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

ANSWER:

• One function of professional ethics for every professional whether lawyer or accountants is to assure clients that professional services will be rendered in accordance with reasonably high standards and acceptable moral conduct.
• Integrity is an important fundamental element of the accounting profession.Integrity requires accountants to be honest, candid and forthright with a client's financial information.
• Objectivity and independence are important ethical values in the accounting profession. Accountants must remain free from conflicts of interest and other questionable business relationships when conducting accounting services.
• Legal ethics are important in helping the lawyer to navigate the delicate balance of these interests and work to promote the greatest good. Ethics also serve to safeguard the interests of the client being represented and ensure they receive service without discrimination.
• Thus, we can say that for a accountant ethics is necessary to maintain relation with client and keep his information confidential whereas for a lawyer ethics is necessary that he performs his duty honestly and give proper justice to his client.
• Public accounting firms or private companies often develop a code of ethics or conduct for accountants. This makes it more necessary for accountants to follow ethics in profession as compared to lawyers.