Task Team of FUNdaMENTAL aCCOUNtIng School of Business. Sun Yat-sen University generally the case. To help insure integrity in the reporting process, the profession has adopted a code of ethics to which its licensed members must adhere. In addition, checks and balances via the audit process, government oversight, and the ever vigilant"plaintiffs attorney"all serve a vital role in providing additional safeguards against the errant accountant. If you are preparing to enter the accounting profession, you should do so with the intention of behaving with ho nor ane integrity, if you are not planning to enter the profession, you will come to expect that the accountants who you hire and entrust with your most confidential financial information to act in a completely ethical way Two key legal steps that must be taken to reestablish trust in the business community upon investors are limiting the ability of insiders to profit from insider trading tips and greater unability in the CEO focuses on boosting the corporations daily share price or concentrates on building long-term corporate value. Curent compensation practices encourage not only short-term behavior but also promote excessive risk-taking and aggressive accounting methods that overstate earnings to boost pay. Legislation is at least trying to tackle the accounting irregularities issues caused by unethical executives. President Bush signed into law the Sarbanes-Oxley Act of 2002 Jul, Functions and Purposes of Accounting Ethics No matter how many regulations are imposed, unethical individuals and organizations will find new and innovative ways to circumvent them Professional and accounting ethics can direct business people to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services. In the accounting field, professional organizations such as the AICPA, IMA, maintain and enforce a code of professional conduct for public accountants. They recognize the accounting professions responsibility to provide ethical guidelines to its members The purpose of ethics in business is to direct business people to abide by a code of conduct lat facilitates, if not encourages, public confidence in their products and services. In the accounting field, the AICPA maintains and enforces a code of professional conduct for public The Institute of Management Accountants (IMA)and the Institute of Internal Auditors(IIA)also maintain a code of ethics. Professional accounting organizations recognize the accounting professions responsibility to provide ethical guidelines to its members Can one person make a difference? A Japanese proverb states: The reputation of a thousand years may be determined by the conduct of one hour "The actions of just one person have even changed the course of a nation Edward Everett hale wrote But still i am one And because I cannot do everything I will not refuse to do the something that i can deTask Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University generally the case. To help insure integrity in the reporting process, the profession has adopted a code of ethics to which its licensed members must adhere. In addition, checks and balances via the audit process, government oversight, and the ever vigilant "plaintiff's attorney" all serve a vital role in providing additional safeguards against the errant accountant. If you are preparing to enter the accounting profession, you should do so with the intention of behaving with honor and integrity; if you are not planning to enter the profession, you will come to expect that the accountants who you hire and entrust with your most confidential financial information to act in a completely ethical way. Two key legal steps that must be taken to reestablish trust in the business community upon investors are limiting the ability of insiders to profit from insider trading tips and greater accountability in the accounting field. CEO focuses on boosting the corporation's daily share price or concentrates on building long-term corporate value. Current compensation practices encourage not only short-term behavior but also promote excessive risk-taking and aggressive accounting methods that overstate earnings to boost pay. Legislation is at least trying to tackle the accounting irregularities issues caused by unethical executives. President Bush signed into law the Sarbanes-Oxley Act of 2002 in July. Functions and Purposes of Accounting Ethics No matter how many regulations are imposed, unethical individuals and organizations will find new and innovative ways to circumvent them. Professional and accounting ethics can direct business people to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services. In the accounting field, professional organizations such as the AICPA, IMA, maintain and enforce a code of professional conduct for public accountants. They recognize the accounting profession's responsibility to provide ethical guidelines to its members. The purpose of ethics in business is to direct business people to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services. In the accounting field, the AICPA maintains and enforces a code of professional conduct for public accountants. The Institute of Management Accountants (IMA) and the Institute of Internal Auditors (IIA) also maintain a code of ethics. Professional accounting organizations recognize the accounting profession's responsibility to provide ethical guidelines to its members. Can One Person Make A Difference? A Japanese proverb states: "The reputation of a thousand years may be determined by the conduct of one hour." The actions of just one person have even changed the course of a nation. Edward Everett Hale wrote: I am only one. But still I am one. I cannot do everything, But still I can do something; And because I cannot do everything I will not refuse to do the something that I can do