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Member You - Are Ethics Important For Professional Accountants?
Most mystery shopping companies will ask you to complete an online application to be considered for assignments. Although each company's procedures are a little different, there are some basics that are true in almost every case.First of all, do not pay to apply. Legitimate mystery shopping companies do not charge an application fee.The primary reason mystery shopping companies reject applicants is that they did not fully complete the application, so answer every question. If you are asked for a writing sample, provide it. Companies told me that as many as 20% to 25% of applicants don't make it through the first screening because they did not provide all of the information required.When you apply for a typical job, there are legal restrictions regarding the types of questions employers can ask prior to hiring you. Because we are all used to those limitations, some of the questions asked on a mystery shopping application may seem odd or inappropriate. You may be asked your age, race, marital status, number of children and their ages, if you own a car, if you have pets, whether you wear glasses, etc. Some companies may make these questions optional, while others will require that you answer to be considered for shops.The good news is that questions such as these are n
As mentioned earlier, professional accountants can be of two types. One who work in firms or independently run those firms that provide accounting, auditing and other advisory services to clients; these are called public practitioners. Others are those who are employees of organizations and may serve as internal auditors, management accountants, financial managers and financial analysts. Regardless of the role of accountants they are adhered to code of ethics which are applied to their professional conduct although there are some special provisions for those in public practice [Reference: Code of Ethics for Professional Accountants-International Federation of Accountants (IFAC)].
International Federation of Accountants-IFAC:
The International Federation of Accountants (IFAC) is a federation of all accountancy bodies throughout the world. All the major in
*Diversity refers to the broad mix of people currently or soon to be a part of your organization. It exists whenever you encounter anyone who has a view of the world, or "paradigm", different from your own. **Managing diversity is a deliberate effort to create a work environment that allows these differences to contribute equally to the common goals of the organization.Managing diversity emerged as a key strategic issue in the1990's. Unfortunately, for some, it has also emerged as the latest new management fad. As such, there has been a lot a talk recently about the value of diversity training. After all, several companies took a pioneering approach to diversity and were among the first to "do something" to address the issue. Typically, the “something” they tended to latch onto was diversity awareness training. In fact, these companies are now in their second or third year of awareness training on diversity.Diversity training is certainly a necessary part of any diversity initiative, but it is not the only part. How often have you attended a really outstanding training session and have been really turned on by the experience, only to return to the workplace and face the same mess you left. What usually happens is the glow of the training experie
Profession
A profession is an occupation that requires extensive training and the study and mastery of specialized knowledge, and usually has a professional association, ethical code and process of certification or licensing; for example engineering, medicine, social work, teaching, law, finance, the military, nursing and Accountancy etc. Classically there were only three professions: military, medicine and law. Each of these professions holds to a specific code of ethics and members are almost universally required to swear some form of oath to uphold those ethics, therefore ‘professing’ to a higher standard of accountability. Each of these professions also provides and requires extensive training in the meaning, value and importance of its particular oath in practice of that profession.
Accountant
Practitioner of Accountancy is known as Accountant. Accountant, Qualified Accountant, Professional Accountant or Accountancy Practitioner is a legally certified accountancy and financial expert. Accountants not only work in public practice but many of them are working within private corporations, in financial industry and in various government bodies. Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities, lenders and other stakeholders and decision makers to make resource allocation and policy making decisions.
Like many other professions there are many professional bodies for accountants throughout the world. Some of them are legally recognized in their jurisdictions such as British qualified accountants including Chartered Certified Accountant (ACCA or FCCA), Chartered Accountant (CA, ACA or FCA), Canadian qualified accountants such as Chartered Accountant and Certified General Accountants (CA or CGA) and American qualified Accountants such as Certified Public Accountants (CPA) etc. Some other statutory and non-statutory accountancy qualifications are Certified Management Accountant (CMA), Associated Cost and Management Accountant (ACMA), Certified Financial Analyst (CFA) and Certified Fraud Examiner (CFE) etc.
In Pakistan, the Institute of Chartered Accountants of Pakistan is the sole professional and accountancy body with the right to award the Chartered Accountant designation. ICAP is the member of IFAC (International Federation of Accountants, IASB (International Accounting Standards Board), Confederation of Asian & Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). The members of ICAP have reached to 4,089 as of March 1, 2007 data.
