed to be a common and important feature. Discussing the responsibilities accountants have to the three parties identified above would, therefore, certainly be a prudent and logical move. Responsibility to Clients To begin with, accountants have a responsibility to keep client information confidential. If an accountant discloses confidential client information to a third party, such an accountant would be deemed to have violated Rule 301. The said rule, in simple terms, states that “a member CPA shall not disclose any confidential information without the specific consent of the client” (Perkins, 2004). In that regard, therefore, an accountant must obtain the consent of the client before disclosing information which could be regarded confidential. The said consent could be in writing. It should, however, be noted that an accountant cannot be deemed to have violated Rule 301 if the information disclosed already happens to be in the public domain. Similarly, an accountant cannot be held liable for the violation of client confidentiality if disclosures of client information are made pursuant to proceedings of a legal nature. Yet another critical responsibility of accountants to their clients has got to do with exercise...
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...Term Paper Kaplan University March 20, 2015 Regulations: Accountants Responsibilities Accountants have many responsibilities in different areas. They have responsibilities to clients, to thirds parties, and to the government. They have a responsibility to know the regulations, rules and laws that have been put in place for accountants. Lastly accountants have a responsibility to perform their obligations and duties by the code of conduct and to the code of ethics. We will start off with the client. The client by definition is the person who pays the professional or organization for services; the person who engages the professional for their advice or services they render. (Legal Dictionary) For these services the client must cooperate with the accountant in every aspect the accountant deems fit, within the scope of their profession. The accountants responsibilities to the client include to act with integrity, objectively, due care, competence, fully disclose any conflict of interest, maintain client confidentiality, disclose fees to client, and serve the public interest when providing financial services, (AICPA code of conduct) Accountants can also have fiduciary duties to a client if the accountant gives advice to a client involving taxes, assessing management or business consulting. Fiduciary is a legal duty to act solely in the best interest of the client. The case below involves an Atlanta-based accountant breaching his fiduciary duty involving client confidentiality...
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...Accountant Responsibility Introduction Accountants and auditors help to ensure that firms are run efficiently, public records kept accurately, and taxes paid properly and on time. Accountants analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and local governments. The provide accurate information to clients by preparing, analyzing, and verifying financial documents, budget analysis, financial and investment planning, information technology consulting, and limited legal services. They analyze and communicate financial information for various entities such as companies, individual clients, and Federal, State, and local governments (Bureau of Labor Statistics). Accountants have a responsibility to three major parties: their clients, third parties, and the government. Over the last couple of decades the accounting professions credibility has come into question. CEO’s of corporations have served their own self-interest while leaving the stakeholders and public left holding the bag. The Enron disaster motivated the Sarbanes-Oxley Act of 2002 with new auditor independence rules, creation of the Public Company Accounting Oversight Board, corporate governance and certification requirements, whistleblower protections, extended statutes of limitations, and more severe penalties (Grubbs, 2007). Responsibility to Clients Accountants have a legal and ethical responsibility to their clients. An engagement...
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...(SOX), a new era of stakeholder expectations was crystallized for the business world and particularly for the professional accountants that serve in it. The drift away from the professional accountant’s role as a fiduciary to that of a businessperson was called into question and reversed. The principles that the new expectations spawned and renewed resulted in changes in how the professional accountants are to behave, what services are to be offered, and what performance standards are to be met. These standards have been embedded in a new governance structure and in guidance mechanisms, which have domestic and international components. The influence of the International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC) will be as important as that of SOX in the long run. This chapter examines each of these developments and provides insights into important areas of current and future practice. Building upon the understanding of the new stakeholder accountability framework facing clients and employers developed in earlier chapters, this chapter explores public expectations for the role of the professional accountant and the principles that should be observed in discharging that role. This leads to consideration of the implications for services to be offered, and of the key “value added” or competitive edge that accountants should focus their attention on to maintain their reputation and vitality. Sources of ethical governance and guidance are...
