Accounting Ethics

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  • Edition: 2nd
  • Format: Paperback
  • Copyright: 2011-04-18
  • Publisher: Wiley-Blackwell

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This second edition of Accounting Ethics uses concrete examples and case studies to examine the ethical responsibilities of individual accountants as well as accounting firms. Approaches the myriad ethical issues in the accounting environment from both a theoretical and practical perspective Offers a comprehensive overview of ethics in accounting, as well as an examination of and recommendations for solving the current crisis in this field Investigates the nature and purpose of accounting Uses up-to-date case studies and addresses current issues such as the Sarbanes-Oxley Act Examines the ethical responsibilities of individual accountants as well as accounting firms

Author Biography

Ronald Duska is The Charles Lamont Post Chair of Ethics and the Professions at the American College as well as the Director of the Center for Ethics in Financial Services. He is the author and editor of several books including, Contemporary Issues in Business Ethics, Ethics for the Financial Services Professional (with Julie Anne Ragatz, 2008), and Moral Development: From Piaget to Kohlberg. Brenda Shay Duska MT, CPA, is currently a manager at Del Pizzo Associates, specializing in taxation. She is a member of the Pennsylvania Institute of Certified Public Accountants and the Society for Financial Service Professionals. She serves on the boards of the non-profit, MusicWorks and the Greater Philadelphia Chapter of the Society for Financial Service Professionals. Julie Anne Ragatz is Assistant Professor of Ethics at The American Colleges and the Associate Director of The Center for Ethics in Financial Services. She is currently finishing her PhD in philosophy at Temple University where she concentrates on ethical theory and applied ethics.

Table of Contents

Acknowledgmentsp. x
Prefacep. xii
Introductionp. 1
The Nature of Accounting and the Chief Ethical Difficulty: True Disclosurep. 9
The Nature of Accountingp. 10
Ethics of Disclosurep. 14
The Financial Statementp. 17
Roles an Accountant can Fulfillp. 20
Development of Explicit Accounting Standards and Regulationsp. 22
The Sarbanes-Oxley Act (SOX)p. 27
Recent Scandals that Provoked More Regulationp. 29
Conclusionsp. 30
Ethical Behavior in Accounting: What Is Ethics?p. 31
What Is Ethics?p. 34
Ethics: The Intellectual Enterprisep. 35
Actionsp. 35
Social Practices, Institutions, and Systemsp. 36
Why Study Ethics?p. 36
Being Ethical: How to Determine What to Dop. 38
Questions to Ask to Justify an Action: The Basis of Ethical Theoryp. 42
Using the Reasonsp. 46
Ethical Dilemmasp. 47
Some Classic Moral Dilemmasp. 48
Ethical Behavior in Accounting: Ethical Theoryp. 51
Egoismp. 52
Utilitarianismp. 57
Kant and Deontologyp. 61
Deontological Ethicsp. 62
The First Formula of the Categorical Imperativep. 64
The Second Formula of the Categorical Imperativep. 65
Virtue Ethicsp. 66
Accounting as a Profession: Characteristics of a Professionp. 69
Accounting Codes of Conductp. 77
AICPA Professional Code of Conductp. 79
Code Principlesp. 80
Criticisms of the Code of Conductp. 92
The Rules of the Code of Conductp. 93
Section 100 - Independence, Integrity, and Objectivityp. 94
Section 200 - General Standards Accounting Principlesp. 99
Section 300 - Responsibilities to Clientsp. 102
Section 400 - Responsibilities to Colleaguesp. 103
Section 500 - Other Responsibilities and Practicesp. 103
The Auditing Functionp. 109
The Ethics of Public Accountingp. 113
Trustp. 115
The Auditor's Responsibility to the Publicp. 116
The Auditor's Basic Responsibilitiesp. 118
Independencep. 122
Independence Riskp. 127
Professional Skepticisrnp. 131
Reasonable Assurancep. 133
The Ethics of Managerial Accountingp. 135
Reasons Used to Justify Unethical Behaviorsp. 140
Blowing the Whistlep. 144
The Ethics of Tax Accountingp. 151
Ethics Applied to the Accounting Firmp. 167
Accounting as a Businessp. 169
The Social Responsibility of Businessp. 170
Good Ethics is Good Businessp. 175
Ethical Responsibilities of Accounting Firmsp. 177
The Accounting Profession in Crisisp. 177
Afterword: Current Debates on Accounting Issuesp. 185
Fair Value and Principles vs. Rulesp. 185
Fair Value Accountingp. 189
Arguments for and Against the Fair Value Approachp. 193
Summaryp. 198
Principles vs. Rulesp. 199
Introductionp. 199
Isn't GAAP Already Principles Based?p. 200
An Example: The Continental Vending Casep. 204
Recent Developments of ˘Present Fairly÷p. 206
A Better Questionp. 207
Argument for a Rules Based Approachp. 208
What Would a Principles Based Approach Look Like? The True and Fair Overridep. 211
Argument for a Principles Based Approachp. 212
Conclusionp. 215
Summary of Sarbanes-Oxley Act of 2002p. 217
The IMA Code of Conduct for Management Accountantsp. 230
Indexp. 233
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