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Essay / Analysis of Accounting Articles - 372
Analysis of Accounting ArticlesOne of the major problems facing the accounting profession today is the loss of respect that accountants face in light of recent accounting scandals. In order to regain lost respect in the accounting profession, an accountant must demonstrate integrity and ethics that go beyond the norm. This fact is true whether the accountant works for a business entity or for a government entity. In both cases, the accountant has the responsibility to remain firm, not only in his professional behavior, but also in his personal behavior. In recent years, accountants have been criticized by the general public for their unethical decisions, a reputation of which only a few individual accountants were guilty, but of which the entire profession was found guilty by the court of public opinion. Today, the accounting profession must be much more diligent in governing itself and assuring those who depend on its decisions that it is above reproach. This is especially true for accountants responsible for public funds, who may be subject to public scrutiny. The public appears to have set higher standards than commercial investors for the proper use of available funds. They will not tolerate waste or misappropriation of funds and will demand full accountability. Accountants must be ready, willing and able to answer any questions that may be asked, and be able to prove that the decisions that were made were correct and appropriate. This involves not only following the letter of the law, but also avoiding any decision that, although legal, is not completely ethical and honest. An accountant is entrusted with confidential information which must remain confidential, unless it has led or could possibly lead to illegal activity, in which case, of course, such information must be immediately reported to the appropriate authority..