Role of Professional Accountants:
Accountants are independent business advisors. Accountants can offer an extensive range of services. Accountants can be registered auditors, can set up client’s accounting systems, can be an advisor on tax planning, or a detector of frauds and embezzlements, can do budgeting and financial statement analysis, advise clients on financing decisions, provide specialist knowledge and can help maintaining an ethical environment.
After discussing the basic concepts and role of professional accountants we are in a better position to ponder on what professional ethics is and why it is important in the field of accountancy.
Definition of Ethics
The word ‘Ethics’ is derived from the Ancient Greek word ethikos, the adjective of ethos, means customs and habits. A major branch of philosophy which is the study of values and customs of a person or group and covers the analysis and employment of concepts such as right and wrong, good and evil and do’s and don’ts.
Code of Ethics:
In the context of a code adopted by a profession or by a governmental organization to regulate that profession, an ethical code may be styled as a code of professional responsibility, which may dispense with difficult issues of what behaviour is ‘ethical’. A code of ethics is often a formal statement of the organization’s values on certain ethical and social issues relating to the profession and practice of the professional knowledge. This also includes the principles and procedures for specific ethical situations.
Ethics in Professional Accountancy:
The general ethical standards of society apply to people in professions such as medicine, law, nursing and accountancy etc just as much as to anyone else. However society places even higher expectations on professionals. People need to have confidence in the quality of the complex services provided by professionals
Ethics in accountancy profession is of utmost importance to accounting professionals and to those who rely on their services. Stakeholders including clients, credit grantors, governments, taxation authorities, employees, investors, the business and financial community etc perceive them as highly competent, reliable, objective and neutral people. Professional accountants therefore, must not only be well qualified but also possess a high degree of professional integrity. Because of these high expectations, professionals have adopted codes of ethics; also known as codes of professional conduct. These ethical codes call for their members to maintain a level of self-discipline that goes beyond the requirements of laws and regulations. Each of the major professional association for accountants has a code of ethics.
As mentioned earlier, professional accountants can be of two types. One who work in firms or independently run those firms that provide accounting, auditing and other advisory services to clients; these are called public practitioners. Others are those who are employees of organizations and may serve as internal auditors, management accountants, financial managers and financial analysts. Regardless of the role of accountants they are adhered to code of ethics which are applied to their professional conduct although there are some special provisions for those in public practice [Reference: Code of Ethics for Professional Accountants-International Federation of Accountants (IFAC)].
International Federation of Accountants-IFAC:
The International Federation of Accountants (IFAC) is a federation of all accountancy bodies throughout the world. All the major int
Job hunters can be very passive: posting resumes on job boards instead of frequently searching them; letting inept recruiters contact them instead of finding recruiters who make things happen; being too optimistic about a job prospect, saying "I might as well check it out - why not?" and then saying "I knew that. Why did I bother?"; wondering why so much time passes with so few results.Almost every candidate could be twice as pro-active as they currently are. Instead of waiting for openings to find you, you need to be looking for openings.Finding your perfect job is about choice: the choice to apply - or not, the choice to accept an interview - or not, the choice to return for a second when you're invited to do so - or not. It's not as much about accepting an offer or not, because by the time you get to that stage - if you've been doing your homework - you should know if you want to be that far along in the game. If you don't, you should have cut out earlier.Finding your perfect job is not about putting more eggs in your basket as your search goes on, it's about taking them out of your basket.It’s why I speak so often on the importance of knowing who you are and what you want. You must know what motivates you, what factors you’re firm on and on which ones you’ll c
Like many other professions there are many professional bodies for accountants throughout the world. Some of them are legally recognized in their jurisdictions such as British qualified accountants including Chartered Certified Accountant (ACCA or FCCA), Chartered Accountant (CA, ACA or FCA), Canadian qualified accountants such as Chartered Accountant and Certified General Accountants (CA or CGA) and American qualified Accountants such as Certified Public Accountants (CPA) etc. Some other statutory and non-statutory accountancy qualifications are Certified Management Accountant (CMA), Associated Cost and Management Accountant (ACMA), Certified Financial Analyst (CFA) and Certified Fraud Examiner (CFE) etc.
In Pakistan, the Institute of Chartered Accountants of Pakistan is the sole professional and accountancy body with the right to award the Chartered Accountant designation. ICAP is the member of IFAC (International Federation of Accountants, IASB (International Accounting Standards Board), Confederation of Asian & Pacific Accountants (CAPA) and South Asian Federation of Accountants (SAFA). The members of ICAP have reached to 4,089 as of March 1, 2007 data.
