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Ethics Article Paper

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In the Alochona Magazine, October 2002 issue, I found an article," Ethics in Accounting" by Ireen Baset that discusses ethics in accounting and financial decision making. In this article Ireen Baset, explains how ethical standards have changed tremendously in the last century. Ethical and moral values provide a foundation to society on how to function, live and work within the society. Determining the degree to which business has complied with established standards has presented a real problem. According to the article; "The purpose of ethics in business is to direct individuals to abide by a code of conduct that help increase and maintain public confidence in their products and services."

In the article is explains how our standards and expectations have risen. Today, individuals in management accounting and financial management constantly face ethical dilemmas. According to Baset, many managers and executives are unclear about their ethical standards. Practitioners of management accounting and financial management have an obligation to the public, their profession, the organization they serve, and themselves, to maintain the highest standards of ethical conduct. Accountants along with the corporations should avoid actual or apparent conflicts of interest and should guide themselves with the followings rules:

 Should refrain from engaging in any activity that would prejudice their ability to carry out their duties ethically.

 Accountants, especially auditors must refuse any gift, favor, or hospitality that would influence or would appear to influence their actions.

 Should recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.

 Ethics article paper 3

 Must be able to communicate unfavorable as well as favorable information and professional judgments or opinions.

 Should refrain from engaging in or supporting any activity that would discredit the profession.

 Disclose fully all-relevant information that could reasonably be expected to influence an intended user's understanding of the reports, comments, and recommendations presented is another responsibility accountants must adhere to. (Ireen Baset)

The concepts in this article can relate to my current employer in the way of having ethical responsibilities in the sales floor. As sale associates for Furniture Row, it is our responsibility to be fair and respectful to one another. Having ethics in the sales floor is very important because it is what allows for all sales associates to each have their own share. As sale associates we have to respect each others customer and not interfere or try to take the sale. If someone was already working with that customer, it is only fair to give it to the sales associate who was helping them.

The importance of ethics in accounting and financial decision making in business is to direct business men and women to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services. Professional accounting organizations recognize the accounting profession's responsibility to provide ethical guidelines to its members. (Wikipedia encyclopedia)

The Sarbanes-Oxley Act of 2002



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