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Accounting ethics is primarily a field of applied ethics and is part of business ethics and human ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics .
Joseph Edmund Sterrett outlined the debate and issues in setting up a Code of Professional Conduct in his address to the annual meeting of the American Association of Public Accountants in 1907 [2] The earliest "official" version of the code of professional conduct among American accountants was issued by the American Institute of Accountants on April 9, 1917.
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...
Under the AICPA's Code of Professional Ethics under Rule 203 – Accounting Principles, a member must depart from GAAP if following it would lead to a material misstatement on the financial statements, or otherwise be misleading. In the departure, the member must disclose, if practical, the reasons why compliance with the accounting principle ...
It supports four independent standard-setting boards, which establish international standards on ethics, auditing and assurance, accounting education, and public sector accounting. It also issues guidance to professional accountants in small and medium business accounting practices.
Ethical codes are adopted by organizations to assist members in understanding the difference between right and wrong and in applying that understanding to their decisions. An ethical code generally implies documents at three levels: codes of business ethics , codes of conduct for employees, and codes of professional practice.
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The effectiveness of ethics officers is not clear. The establishment of an ethics officer position is likely to be insufficient in driving ethical business practices without a corporate culture that values ethical behavior. These values and behaviors should be consistently and systemically supported by those at the top of the organization. [208]