Adapting to Changes as One of the Ethical Responsibility of Public Accountant or Auditor

Auditing standards provide a framework for the criteria and behaviors to be met while performing an audit of a client’s financial statements. An audit firm has the responsibility to provide an unbiased and unimpaired opinion of the financial statements of the client firm. An auditor’s opinion provides important confidence to the users of the financial statements.
Ethics are moral cornerstones or principles that help resolve conflicting interests or dilemmas faced by CPAs when trying to determine the correct course of action. Public accounting has a duty to serve the public, and must operate in a manner that does not compromise one group’s interests over the other. Accounting is constantly evolving to meet the changes in various industries. With these changes in the industries comes the need for accounting professionals to be current on the latest accounting practices. A licensed CPA must meet the educational and experience requirements as specified by the state board. Mastery of knowledge is required to practice as a professional CPA. Working with professional ethics helps gain public confidence.
It is important that the CPA firm has independence in its decision making and audit judgements. If there is any affiliation or mutual interests between the CPA firm and the client, then that would cloud the audit. The audit so done under the undue influence of the client is not objective and credible. Users of the financial statements have been compromised and as a result they can make faulty decisions that affect their finances and lives.