Assignment Overview:
Prepare an essay in correct form, including all necessary footnotes and a bibliography on the following topic:
Ethical considerations are particularly important for all professional people including accountants. Why may accountants face particularly challenging ethical issues and how might such issues be resolved?
Introduction
Ethics is mainly needed for each and every set of people.Be it any sort of profession, ethics s needed for all the people and it needs to be followed in the best possible way. Financial people require more ethics and rules that needs to be followed.The main reason behind this is their dealing with monetary things. Since they are the main source from where the company would derive weather they are going in profits or losses, it is important that they understand the urge for it and they also make good efforts so that such kinds of ethical issues be kept in limits. As per Perks(1993), the best example would be that when an accountant makes ledger accounts or when he is preparing the profit and loss account, he should have full knowledge base of it and he should ensure that best practices are being followed for the making of it.
Professional people have to understand that it is their bread and butter for which they are working and thus, they should have the topmost considerations for it. They should make sure that all accounts are being properly managed and their is good practices that are being followed up in the industry. Accountants are also professionally made people and they have to get their bets efforts so that there is growth and prosperity in the company. They have a huge responsibility and they should ensure that they fulfill these responsibilities in the best possible way so that there is great amount of respect which comes in the minds of the management. Haber(2004) says that people should also have trust and faith on them and then only would their be growth for the company. Thus, these people have to give their bets efforts in the field and it would reap them more results in the coming days. They would understand that why they need to be professional and what all things are being neededso that they can become a good and successful person in the coming days.
Why Ethics is needed for Accountants and Challenges faced by them
Now the question raises as to why it is important for accountants to be ethical in nature. They are just the persons who are taking care of accounts of the company and it is the responsibility of other people to take care of it. Then, why should they be involved in the case. Mario(2002) says that the main reason is that they are the source from where the whole of the world sees the company. If they make any sort of wrong calculations or they make any sort of false commitments, then it would be very difficult for people to survive. They would mainly bring in more tensions and when it would be caught by some people, thenit would bring a lot of bad name for the company. Hence, it is very important that these people should have the utmost ethical responsibility and they should be courageous to face any sort of challenges that might come in their way. They should make sure that truth comes out in the open.
Now coming to the challenges that are being faced up by the Accountants. The first and the foremost challenge that they would be facing is the fear of getting ranked down by their supervisors. This kind of challenge would bring in more sort of problems for them as well as the company. They should have full confidence on themselves and they should make sure that there is no body which comes in the way of them. The second major challenge would be to bring up correct accounts of the company. Sometimes, it happens that if accountants or senor accountants in order to reduce the taxes and in order to reduce the dividends of the company try to break up the accounts in the company’s favor. This would be good for the company, but in long run it would serve bad for the people who have invested their hard earned money and the government would be losing on the taxes that they would be getting from them.
This sort of problem would mainly make the company go strong but the country would then fall weak. They have to ensure thus that effective and corrective practices are being followed up so that people as well as the country men are happy with the outcome.This would be wrong from the company’s point of view but ethically it would be right and this would be good for the people of the country. Hence, these kinds of practices and principles should not be entertained and this sort of limitations should be eradicated at the first instance itself before it become too late for the people.
Resolving challenges facedby Accountants
Resolving these challenges mainly involves a lot of hard work and dedication from the accountants. These people have to ensure that they maintain the top most level of secrecy and they also understand the ethos and ethics that are being associated with it. The challenges are nothing but the normal guidelines that they have to follow in the day to day process of their company. The most important way of resolving the challenges would mainly involve following the truth and making sure that whats o ever happens, they would stick to it and they would not get attracted by any sort f other things. They have to adhere to the rules and regulations and this would serve as their main weapon in the times of challenges.
Stephen (2008) says that the accountants thus have a greater responsibility as compared to the other professional people in their organization. They have to adhere to the maximum of the maximum sources and this would bring them more confidence and strength. Their would be great amount of confidence and strength when accountants practice the art of self-confidence and this would boost up their confidence in the best possible way. Thus the key to resolve all sort of challenges is to believe in themselves and not listening to any person. They have to utilize their brains in their own way and try to find out solutions which would be competitive and their would also not be any sort of legal issues which would be associated with it. It can be done only with a lot of practice and dedication to their work and their should be sincerity that should be shown in and off the work.
Conclusion
Accountants are the means through which the whole of the world sees where the company stands and what all achievements does a company do in short run and long run. A lot of discussions have happened as to whether accountants should be professional or not. We have to say one thing that they have to practice the maximum amount of professionalism and ethical behavior so that the company grows in the maximum way and there is no sort of ill behavior that one sees with them.
Kimmel (2003) says that one should thus trust the accountants and they should respect them so that the organization grows to great heights. It would mainly involve a lot of hardwork but nothing is impossible in this world. Accountants should mainly be sincere to their work and they should be a lot dedicated to it. This would bring them great rewards. Challenges are common to any person and accountants are not new to it. Hence, it is important that they take these challenges in the right way and constantly learn from these sort of challenges. They should never be afraid of any sort of challenges and constant efforts should be laid on making it a success story for themselves and the rest of the company.
References.
Perks, R.W.(1993): Accounting and Society.
Weygandt, Kieso, Kimmel (2003). Financial Accounting.
Haber, Jeffry (2004). Accounting Demystified.
Marsden,Stephen (2008). Australian Master Bookkeepers Guide.
Lee, Geoffrey A. (1977). “The Coming of Age of Double Entry.
Lauwers, Luc; Willekens, Marleen (1994).
Livio, Mario (2002). The Golden Ratio. New York.
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