Role of Professional Accountants:
Accountants are independent business advisors. Accountants can offer an extensive range of services. Accountants can be registered auditors, can set up client’s accounting systems, can be an advisor on tax planning, or a detector of frauds and embezzlements, can do budgeting and financial statement analysis, advise clients on financing decisions, provide specialist knowledge and can help maintaining an ethical environment.
After discussing the basic concepts and role of professional accountants we are in a better position to ponder on what professional ethics is and why it is important in the field of accountancy.
Definition of Ethics
The word ‘Ethics’ is derived from the Ancient Greek word ethikos, the adjective of ethos, means customs and habits. A major branch of philosophy which is the study of values and customs of a person or group and covers the analysis and employment of concepts such as right and wrong, good and evil and do’s and don’ts.
Code of Ethics:
In the context of a code adopted by a profession or by a governmental organization to regulate that profession, an ethical code may be styled as a code of professional responsibility, which may dispense with difficult issues of what behaviour is ‘ethical’. A code of ethics is often a formal statement of the organization’s values on certain ethical and social issues relating to the profession and practice of the professional knowledge. This also includes the principles and procedures for specific ethical situations.
Ethics in Professional Accountancy:
The general ethical standards of society apply to people in professions such as medicine, law, nursing and accountancy etc just as much as to anyone else. However society places even higher expectations on professionals. People need to have confidence in the quality of the complex services provided by professionals
Ethics in accountancy profession is of utmost importance to accounting professionals and to those who rely on their services. Stakeholders including clients, credit grantors, governments, taxation authorities, employees, investors, the business and financial community etc perceive them as highly competent, reliable, objective and neutral people. Professional accountants therefore, must not only be well qualified but also possess a high degree of professional integrity. Because of these high expectations, professionals have adopted codes of ethics; also known as codes of professional conduct. These ethical codes call for their members to maintain a level of self-discipline that goes beyond the requirements of laws and regulations. Each of the major professional association for accountants has a code of ethics.
As mentioned earlier, professional accountants can be of two types. One who work in firms or independently run those firms that provide accounting, auditing and other advisory services to clients; these are called public practitioners. Others are those who are employees of organizations and may serve as internal auditors, management accountants, financial managers and financial analysts. Regardless of the role of accountants they are adhered to code of ethics which are applied to their professional conduct although there are some special provisions for those in public practice [Reference: Code of Ethics for Professional Accountants-International Federation of Accountants (IFAC)].
International Federation of Accountants-IFAC:
The International Federation of Accountants (IFAC) is a federation of all accountancy bodies throughout the world. All the major in
How do you establish an effective brand? Branding--creating a distinctive corporate identity for your business--is critical to your success as an entrepreneur. You can, and must, use the process of setting up and managing your business entities to establish your own distinctive brand.The world's greatest companies have mastered this art of branding. You don't need even need to to see the name of the company to recognize the Mercedes or MacDonald's logo, so effectively have these companies imprinted their identity into the minds of the consumer.But branding is not just about a logo. It's also about making sure that you have a consistent identity, one that is reflected in your website, your stationery--all communications with the public. Individual entrepreneurs often use a haircut, accessories, even style of dress-as the "Man in Black" Johnny Cash did--to imprint their identity into the minds of the public. Even a small business owner doing business on eBay will profit from having a consistent, memorable image as an established, reliable firm associated with expertise in its niche.You can use the process of structuring your business (see our newsletter) to start building a strong brand. Whether you are establishing an LLC or a corporation or other entity, you will want to
Role of Professional Accountants:
Accountants are independent business advisors. Accountants can offer an extensive range of services. Accountants can be registered auditors, can set up client’s accounting systems, can be an advisor on tax planning, or a detector of frauds and embezzlements, can do budgeting and financial statement analysis, advise clients on financing decisions, provide specialist knowledge and can help maintaining an ethical environment.
After discussing the basic concepts and role of professional accountants we are in a better position to ponder on what professional ethics is and why it is important in the field of accountancy.
Definition of Ethics
The word ‘Ethics’ is derived from the Ancient Greek word ethikos, the adjective of ethos, means customs and habits. A major branch of philosophy which is the study of values and customs of a person or group and covers the analysis and employment of concepts such as right and wrong, good and evil and do’s and don’ts.
