superior. This movie portrays the idea that greed, an unethical behavior, is an acceptable behavior that business individuals must cultivate to increase their wealth. So what is ethics? According to Spiceland, Sepe, and Tomassini (2007), ethics is “a code or moral system that provides a criteria for evaluating what is right and wrong” (Spiceland, Sepe, and Tomassni, 2007). Deontological theories base morality on certain duties or obligations and claim that certain actions are right or wrong regardless
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Ethics Charging Authority (“ECA”) (comprised of the AICPA Professional Ethics Executive Committee and the New York State Society of CPAs Professional Ethics Committee) alleging a potential disciplinary matter with respect to David G. Friehling. Mr. Friehling advised that he would be willing to sign a settlement agreement charging him with violating AICPA Bylaw Section 7.4.6 and Rule 506 of the New York State Society of CPA’s Code of Professional Conduct, without admitting or denying such charge. 7
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Ethics – can we merge AICPA and IFAC ethics standards? AC504 March 10, 2013 INTRODUCTION There are many challenges and obstacles facing the accounting profession with the convergence towards a globally accepted accounting reporting structure and a global ethics structure. Today’s economy is becoming globally smaller and more importantly the economy from all fronts is becoming more co-dependent on one another from a domestic and international perspective regarding finance, raw materials
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Legality and Ethicality of Financial Reporting Janet Tran ETH/376 Kathrine Parks University of Phoenix/Axia July 21, 2014 Excello Telecommunications was presented with a dilemma on how the company should report earnings so that they would appear to have met earning estimates for the 2010 financial year. The CFO, Terry Reed, was concerned with how failure to meet earning estimates would affect bonuses, stock options, and the share price of
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Each of the following characteristics describes the importance of integrity in decision making except for: A. Acting out of moral principle B. Being loyal to one's superior C. Having the courage to do the right thing D. Not subordinating professional judgment to others 2. The ancient Greeks thought of the virtues as characteristics of behavior that: A. Could lead to a good life B. Make up the "six pillars of character" C. Support the rights theory D. All of the above 3. Ethical relativism
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1. Professional guidance: a. Consult the AICPA Code of Professional Conduct. What components might guide a CPA working in a corporate environment? The AICPA established a Code of Professional Conduct which guides a CPA working in a corporate environment. The AICPA Code of Professional Conduct includes two sections: principles of professional conduct and rules of conduct. The principles of professional conduct provide the framework for the rules of conduct. The framework for the Code of Professional
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1. Concerning Joe Accountant, he should be found violating article of AICPA’s Code of Professional Conduct by the Joint Trial Board and should receive a revoking of his CPA credentials by the Board as punishment. At the issue Joe Accountant is whether or not violated article of AICPA’s Code of Professional Conduct, Joe found out the unethical and illegal actions taken by his superior, John Boss, and his client, Barbara Doctor, during his attest performance; However, He did take the proper action
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Case7.2:Stephen Gray, CPA Answer for Q1 Ethical codes create a boundary that members of a profession could act in to the professions highest beliefs. Where code of ethics is not enforced, a profession’s name could be tarnished by the wrong acts of some individuals that would affect all members of the profession and as the consequence the general public will also be affected. The main reason for the change of these codes overtime is the change in the culture or values systems and attitudes of
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must consider the actions that will take place under the restrictions of laws and regulations. In the accounting profession, the regulations included GAAP (Generally Accepted Accounting Principles), SOX (Sarbanes-Oxley Act of 2002), and AICPA Code of Professional Conduct. The team need to use these regulations as guideline to ensure that no illegal misstatement will be presented and get the best result from the sale of $1.2 million to Data Equipment Systems. GAAP and Excello Telecommunications GAAP
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Chapter 4 Professional Ethics ← Review Questions 4-1 The six core ethical values described by the Josephson Institute are: 1. Trustworthiness 4. Fairness 2. Respect 5. Caring 3. Responsibility 6. Citizenship There are many other potential sources of ethical values, including laws and regulations, church doctrines, codes of professional ethics, and individual organizations’ codes of conduct. 4-2 An ethical dilemma is a situation that a person faces in which a decision
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