...Abstract This paper is on the based on ethical issues in financial accounting, I picked this subject because I believe that having good morals and ethics is the mainstay of life in general, But in finance and accounting it is very important to have this to be successful in business, which is based on personal, professional and corporate issues that will arise in day to day operation. Introduction Accounting is the profession of Analyzing, collection, recording and posting financial transactions in a manner to provide useful information essential to making financial decisions by leaders in a business or organization. Accounting is also called the language of business. The financial statements are used to communicate the effects of the operation and financial strength of a business or organization. By making comparisons of statements from a company from year to year, a professional could be able to predict the profitability, direction and financial condition of a business or organization (Juan, 2007). It is important that the accounting practice is immune to greed and selfishness, and should be a free emotional reporting function which requires a skillset to handle complex technical skills but have no moral involvement. People think on most financial issues or scandals are problems of disloyalty and distrust (Senaratne, 2011). Can we trust those who run the finances in today’s world? Can Accountants, auditors, bankers can be trusted? Yet when an issue is not...
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...Act Answer to Question No. 1 As the conclusion of where I will join college next year rapidly advanced, I decided to enquire the foremost I have selected, Accounting. Because my aim is to become a declared Public Accountant (CPA), I would like to understand more of what it entails. considering with figures, and notes and projecting the profits of a business, accountants are put with the blame of keeping track of the moneys of a business. God has blessed me with abilities in the areas of numbers and association, which initiated me to gaze for an occupation that utilizes both. Accounting appeared a logical alternative since they largely work with numbers and coordinate their clients' money. In alignment to become a CPA, one must obtain a bachelor's degree and work for a prescribed number of hours for a peak accounting firm. Covering a broad spectrum of enterprise associated specialization, accountants and those who proceed as auditors must be adept to determine whether or not a company is utilising their assets efficiently and if they are rightly recording the moneys they come in communicate with. I am cognizant that accountants work with cash and the documenting of it but would like to ascertain exactly what additional the job of a CPA comprises of. Answer to Question No. 2 Since the latest worsening of the American finances and job market, I began to ponder how very simple it would be to attain a job as an accountant. According to Steve French, an accountant for...
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...ShaSha Lei How Psychology Affect My Career Decisions Our career choices are shaped by the personal interest and environment in our lives. This research paper will discuss how interest and environment influenced my career decisions throughout the years. Become a Magician, Veterinarian, Psychologist and Accountant are some of various my career selections in the past 18 years. My early childhood career selection was to become a Magician. Why would I want to become a Magician? Because I read a book called “Charlie and the Chocolate Factory” and I was attracted by those fancy events. In the book, Mr. Wonka has the biggest candy factory in the world, and he can turn impossible things into possible situations. I always thought it would be great if I can have the same ability as him. My career decisions became more realistic while in Middle School and the High School. When I was in Middle School, I wanted to become a Veterinarian after I got my first puppy. I love dogs, and I want to make Veterinarian profession my future career. I found some information about Veterinarians in “Wiki Answers”, which indicates that “Veterinarian are required to study a Biology related major and must graduate with a Doctor of Veterinary Medicine degree from a 6 year program at an accredited college (http://wiki.answers.com). After I saw this reference website; I choose to abandon this career choice because Science is not my favor subject. After Middle School, in High...
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...Time estimates for the questions are based on a three-hour examination. Candidates are responsible for managing the time allocation between the objective-format portion and the case portion as it will not be controlled as part of the examination. Until otherwise advised, for the Elective examinations, candidates can expect two cases for a total of 150 minutes, where the maximum time for any one case is 90 minutes and the minimum is 60 minutes. Candidates will be advised if and when the cases begin to exceed 90 minutes. Chartered Professional Accountants of Canada, CPA Canada, CPA are trademarks and/or certification marks of the Chartered Professional Accountants of Canada. © 2015, Chartered Professional Accountants of Canada. All Rights Reserved. Elective Modules Blueprint – Jan 2015 update FOR THE OBJECTIVE-FORMAT PORTION: ASSURANCE ELECTIVE COMPETENCY AREA WEIGHTINGS CPA Competency Range 1. Financial Reporting 20-40% 2. Strategy & Governance 0-10% 4. Assurance 50-70% 5. Finance 0-10% The objective-format questions will...
