In their career paths, auditors and accountants face numeric ethical issues related to greed, corruption, and collusion. They might unavoidably receive bribery offers, such as money, gifts, or property, to induce them to betray their duties. CPAs may be rewarded a commission fee for advertising goods and services. Accounting professionals may be given contingent fees based on the deliverables for their clients. From AICPA Code of Professional Conduct, major principles that might be violated are integrity
Words: 561 - Pages: 3
How Did Fannie Get on the Wall in the First Place? Fannie Mae was established to facilitate the perceived social responsibility in the United States of encouraging the growth and affordability of housing, especially for disadvantaged groups. During the period in which Franklin Raines was at the helm, the company could seem to do no wrong, garnering recognition for many socially responsible accolades, being “near the top of everyone’s ‘best’ list” (Jennings, 2010, p. 268). For a company, is social
Words: 1753 - Pages: 8
building blocks for all accounting records and business transactions that occur. We cannot forget that decisions are based on the organizations fiscal objectives others are based on general accounting principles. So to better understand you must ask the question of “Is the financial management of the organization strong and how is the financial reporting records validity”? When we think of financial management we have to start with the basic framework of any accounting structure and that would
Words: 766 - Pages: 4
Anytime you are dealing with money and accounting there is always a myriad of ethical issues. Some people will do anything to propel themselves into financial wealth. However in today’s accounting world I believe there are numerous standards and policies that lend themselves to create an ethical rich environment. One endeavor known as the Sarbanes-Oxley Act revolutionized the accounting industry adding such measures as requiring the leadership of corporations to certify the accuracy of each individual
Words: 1340 - Pages: 6
What are the advantages and disadvantages of the primary types of auditors? Which type interests you the most? Explain. The most common primary types of auditors are certified public accounting firms, government accountability office auditors, internal revenue agents, and internal auditors. CPAs are licensed to express audit opinions on financial statements and are used as independent or external auditors. I’m not currently aware of any disadvantages of being a CPA. GAO auditors work
Words: 952 - Pages: 4
ACC 411 – Accounting Ethics Midterm Exam Due: November 20th by 11:59 p.m. Multiple Choice (2 points each) 1. Each of the following elements make up an integral part of what is meant by "ethics" except for: A. Accepted standards of behavior B. Knowing the difference between right and wrong C. Always following the law D. The moral point of view 2. When is it appropriate to contact the audit committee about a difference of opinion with the CFO over an accounting or financial reporting
Words: 1735 - Pages: 7
Seth Spencer Accounting Research 533-01 August 27, 2015 Answer these questions on an individual basis: 1. Identify the main financial accounting question and the main auditing question you will try to answer in your research. What additional issues can you identify at this time? (Don’t be limited to just one area of accounting). Financial accounting question: Financially, how do we account for sales tax transactions? Audit question: How does the current treatment of sales tax affect
Words: 617 - Pages: 3
Practices and Ethics Paper Financial accounting and financial management are the basis for health care accounting. The GAAP is a cornerstone of all accounting practices. Financial management aides and guides health care accounting practices in today’s health care settings. These two elements are the building blocks for a solid health care organization. Without the two, there is risk of fraud and unethical practices within health care. In financial accounting there are four elements of financial
Words: 1271 - Pages: 6
Managerial Accounting: Chapter 1: Managerial Accounting: An Overview - This chapter explains why managerial accounting is important to the future careers of all business students. It answers three questions: (1) What is managerial accounting? (2) Why does managerial accounting matter to your career? (3) What skills do managers need to succeed? It also discusses the importance of ethics in business and corporate social responsibility. □ What is Managerial Accounting? | Financial Accounting | Managerial
Words: 2179 - Pages: 9
Issues 1.- What different Course of action David Sokol should have taken? 2.- What measures can and should be taken to make it easier for corporate employees to “blow the whistle” on a fraudulent scheme they uncover within their firm? 3.- Should business, accounting firms, and other organizations explicitly reward ethical behavior by their employees and executives? 4.- What measures accounting firms can take to reduce the risk that personal relationships between client personnel and members
Words: 3089 - Pages: 13