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...applied by professional accountants working in public practice. These scenarios are not intended to cover every possible circumstance, but instead to outline key principles and processes that could be considered when attempting to identify, assess and resolve ethical problems in line with the ethical codes. These case studies were published in November 2011. The CCAB welcomes comments on these cases. Please email admin@ccab.org.uk. The professional accountant in public practice All members (and registered students) of CCAB bodies have a responsibility to behave professionally and ethically at all times. In addition, a professional accountant who is a principal or a senior employee within a practice will have a particularly important role to play in creating, promoting and maintaining an ethical culture within the practice and, possibly, among the clients of the practice. You may be approached by others within the practice who wish to report unethical behaviour and, as a senior figure, you will have an impact on its ethical tone. If you are made aware of unethical practices among clients, it may be more difficult to determine your responsibilities. But an accountant in public practice carries a great deal of responsibility, and may be subject to scrutiny by the staff of the practice, clients and other members of the local community. In particular, a wide range of clients will expect a high level of professional competence from their accountant, and the trust that they...
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...Jacqueline Murphy AC504 Unit 2 Lev Nikolayevich Tolstoy is commonly referred to in the English community as Leo Tolstoy was a Russian novelist, a social reformer, a pacifist, a Christian anarchist, and a moral thinker (Contributors, 2008). He was born on September 9, 1828 on his family’s estate in the Tula Province of Russia. He is the youngest of four boys. His mother Princess Volkonskaya, died in 1830 when he was very young. His father County Nikolay Tolstoy died seven years after his mothers’ death. After his fathers’ death his aunt was appointed legal guardian of him and his siblings (Leo Tolstoy, 2013). Tolstoy is broadly considered as one of the utmost of all novelists. He is particularly well-known for his works of War and Peace and Anna Karenina. In those writings he showed that he had insight into human motives. Tolstoy found the pacifist doctrine of nonresistance in the Christian Gospels. He rejected all forms of coercion from both the government and the church. He suffered a spiritual crisis and grew depressed. He struggled to uncover the meaning of life, he came to believe that Christian churches were corrupt and, in lieu of organized religion, developed his own beliefs (Contributors, 2008). Tolstoy should be recognized as a crusader for social justice. He was a constant thorn in the side of the Russian Orthodox Church, the czarist government, and local authorities. His work was banned in the Soviet Union because of his resistance to violence and...
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...all over the world. The AICPA is a code of conduct that is formed on the bases of six principles. These principles are “responsibilities, the public interest, integrity, objectivity and independence, due care, and scope and nature services” (Mintz & Morris, 2011). Each of these principles are used as a guide for the accountants performance of professional responsibilities and the commitment to uphold the publics trust even at the expense of personal benefits. This code of conduct is considered to be the foundation of ethical reasoning in the accounting field because it touches on all aspects of the accounting profession. It also protects all the parties that are involved, the accountant, investors, the public, and creditors. I believe that the three most important purposes of the AICPA is to protect the client, the public, and the accountant. I would say that the most important purposes of the AICPA because the client, the public, and the accountant are the individual parties that make a company succeed or fail. Protecting these individuals is accomplished by following the AICPA principles in all situations. The three main principles that do this are responsibilities, the public interest, and integrity. Accountants have responsibilities to anyone who employs their accounting services. They also have the “responsibility to cooperate with other accountants to improve the art of accounting and to maintain the public’s confidence” (Mintz & Morris, 2011). The second principle...
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...Accountant Track record of initiatives, analyses, and insights that contribute to the company’s bottom line. Skilled in financial reporting, expense reporting, cost accounting, G/L, financial closing, balance sheet analysis, bank reconciliation, Excel report building, annual and project budgeting, variance analysis, inventory analysis and reporting, cost estimating. Team player and articulate communicator. Versatile, detail oriented, and effective. Professional Experience , Dover, DE. June 2012- Present Accountant II- Responsible for the accounting and financial analysis of Chesapeake Utilities electric division including monthly closing duties and analysis of financial statements. • Perform all monthly cash posting and reconciliations for all Florida Business Units. • Responsible for all monthly closing activities including but not limited to journal entries, account reconciliations and analysis of financial statements related to the electric business unit. • Oversee accounting of Capital Expenditures and Retirement of Assets. • Responsible for all public filings for the natural gas and electric divisions including the FERC 1 and 2 forms and Statistical data filings • Leader of quarterly physical inventory counts at each location at ensure that all materials are accounted for and valued correctly within the Inventory System. • Involved in the drafting and reviewing of the SEC 10-Q and 10-K filings. Independence...