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...in the accounting profession. All of the principles of the AICPA Code are aspirational statements that form the main foundation for the Code’s enforceable rules. (Mintz & Morris, 2011) There are six principles to the code of professional conduct and they are, the public interest, objectivity and independence, due care, integrity, responsibility and scope and nature of services. (AICPA, 2013) When a member is using the Principles it will help guide him or her in a performance of his or her professional responsibilities and the call for an unyielding commitment to honor the public trust, even if it is at a sacrifice of personal benefits. (Mintz & Morris, 2011) I think the most three important principles of the Code would be integrity, the public interest and due care. Integrity is so important when a CPA is working with the public, because the CPA needs to gain the trust and confidentiality of his or her client(s). The second one that is important is the public interest, as a CPA, one should be the responsible as to act in such a way that will earn the public’s trust. The last one would be due care and this is important because as a CPA he or she should be very observant of their ethical and technical standards and should be able to go for continuing improvement of their ability to serve the...
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...Of the six Principles in the AICPA Code (Responsibilities, The Public Interest, Integrity, Objectivity & Independence, Due Care, and Scope & Nature of Services) I believe the three most important are Responsibility, Integrity and Due Care. While most of the principles are inter-related it is the customer/ public that must be taken care of first and not our personal interests. To protect the client we must first understand the responsibilities as a CPA. “The overriding responsibility of CPAs is to exercise sensitive and moral judgments in all activities. “ In meeting our obligations it is important to realize that our morals and ethics should be a huge factor in the way we conduct business and treat our clients (Mintz & Morris, 2011, Chapter Chapter 1). Integrity “recognizes that the public trust is served by (1) being honest and candid within the constraints of client confidentiality; (2) not subordinating the public trust to personal gain and advantage; (3) observing both the form and spirit of technical and ethical standards; and (4) observing the principles of objectivity and of due care.” As professionals we must have the clients trust to fully do our jobs. If the client doesn’t trust you as a professional then how can they trust your work product. Even the perception of wrongdoing can lose all trust. CPAs must be able to not only always follow the rules, but also the appearance of always doing the correct thing (Mintz & Morris, 2011, Chapter Chapter...
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...Professional Conduct The AICPA is an organization that the majority of CPAs voluntarily join. Many in the business world are aware of the AICPA Code of Professional Conduct. This code of conduct focuses primarily on the ethical and professional obligations of CPAs. Members commit to abiding by the principles of the organization which holds them accountable to stringent principles and rules which go above and beyond ordinary laws and regulations. Members are expected to be self-disciplined and conduct themselves ethically and morally at all times. The three most important purposes of the AICPA Code of Professional Conduct are to guide their members in carrying out their responsibilities, to protect the public interest, and to enforce integrity. The AICPA Code of Professional Conduct reminds members that they should always exercise sound moral judgments and to remember they have a responsibility to their clients and the public to make professional decisions that are both ethical and moral. If CPAs were not responsible, society would lose all respect for the profession. There would not be a safe and fair way to judge the financial stability of companies or markets. When CPAs take responsibility and act professionally, ethically, and morally, their clients and the general public can feel confident they are reviewing accurate and credible financial statements of companies or organizations. It is crucial for CPAs to protect the public interest. The public interest encompasses many...
