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Posted: December 9th, 2022
Ethics in Accounting
1) Read the article “Ethics In Accounting.” can be found through the DeVry Library Services (Links to an external site.). The first sentence of the article says “Ethics in Accounting is one of the most important, yet most misunderstood, concerns in the world of business today.” Do you agree or disagree with this statement?
2) Given the pervasiveness of ethical issues in business and society today, explain the forces responsible for the changes in the public’s expectations for corporate ethical behavior, as well as the public’s expectations of accountants who audit these corporations (navy).Using the Golden Rule approach, one could argue that in order for the accounting firms to be considered trusted advisers, they could not disapprove of every business of the client. By becoming trusted advisers, the clients would then award more consulting contracts, and the firms would benefit. Explain how these virtues relate to an auditors’ intention to make ethical decisions.
3) As an accountant what should we do when we discovered fraud?
4) Countrywide mortgage scandal brought up other issues, including that of executive compensation. Should executives receive hefty compensation packages and severance pay when their companies flounder?
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