BUS 202 Chapter Notes - Chapter 9: Financial Statement, Positio, Fiduciary
21 Oct 2016
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Document Summary
The ethics of accounting: the case of a profession in business. Good professional practice calls for judgements because the principles of a profession need to be interpreted and applied in ways that are just and compassionate. Professionals take on ethical responsibility additional to those that apply to people generally. External auditors were needed to access the fairness and accuracy of financial statements, and accountants in public practice progressively grew in importance, offering a range of financial services, from personal taxation to superannuation. First, independence is especially important to accountants who are providing external (cid:272)ertifi(cid:272)atio(cid:374) of a (cid:272)o(cid:373)pa(cid:374)y"s fi(cid:374)a(cid:374)(cid:272)ial positio(cid:374). It is equally important that the accountant have no interest at all in the company and should not stand to gain or lose by any outcome of financial scrutiny. Generally accepted accounting principles (gaap) is the common set of accounting principles standards and procedures that companies use to compile their financial statements.
