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This article does shed light on how the Duncan Donuts organization should look at to improve the ethical responsibility of accounting practices. Making accounting practices available to the public and shareholders can then ensure a more ethical reputation for the organization itself. Additionally, implementing peer established reviews will also help strengthen the ethical image of the Duncan Donuts brand and its affiliates.
Accounting ethics is essential in financial decision making. It is clear that "Accountants have a number of ethical responsibilities, to themselves, their families, and their profession as well as to the clients and company for which they work," (Duska & Duska 2003:30). Thus, they must act in an ethical manner when making financial decisions to protect the greater good of the public, rather than empowering the greed of the elite. For ethics to truly work in an accounting context, it must bank on ethical theory stemming back to philosophical thought put into real practice by modern legislation. According to research, "An ethical theory, then, prescribes a principle that provides the overriding justifying...
After several corporate scandals exposed the painful fact that many business elites were practicing unethical accounting practices, the United States took action in order to progressively hinder poor ethical practices from harming the larger public. The Sarbanes-Oxley Act, passed in 2002, officially created an ethical set of standards for corporate businesses to follow. To protect the rights of the public investors, the Public Accounting Oversight Board was established to review and regulate the accounting practices of publicly held companies, (Sarbanes-Oxley.com 2002).
Central Valley Business Times. (2009). California tightens accounting standards.
Retrieved January 14, 2009 from http://www.centralvalleybusinesstimes.com/stories/001/?ID=14001
Duska, Ronald F. & Duska, Brenda Shay. (2003). Accounting Ethics. Wiley-Blackwell
Publishing.
Sarbanes-Oxley.com. (2002). Sarbanes-Oxley Act of 2002. Retrieved January 16,
2009 from http://www.sarbanes-oxley.com/section.php?level=1&pub_id=Sarbanes-Oxley.
Publishing.
Sarbanes-Oxley.com. (2002). Sarbanes-Oxley Act of 2002. Retrieved January 16,
2009 from http://www.sarbanes-oxley.com/section.php?level=1&pub_id=Sarbanes-Oxley.
The concepts in this article relate and apply to my former organization because the organization did strive to maintain the highest ethical standards, and did treat their clients professionally and ethically. It was a good model for a young accountant to follow, and I do not believe they could improve on the organization's ethics, unless they held their accountants to even higher standards of excellence. Ethics is primary in accounting
Accounting Ethics Ethics of Accounting There have been breaches in the ethics of accounting in recent times. With that in mind, evaluate whether or not the current trend in the regulation of business establishments is favorable to ethical behavior. Supply supportive evidence to your answers (Jeter, 2003). The generally accepted principles of accounting and the standards of auditing in contemporary practice stipulate that the financial statements of any establishment should contain the following
Ethics and Regulatory Issues Related party transactions reported on by Arthur Andersen & Co. Flaw in the accounting firm's logic Checklist for special projects performed by external auditors Checklist Proposed rules or laws to prevent similar occurrences Enron was one of the Wall Street's favorite blue chip stocks before an accounting scandal of the firm surfaced in 2000. The revelation that company has been misreporting its profits and losses during 1990s crashed the company's stock. The
Accounting in Australia: Accounting basically incorporates the recording of events as well as the organization and detailing results, which is the main medium in discharging accountability. Accounting has developed to become an important element of the business fabric and economic development of a country and its organizations and institutions. This element has developed as a profession and business practice that is closely linked with the considerable economic development in Australia for
Accounting and the Public Interest: The accounting profession is not only an integral aspect of the society but it also plays a critical role in the nation and the corporate sector. As a result, this profession is expected to serve or contribute towards the public interest. The ability of the accounting profession to contribute towards the public interest is determined in the context of its standard setting process and legislation. In
This may be done without the consent of the owner of the information thus also infringing on their right to privacy. Education has also been revolutionized greatly by technology. As a result of technological advancements it is now possible for teachers and students to communicate over thousands of miles. Instructors are also able to give assignments which students can submit despite the distance. In this way, technology has enabled global