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...2-27 A. Identify and describe Reed’s responsibilities to detect Smith’s errors and fraud. Do not identify specific audit procedures. After his meeting with Smith Company’s new management and predecessor auditor, he is now made aware of possible fraud in the financial statements. With this knowledge, he is now responsible to take steps to identify the errors due to fraud in the financial statements. Initially, Reed and his audit team should assess the risks within Smith Company such as the motives and where opportunities exist to commit fraud. Once all the risk information is gathered, the next step is to audit Smith Company’s financial statements to see if they are prepared in accordance with GAAP and if they are not to identify any material misstatements. During the course of the audit, they should plan and develop tests that account for the risks assessed. As with any audit, Reed, CPA and his staff must “conduct the audit with due professional care and an attitude of professional skepticism.” (Boynton & Johnson. 2006, p. 58) B. Identify and describe Reed’s responsibility to report Smith’s errors and fraud. If Reed, CPA detects that Smith Company’s financial statements are materially misstated, then he should notify the management at Smith Company and have them revise them so that they are in accordance to GAAP with all proper disclosures. Reed has the responsibility to notify others when appropriate including the Board of Directors, the Audit Committee...
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...Educational Success Through Personal Responsibility Educational Success Through Personal Responsibility Personal responsibility encompasses everything that makes us who we are, what allows us to succeed throughout our lives. To me, personal responsibility is critical because to know its definition is to be a pro-active human being willing to stay focused on themselves and their overall goals, especially when it comes to a college education. Achieving educational success is vital in that it allows us to be taken more seriously in the real world; it’s common knowledge that a majority of people won’t be hired into or attain well paying employment unless they have at least a Bachelors degree from an accredited university. The link between personal responsibility and college success is a clear one, without focus and self-discipline then it would be impossible for someone to succeed in school. A person has to want to be in college, they need an affinitive reason for pursuing their degree, or else their personal responsibility will prove to be considerably low. Before anything else, it’s important for people to know who they are inside and out, to be comfortable and happy in their own skin. According to respected professor D.R. Garrison, self-monitoring is synonymous with personal responsibility to construct meaning. He states “to be responsible for one's own learning necessitates a willingness and ability to self-monitor the learning process” (Garrison, 1997). The value of...
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...The individual will be responsible to work beside an expierenced Auditor and participate in an audit. The person's ability to comprehend and execute will determine the level of responsibility they will acquire and how much they will learn. They will participate in the planning stage, fieldwork and wrap-up of audit engagements. Minimum GPA: 3.3 Desired Majors (i.e. Accounting, Computer Science, Finance, Marketing, etc.): Desired is Accounting, or Finance Please indicate any traits, qualities or characteristics which the candidate may need in order to “fit” within your department’s industry, culture or work environment: The individual should have a desire to learn and be willing to work with different people throughout the department. Our department is made up of driven individuals who work hard, but we work well together because of mutal respect for one another. The person who works with us should be eager to learn, exhibit a good personality and willing to work on various assignments. Please list any academic/coursework requirements that the candidate must have completed: Completion of two years college course work with a major in Accounting or Finance. Please describe any additional areas that the intern(s) will gain exposure to in addition to the daily responsibilities (i.e. special projects): Depending on the Intern's ability to grasp assignements will determine if they are...
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...Realizing all this, I feel that the only actions I could pursue that would exhibt an understanding of responsibility, I decided to go back to school. This decision brings on an array of concerns and challenges; can I do this, what happens if I fail, how do I juggle my personal responsibilities, will this degree even matter? Now there are credible fears and ludcrious fears in life and for me all these fears boil down to the fear of failure- I don’t want to go through all this hardship and end up flat on my face. I even would go as far to say that most of my early life’s disillusionment stemmed from this fear. Rather than try I would just be critical of those who did. Taking my education and viewing it as a life enhancement will help me during the times of struggle towards my degree. Ultimately, whether or not this gets me a better paying job, the tools I learn here will help me in all the endeavors of my life. Taking this approach will impact the outlook when life wont work how I think it should based on what I’ve done. The question now is, understanding the challenges I face, how will I take responsibility of my success? As I’ve alluded to before, the first step is to transform the way I think. It will do me no good when the struggles arise if I look at college with resentment. I must see this as value added. For me, when things are a positive, it makes it easier to handle the bad that always come along with it. The follow through with this will be the pratical application...
