Ethics and Professionalism in Accounting

Ethics and Professionalism in Accounting
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Ethics and Professionalism in Accounting
In financial accounting, accounting ethics refers to a set of specified rules. Every business requires high honesty and dependability from personnel handling any transaction. Without accounting ethics, exploitation of financial data is prevalent, and accountants gain unethical profits from their work. This paper aims to discuss the importance of ethics in accounting while relating it to the case of ACC KarParts, a company that manufactures auto parts, and suggest legal ways to meet company goals.
Importance of Ethics in Accounting
According to Brooks & Dunn (2020), accounting expertise is essential to examine a business's cash flow and design strategies for boosting income. Consequently, an accounting error or carelessness can have long-lasting effects across industries until it is rectified. This outcome remains the same for ACC KarParts. Accounting information is frequently sensitive, and if it falls into the wrong hands, it might harm a person, a business, or a family. (Brooks &Dunn, 2020. Similarly, an accounting error has the potential to start a cycle of disaster both now and in the future. Lastly, changing financial accounts could lead me to jail as an accountant of ACC KarParts, mainly if the affected party attributes the adjustment to a criminal act.
Application of Ethical Principles and Professionalism
Principle, the essential premise of morality and ethical behavior, guides members in fulfilling their professional commitments. This concept implies a commitment to behave honorably at the sacrifice of personal gain. In this case, Quinn wishes me to move financial records to gain a bonus and make everyone happy. However, general accounting principles dictate that members must uphold their responsibilities to beneficiaries, third parties, other members, staff, emplo...