Code of Ethics:
In the context of a code adopted by a profession or by a governmental organization to regulate that profession, an ethical code may be styled as a code of professional responsibility, which may dispense with difficult issues of what behaviour is ‘ethical’. A code of ethics is often a formal statement of the organization’s values on certain ethical and social issues relating to the profession and practice of the professional knowledge. This also includes the principles and procedures for specific ethical situations.
Ethics in Professional Accountancy:
The general ethical standards of society apply to people in professions such as medicine, law, nursing and accountancy etc just as much as to anyone else. However society places even higher expectations on professionals. People need to have confidence in the quality of the complex services provided by professionals
Ethics in accountancy profession is of utmost importance to accounting professionals and to those who rely on their services. Stakeholders including clients, credit grantors, governments, taxation authorities, employees, investors, the business and financial community etc perceive them as highly competent, reliable, objective and neutral people. Professional accountants therefore, must not only be well qualified but also possess a high degree of professional integrity. Because of these high expectations, professionals have adopted codes of ethics; also known as codes of professional conduct. These ethical codes call for their members to maintain a level of self-discipline that goes beyond the requirements of laws and regulations. Each of the major professional association for accountants has a code of ethics.
As mentioned earlier, professional accountants can be of two types. One who work in firms or independently run those firms that provide accounting, auditing and other advisory services to clients; these are called public practitioners. Others are those who are employees of organizations and may serve as internal auditors, management accountants, financial managers and financial analysts. Regardless of the role of accountants they are adhered to code of ethics which are applied to their professional conduct although there are some special provisions for those in public practice [Reference: Code of Ethics for Professional Accountants-International Federation of Accountants (IFAC)].
International Federation of Accountants-IFAC:
The International Federation of Accountants (IFAC) is a federation of all accountancy bodies throughout the world. All the major in
Aren't you ever surprised where all the dress rules have gone?When you are out on any specific business visits anywhere around, the bye-gone day's fashions would come to your mind. The sense of personality is quite related to the professional success hence the people should be able to decide what to wear for the particular working place.The minds of people could be easily guessed through their dressing senses as it has been reportedly told by the Queen of England to Prince Charles. Generally people watch us by the way we dress which many people may be hesitant to accept, she told that people see one but can't see the other. Outer looks creates impressions in all situations whether business or social occasions.If possible visit any crowded restaurant at lunchtime. Try marking out what people sitting around have worn and just see you can judge who are they, what would be their business, their status and their competence. Think of your feelings when you have dressed up in business apparels and sitting across the casually dressed person.Selection of your professional dress up may define your business and status. It's necessary to realize professional dressing styles if you are willing to promote you and your business set ups to new heights. Your dressing depends on four
Code of Ethics:
In the context of a code adopted by a profession or by a governmental organization to regulate that profession, an ethical code may be styled as a code of professional responsibility, which may dispense with difficult issues of what behaviour is ‘ethical’. A code of ethics is often a formal statement of the organization’s values on certain ethical and social issues relating to the profession and practice of the professional knowledge. This also includes the principles and procedures for specific ethical situations.
Ethics in Professional Accountancy:
The general ethical standards of society apply to people in professions such as medicine, law, nursing and accountancy etc just as much as to anyone else. However society places even higher expectations on professionals. People need to have confidence in the quality of the complex services provided by professionals
Ethics in accountancy profession is of utmost importance to accounting professionals and to those who rely on their services. Stakeholders including clients, credit grantors, governments, taxation authorities, employees, investors, the business and financial community etc perceive them as highly competent, reliable, objective and neutral people. Professional accountants therefore, must not only be well qualified but also possess a high degree of professional integrity. Because of these high expectations, professionals have adopted codes of ethics; also known as codes of professional conduct. These ethical codes call for their members to maintain a level of self-discipline that goes beyond the requirements of laws and regulations. Each of the major professional association for accountants has a code of ethics.
As mentioned earlier, professional accountants can be of two types. One who work in firms or independently run those firms that provide accounting, auditing and other advisory services to clients; these are called public practitioners. Others are those who are employees of organizations and may serve as internal auditors, management accountants, financial managers and financial analysts. Regardless of the role of accountants they are adhered to code of ethics which are applied to their professional conduct although there are some special provisions for those in public practice [Reference: Code of Ethics for Professional Accountants-International Federation of Accountants (IFAC)].
