ACCT 107 Lecture Notes - Lecture 4: Financial Statement, Accounting, Internal Audit
Document Summary
Ethics can be defined broadly as a set of moral principles or values. Ethical behavior is necessary for a society to function in an orderly manner. The need for ethics in society is sufficiently important that many commonly held ethical values are incorporated into laws. Why people are unethical about appropriate behavior. The person"s ethical standards are different from the general society. An ethical dilemma is a situation a person faces in which a decision must be made. Auditors face many ethical dilemmas in their business careers. Identify the ethical issues from the facts. Identify the alternatives available to the person who must resolve the dilemma. Identify the likely consequences of each alternative decide the appropriate action. A staff person has been informed that he will work hours without recording them. Another staff person has stated that this is common practice in the firm. Our society has attached a special meaning to the term professional.