ACC 358 Lecture Notes - Lecture 2: Professional Responsibility
The policies and practices that reflect a company's core values such as honesty, trust, respect, and
fairness.
code of ethics
A formal policy of rules and guidelines that describes the standards of conduct that a company expects
from all its employees.
competence
The principle that requires accountants to have the knowledge, skills, and experience needed to
complete a task.
confidentiality
The principle that requires accountants to protect and not disclose information acquired in the course of
work unless they have the appropriate legal or professional responsibility to do so.
conflict
Divergence; opposing needs, wishes, or interests.
encounter
Come across; meet, especially by chance.
ethics
The study of our notions of right and wrong; a set of basic principles.
ethics officer
The employee directly responsible for creating business conduct programs, evaluating performance, and
enforcing standards of conduct.
implement
Put into practice, apply, execute.
independence
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Document Summary
The policies and practices that reflect a company"s core values such as honesty, trust, respect, and fairness. code of ethics. A formal policy of rules and guidelines that describes the standards of conduct that a company expects from all its employees. competence. The principle that requires accountants to have the knowledge, skills, and experience needed to complete a task. confidentiality. The principle that requires accountants to protect and not disclose information acquired in the course of work unless they have the appropriate legal or professional responsibility to do so. conflict. The study of our notions of right and wrong; a set of basic principles. ethics officer. The employee directly responsible for creating business conduct programs, evaluating performance, and enforcing standards of conduct. implement. The principle that requires accountants to have no financial interest in the company being audited. integrity. The principle that requires accountants to choose what is right and just over what is wrong. objectivity.