International Federation of Accountants-IFAC:
The International Federation of Accountants (IFAC) is a federation of all accountancy bodies throughout the world. All the major in
Style, durable, fun and affordable is all about Indoor and Outdoor area rugs of today that are in trend. They have been rebel for outdoor decor and they are ideal for your home’s “inner-self” as well! Today our choices are just not limited to gritty, weather beaten mats and tired old Astroturf squares for our patio or poolside area. Now options are available for dressing up your outdoor areas with panache or go for even more casual feel.You can try a western theme for your barbecue, may be think about a patriotic feel for the fourth of July. Indoor and Outdoor area rugs come in a very huge variety of designs and they could be altered in a matte of moment. Whatever area rug design you choose, area rugs a versatile and add a nice touch for your outdoor living area.Today’s indoor and outdoor area rugs are a get through concept. Imagine a area rug that’s functional, attractive, available in many sizes and could hold out the outdoor things, kids, pets and other indoor activities. Indoor and Outdoor area rugs could do just that and could be done in style. The variety that’s accessible would have you outfitting your complete house with these go anywhere floor coverings!Area rugs for Indoor and outdoors are strong and versatile. These rugs are made to last for ever. They could tak
As mentioned earlier, professional accountants can be of two types. One who work in firms or independently run those firms that provide accounting, auditing and other advisory services to clients; these are called public practitioners. Others are those who are employees of organizations and may serve as internal auditors, management accountants, financial managers and financial analysts. Regardless of the role of accountants they are adhered to code of ethics which are applied to their professional conduct although there are some special provisions for those in public practice [Reference: Code of Ethics for Professional Accountants-International Federation of Accountants (IFAC)].
International Federation of Accountants-IFAC:
The International Federation of Accountants (IFAC) is a federation of all accountancy bodies throughout the world. All the major international and national associations like ACCA, AICPA, ICMA, ICAP, IASB etc are all its member organizations. The mission of IFAC, as set out in its constitution, is “the worldwide development and enhancement of an accountancy profession with harmonized standards, able to provide services of consistently high quality in the public interest” [Ref: Code of Ethics for Professional Accountants-IFAC]. In pursuing this mission, the IFAC Board has established the IFAC Ethics Committee to develop and issue, under its own authority, high quality ethical standards and other pronouncements for professional accountants for use around the world. The Code of Ethics establishes ethical requirements for professional accountants. A member body or firm may not apply less stringent standards than those stated in this Code.
The objective of setting this code of conduct is to harmonize these standards and practices on a global perspective. Public can only trust these highly professionals when it is made mandatory to observe and follow strict regulations and codes throughout the world. A professional accountant is required to comply with the following fundamental principles mentioned in this Code of Ethics:[Ref: Section 100.4 Code of Ethics for Professional Accountants]
· Integrity: A professional accountant should be honest and straightforward in all professional and business relationship.
· Objectivity: A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgments.
· Professional Competence & Due Care: A professional accountant has a continuing duty to maintain professional knowledge and skills at the level required to ensure that a client or employer receives competent professional service. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services.
· Confidentiality: A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose nay such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. This information should not be used for personal advantage by professional accountant.
· Professional Behaviour: A professional accountant should comply with relevant laws and regulations and should avoid any action that discredits the profession.
Code of Ethics defined in ‘Members Handbook’ for members of ICAP Pakistan is in conformity with:
· IFAC Code of Ethics and International Auditing Standards
· International Accounting Standards
· The Institute of Chartered Accountants of Pakistan – ICAP
· Relevant legislation
[Ref: Members Handbook-ICAP]
This Code of Ethics has discussed in detail the role of Chartered Accountants in given situations. For example there are clear directives on prohibition of acceptance of gifts, long association with clients, advertising of firm’s name exceeding prescribed limits, holding client’s monies for no sound reason, disclosure of client’s records (except ones that are allowed), acceptance of fees offered by client which is less than that prevailing in market etc.
After discussing in detail the importance of ethics in accounting profession, we are to conclude the topic with this final note that accountancy as a profession is acceptable and relied upon only when ability to exercise professional judgment based on a foundation of ethics; broad but deep technical excellence and strategic awareness are exercised by a professional accountant. Only then general public can trust the integrity of this profession.
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