ACTG 3P11 Chapter Notes - Chapter 3: Selfishness, Accounting, Accountant

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Published on 17 Apr 2013
School
Brock University
Department
Accounting
Course
ACTG 3P11
Professor
CHAPTER 3
ETHICS
Moral principles/values
Guide our behaviour, in relation to others
Legal ≠ ethical
Code of conduct within a profession
Unethical Behaviour
Selfishness; self-protection, self-righteousness
Different or flawed ethical standards
Defective reasoning
Justification
o Everybody does it
o It's legal
o Unlikely to get caught
o Not severe punishment
Ethical Dilemma
A situation in which a decision must be made about the appropriate behaviour
Neither outcome is without apparent undesirable results
Resolving ethical dilemmas:
o Obtain relevant facts
o Identify ethical issues
o Determine who is affected and how
o Identify available alternatives
o Identify likely consequence of each alternative
o Decide on appropriate action
Giving Voice to Values Approach
Based on assumption that the organization is willing to work to resolve ethical dilemmas
The person at centre of dilemma is also willing to take action
5 stages:
o Identification
o Purpose and choice
o Stakeholder analysis
o Powerful response
o Scripting and coaching
Basic Principles Governing Conduct
Maintain good reputation of profession
Sustain professional competence (perform services with integrity, due care)
Remain free of influence (independence)
Duty of confidence (confidentiality)
Develop practice based on personal excellence
Maintain professional courtesy
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Document Summary

Guide our behaviour, in relation to others. It"s legal: everybody does it, unlikely to get caught, not severe punishment. A situation in which a decision must be made about the appropriate behaviour. Neither outcome is without apparent undesirable results. Resolving ethical dilemmas: obtain relevant facts. Identify ethical issues: determine who is affected and how, decide on appropriate action. Based on assumption that the organization is willing to work to resolve ethical dilemmas. The person at centre of dilemma is also willing to take action. Identification: purpose and choice, stakeholder analysis, powerful response, scripting and coaching. Sustain professional competence (perform services with integrity, due care) Directs members of a profession by setting standards. Provides a benchmark against which the members will be measured by their peers. 3 components to icao rules of professional conduct: principles - general, rules - specific. Most critical of all principles for auditors. Auditor must be independent in both appearance and fact.

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