Question

Importance of ethics in Accounting. Please give ans in bullet points.

Answer 1

Importance of ethics in Accounting are as follow

1) Professional Behaviour : Accountants have a responsibility to perform their duties in accordance with the Accounting standards . This includes Regulatory requirement , restrictions and guidelines set by commercial organizations that protect the integrity of whole set of organisations .

2) Confidentiality : The accountant handles the sensitive data of and organation . Accountan handle data of multiple client , hence it is the responsibility of an accountant to not disclose the data of there client without prior permission or else required by law .

3)Integrity : The accountant should be straightforward and honest and should not be indulge himself into misleading and mistateted reporting and accounting.It is their responsibility to make fair and accurate reports about the accuracy of the data they provide and its completeness

4) Independence and objectivity : In order to provide fair and accurate information, accountants should be independent that his judgement should not be biased. He must not have any conflict of interest to work under undue influence of other

5) Prefessional Competence and due care : Accontant should be professionaly competence and due care to maintain competence and skill to act in accordance with technical and professional standards.