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... The purpose of my paper is to explore Forensic Accounting and the many aspects surrounding the field. I will determine the skills necessary to be a forensic accountant and its application to business operations. I will also describe the role the forensic accountant plays in a courtroom environment and the role played by the forensic accountant in the litigation process. I will also provide case examples where forensic accountants are used and have provided vital evidence in the case. Today, forensic accounting is a rapidly growing segment of the accounting practice, and the current demand for forensic accountants far outstrips the current supply. Determine the most important five (5) skills that a forensic accountant needs to possess and evaluate the need for each skill. Be sure to include discussion regarding the relationship between the skill and its application to business operations. Have you ever been cheated, robbed or financially hurt by actions of others? Well, out of those feelings civil lawsuits arise based on the desire to reclaim what one perceives he/she has lost unjustly. Financial loss isn’t always easy to define or measure. So, the important task of investigating and quantifying the financial loss normally requires the expertise of a forensic accountant. A forensic accountant is a professional who uses a unique blend of education and experience to apply accounting, financial analysis and investigative skills to uncover truth, assist in financial...
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...Institute of Chartered Accountants of Bangladesh (ICAB) is the national professional accountancy body in Bangladesh. It is the sole organization in Bangladesh with the right to award the Chartered Accountant designation. It has around 1,400 members. The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). Top of Form Bottom of Form Establishment: The Institute of Chartered Accountants of Bangladesh (ICAB) is the National Professional Accounting Body of Bangladesh established under the Bangladesh Chartered Accountants Order 1973 (Presidential Order No. 2 of 1973). ICAB's Administrative Ministry: The Ministry of Commerce, Government of the People's Republic of Bangladesh is the administrative Ministry of ICAB. ICAB's Vision: To meet the ever-changing global economic demands dominated by WTO regime, the ICAB is fast becoming a body of professionals whose expert services will be highly sought after- - To anticipate, meet and exceed the rising expectations of the society - To better use of opportunities to face the challenges of fiercer global competition - To recognize the changes in economy/ business and recognize the path to success by adopting changes in knowledge management and acquiring skills - To recognize its role as a regulatory body to equip its members (Chartered Accountants) with top-quality education...
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...Case #1: Triple H Film Productions Part 2: MANAGEMENT ISSUES A. i. What is a company? A voluntary association formed and organized to carry on a business. Types of companies include sole proprietorship, partnership, limited liability, corporation, and public limited company. Implication of Limited Liability: Limited Liability Companies, much like corporation, provide protection for their owners. If the organization has debts that it cannot pay, the individual owners will not be held responsible for those debts. If the organization has to file bankruptcy the individual owners are still not personally responsible for any of the liabilities that the organization has. Owners can choose to have profits distributed anyway they would like. This means, whatever percentage of profits they want to give to each member, they have the flexibility to do so. Reduction in paperwork. The tedious meetings and note-taking that are required by corporate entities are not required by an LLC. There are no board meetings or quarterly meetings required. There are no quarterly or semi-annual reports that are necessary for the IRS. There is no double taxation. You do not have to pay taxes on your corporate profits, as well as on profits that pass through to your members. You only pay taxes once, and that is on those profits that are given to individual members Longevity of the company is based on the life of the members. The company will dissolve if a member goes bankrupt or passes...
