The accounting profession requires ethical behavior in order to maintain the public trust. Ethical problems and dilemma arise when there is a conflict in fulfilling the moral duties or obligations and self interest. Therefore the CPA and public accountants are required to act in the line with the standards and code of ethics. According to the Utilitarian theory the action is considered as ethical if it results in achieving the greatest good to the maximum number of people. The AICPA principle of
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All you need to know about becoming a Chartered Secretary BWW Connect All you need to know about becoming a Chartered Secretary What is a Chartered Secretary? Chartered Secretaries are high-ranking professionals with a broad base of skills unique among the professions. Trained in corporate law, finance, governance, company secretaryship and management, Chartered Secretaries are the focal point for independent advice about the conduct of business, governance and compliance. Highly valued
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Q1) ONE OF THE MORE PRESTIGIOUS JOBS IN THE FINANCE INDUSTRY IS BEING AN ACCOUNTANT. THE QUALIFYING PROCESS TAKES A LONG TIME BUT STUDENTS ARE NOT DETERRED. Accountants are employed by private accountancy firms, commercial businesses and industrial organisations or within the public sector. Their work entails: preparing accounts and tax returns; auditing financial information; giving financial advice; dealing with insolvency cases; meeting and interviewing clients; compiling, analysing and presenting
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inadequately protecting the company from becoming a victim of fraud. These topics will covered in order to exemplify what other internal controls are needed, where LJB Company is successfully implementing internal controls, and in what manner internal controls are lacking. One of the first internal controls LJB Company needs to implement is to have a system to separate the duties of the employees, and implement smart hiring practices (i.e. the accountant should not also function as the human resources
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the tax laws were fairly simple and most people could complete their tax returns and the required calculations without the help of an accountant. Since then, the tax laws have increased so vastly in number and complexity that the average person cannot understand the laws enough to prepare their own return without assistance. This may come in the form of a tax accountant or software that walks the taxpayer through various rules that may apply to them. This paper focuses on how technology has changed
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produce results that a court of law will accept as evidence. That is why forensic accounting is a great career option. According to Kreuter (2017), “Forensic accounting is essentially litigation support involving accounting” (p. 6-8). Forensic accountants use their accounting skills to examine financial information and documents for use in legal cases to investigate fraud or embezzlement. The job requires technical skills in accounting, both investigative and legal. Forensic accounting is important
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Current and noncurrent assets Becoming an effective accountant requires knowledge of terminologies that provide a better understanding of financial responsibilities and business processes. Accountants must provide information about concepts, definitions, and accounting terms. To prepare budgets, forecasts, and other financial duties an accountant must also understand basic accounting principles. Assets provide businesses and investors with revenue that can increase income profits or cause assets
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perceived accountants to have lost their commitment to public service. The credibility of the profession is threatened when the ideals of integrity, independence, public service and ethical standards come under suspicion. Well-known scandals of one of the major leading accounting firms in the United States Arthur Andersen coupled with alleged unethical acts committed by Enron have arouse the conscious of the public and stakeholders as to the moral decline and unethical posture of public accountants unveiled
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Deal or No Deal: Should the United States of America Adopt the International Financial Reporting Standards? Since 1936, accountants in the United States have been following a set of generally accepted guidelines, historically set by the American Institute of Certified Public Accountants, for their practices. These guidelines have come to be known as the Generally Accepted Accounting Principles, or GAAP. Since their creation, these principles have protected companies and investors from fraud
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grades. Ethics is becoming increasingly important in business practice as well as academic and professional education. The accounting scandals in the past which involved the former energy company, Enron and former “big five” accounting firm, Andersen (Comunale et al, 2006); have led to the need to develop ethical standards in students which could then be transferred to their employment life. There is a need for ethical awareness and education for current and future accountants, as there can be serious
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