Question

Discuss the importance of personal competence, professional judgment, and ethical behavior on the part of accounting professionals. List characteristics promoted by Christ (with scripture reference) that support ethical behavior in the accounting profession 200 words

Answer 1

• Competence (human resources) Competence is the set of demonstrable characteristics and skills that enable, and improve the efficiency of, performance of a job For example, the board competency might incorporate frameworks considering and enthusiastic insight, and abilities in impact and exchange.

• Professional judgement means the application of relevant training, knowledge and experience, within the context provided by auditing, accounting and ethical standards, in settling on educated choices about the approaches that are suitable in the conditions of the audit engagement.

• Objectivity and independence are important ethical values in the accounting profession. For example, individuals who handle general accounting functions and then audit this information are essentially reviewing their own work. This circumstance may enable a bookkeeper to conceal an organization's negative budgetary data.

• The seven Christian virtues are from two sets of virtues. The four cardinal virtues are Prudence, Justice, Restraint (or Temperance), and Courage (or Fortitude). The cardinal Excellencies are purported in light of the fact that they are viewed as the fundamental temperance’s required for an upright life. The three theological virtues are Faith, Hope, and Love (or Charity).
  • Prudence: also described as wisdom, the ability to judge between actions with regard to appropriate actions at a given time
  • Justice: also considered as fairness, the most extensive and most important virtue
  • Temperance: also known as restraint, the practice of self-control, abstention, and moderation tempering the apparition
  • Courage: also termed fortitude, forbearance, strength, endurance, and the ability to confront fear, uncertainty, and intimidation
  • Faith: belief in God, and in the truth of His revelation as well as obedience to Him.
  • Hope: expectation of and desire of receiving; refraining from despair and capability of not giving up. The belief that God will be eternally present in every human's life and never giving up on His love.
  • Charity: a supernatural virtue that helps us love God and our neighbors, the same way as we love ourselves.