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... CheckPoint: Group Communication For this check point assignment, I will be discussing how businesses can organize their employees/staff into teams, the benefits of doing so, and the communication within the group. Group communication differs from individual communication because you need to always be actively listening. Making sure that other group members get an opportunity to speak and share their opinions. Being an active listener can also help resolve conflict between one group member and another. Some examples of conflict resolution would be to make responsibilities and ground rules clear at the beginning, discuss problems as they arise, rather than letting them fester till people explode, and realize that group members are not responsible for each other’s’ happiness. One of the most important elements of a successful team is open and honest communication, with employees sharing opinions and information to ensure that all team members are certain of the business objectives and how to achieve them. Ways to foster group communication would be schedule regular meetings with the whole team, so that each member can provide feedback as to any concerns they may be having, or report on the progress of any projects being undertaken. Also, encourage your team to ask as many questions as possible...
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...trade terms, developed by the International Chamber of Commerce (ICC) in Paris, It defines the trade contract responsibilities and liabilities between buyer and seller. Why are they Important? • The most complex & important tool of international trade is language. Small changes in wording can have major impact on the business agreement. For the avoid this misunderstanding. This is where “INCOTERM” comes into existence. • The INCOTERMS was first published in 1936‐‐and it is revised periodically to keep up with changes in the international trade needs. NECESSITY • Costs: who is responsible for the expenses involved in a shipment at a given point in the shipment's journey? • Control: who owns the goods at a given point in the journey? • Liability: who is responsible for paying damage to goods at a given point in a shipment's transit? What are they? This terms are divided into four different categories (EFCD) • E The seller only makes the goods available to the buyer at the seller’s premises. • F The seller delivers the goods to a carrier or place appointed by the buyer. • C The seller has to contract at his costs for carriage and insurance • D The seller must assume most costs, obligations and risks needed to bring the goods to the place of destination EXW‐(From factory, mill or Warehouse) EX works menace the seller’s only responsibility is to make the good available at seller's premises The seller is not responsible for loading the goods on vehicle...
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...According to the dictionary, the definition for responsibility is, a state or fact of having a duty to deal with, the state or fact of being accountable or to blame for something, and the opportunity or ability to act independently and make decisions without authorization. Personal responsibility is crucial to team building and collaborative success. When one takes personal responsibility, they are admitting their responsibility for choices made. While not everyone’s commitments are the same, personal responsibility is a requirement when working in a team. In order to succeed, the team needs positive communication, commitment, and accountability. The first, most important requirement, when working in a team is positive communication. Having open communication, by sharing ideas and confirming tasks with positive feedback, fosters healthy communication. Also, it’s always a smart idea to make sure there is a clear understanding of everyone’s position on a team, that way everyone is on the “same page”. Lastly, respecting one another is crucial in supporting positive communication. Making a commitment to ones self or something, let alone a team, can be extremely difficult at times. One way of showing respect and commitment is to always be on time, and being prepared. Also, let it be known to the team that, availability will not be an issue, and whatever it takes to get the job done, will be done. Taking ownership gives a team relief in knowing the job will get done and will alleviate...
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...Personal Responsibility means taking full accountability for my own action, whether it is in a negative or a positive way. In doing so, I affect the outcome of my own personal actions, and I will need to accept the consequences of the final outcome. It would be up to me to make the necessary changes and improve the outcome if need be. Personal Responsibility defines who I am and it makes me better at decision making. It allows me to apply learned skills needed to succeed in making daily and even life changing decisions. After leaving active duty in the military, I decided to pursue my education in which I’ve put off for so many years, so that I could open more doors for career opportunities as well as becoming a better provider for my family. In starting this new journey, it is my personal responsibility to adopt good study skills, maintain time management, and not procrastinate in doing my assigned work. As a student, I must understand that without adopting these attributes, I will increase the risk of not succeeding in my classes. Having the freedom to make the choices that I need to succeed will assist with my personal responsibility of my college success. Starting college is an action that I have taken which has fundamental consequences that would directly affect my family and me in many positive ways. Establishing a relationship between personal responsibility and my college success is very important. Receiving an education is my personal responsibility. Being...
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