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...company name] | Responsibility | Unit 6 | | Sherry Rhodes | 11/29/2011 | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | Accountants have a responsibility to a company’s management investors, creditors, outside regulatory bodies and the overall integrity of financial markets. Accountant responsibility, in a definition, outlines who the accountant is working for. Even though an independent accountant may be hired by a company’s management, the responsibility of an accountant is owed to many others as well. The duty to uphold principles, standards and laws of accounting is owed to the companies, stockholders and creditors they account for. Accountants have an ethical responsibility to these entities that rely on their work to be accurate and precise. Accounts must use extreme care and follow established conventions and standards to present the true and fair view of the financial position of a company. Accountants owe the ethical and professional obligations to the previously mentions entities of management, stockholders, investors, creditors and regulatory and taxation authorities. These entities are divided into three groups: clients, third parties, and the government. Clients are people or groups that use the professional advice or services of an accountant. Accounting clients...
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...difficult decisions have to be made every day. While accountants follow a simple code of conduct; nevertheless, due to the infamous scandal of Enron, the Sarbanes-Oxley Act of 2002 was constructed to reestablish confidence in the public marketplace. The importance of ethics and integrity are highly significant to individuals in this profession. In fact, ethical behavior in accounting is described as “societies accepted standards of moral behavior that is behaviors as right rather than wrong” (Nickels, McHugh, & McHugh, 2013, p. 91). Therefore, accounting as a whole plays a significant role in society and business. At one time, society considered professional accountants to have the highest standard in ethical and moral conduct. While maintaining accurate and truthful statements is an essential part of financial reporting; therefore, as a society as a whole it is essential that a professional accountant fully understand the importance of ethical values. One unquestionably problematic misconception is that ethics consist of moral situations rather than integrity and honesty. Integrity is an essential element of ethical values and can be seen as being honest and truthful. In the functioning of any professional service, an accountant shall maintain objectivity and integrity so; society and businesses depend on receiving accurate information so smart business decisions can be made (ET SEC. 102, 2006). Accountants...
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...INTRODUCTION Authorization Per your request, Career Selection Services has researched and prepared a breakdown analysis of two potential career choices with a recommendation of the more compatible of the two professions. My recommendation is based on a thorough investigation and analysis conducted on careers in accounting and legal administration. Purpose, Scope, and Limitations The evidence I have collected relates to the work environment, duties, salary, education, skills, and advancement opportunities strictly limited to careers in accounting and legal administration and examines the facts and evidence to determine which of the two chosen careers would best suit the individual. Sources and Methods I have examined the data instituted in the Occupational Outlook Handbook provided by the Bureau of Labor Statistics online and have analyzed the information provided online by the AICPA. Report Organization In this report, I will provide insight on the two professions – accounting and legal administration. The report will include a brief rundown based of each of the following criteria: work environment, education requirements, job duties, salary/earnings, and advancement opportunities for each profession. The report will conclude with my recommendation of an accounting career over that of a career in legal administration. ACCOUNTING Work Environment The work environment in accounting is generally that of a professional office setting. It is usually...
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...Reporting Practices and Ethics Megan HCS/405 30 June, 2014 Reporting Practices and Ethics The accounting staff is a very large part of the healthcare industry. Accounting staff code and bill products and different services that are offered at that location and maintaining an ethical culture is imperative. There are accounting principles and standards and procedures that are part of the General Accepted Accounting Principles (GAAP). The GAAP principles have four key elements: Planning, Controlling, Organizing and Directing and Decision Making. Ethical Components and GAAP Accounting is the backbone of any medical organization because of it enormous impact on running as a cost effective organization. Every organization runs on its own set of principles and goals, but most are certainly guided by different federal, state, and government laws. There are accounting principles and standards and procedures that are part of the General Accepted Accounting Principles (GAAP). The GAAP principles have four key elements: Planning, Controlling, Organizing and Directing and Decision Making. The GAAP principle of Planning includes ways of setting goals and guidelines for the future of the organization. The principle of Controlling involves ensuring that planned goals are on track with previous goals and also that there is room to fix any issues that may arise. Organization and directing is to make sure that the organizations full potential is being provided...
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