Ethics in Accounting
The aspects of accounting include dealing with financial matters of an individual or company such as handling monies, reviewing expense reports, and making sure data is in proper order. But when referring to ethics, this means an accountant should handle tasks the best way possible while following rules and standards in an ethical manner. Failing to do so may lead to financial loss, not only for the owner of the funds but for the accountant as well. Such scenarios have been played out by big companies thinking they could hide or swindle money, but in most cases when you do wrong with money it comes out in the end.
Ethics in accounting may involve various standards anyone practicing the profession should abide by. This may include anything from keeping personal information confidential to reporting earnings and monies properly without falsifying information. Such ethics are meant to be followed throughout your profession, whether you are an accountant for a business or an individual. Accountants are expected to perform duties that ensure records they are working with are consistent and accurate for whatever the data works to represent. Unfortunately, many accountants do not think about consequences when they decide to do actions that go against ethical standards.
There are situations an accountant is expected to avoid that may influence conflict of interest or have an effect on their work performance. They should not engage in illegal activity that could put their job or their certification in jeopardy. Many accountants are aware of consequences they could face if they do not do their job properly, but some still decide to go against ethical means due to greed or wanting to purposely ruin the reputation of another. There are those who think they will not get caught claiming they can cover their tracks or make paperwork look as if it is correct. Eventually, something along the line does not add up or there are missing pieces to a puzzle that raises a red flag.
Accounting students are expected to complete ethics training during their education and certification process. They may be required to write essays regarding the importance of following ethical standards and why it is important to use due diligence in completing relating tasks. Even though they are trained and know it is not right to take advantage of others or to use their skills to do wrong, it still has not stopped related professionals from continuing unethical activity.