Question

Why is ethics largely perceived by accountants as more essential in their profession, when compared to how lawyers typically perceive the importance of ethics in their profession?

Answer 1

Performing the work ethically would ensure that a person goes a long way in his career. Unethical activities may be rewarding, but are short lived. Consider various examples of companies such as Enron, WoldCom,Tyco etc. There are various checks kept on an accountant's work through audits and reporting standards. At the academic level, Ethics is considered a very important topic for discussion in accountancy courses. Such a person is made aware of the importance of ethics at the beginner level itself.

A lawyer, being a professional, is also bound to perform his work ethically. However, it can be said that a lawyer owes his duty to his client only. Thus, there is a common saying that "People trust their own lawyer, however their general perception of lawyers is quite poor." Whereas the work of an accountant is perceived by all the stakeholders which includes shareholders of the company, its clients, government, social groups, financial institutions etc. Hence, being held accountable is an important factor for a person being ethical.