Topic > Accounting Article Analysis - 372

Accounting Article Analysis One of the major problems facing the accounting profession today is the loss of respect accountants face in light of recent accounting scandals. To regain lost respect in the accounting profession, an accountant must have integrity and ethics that are above and beyond the norm. This fact is true whether the accountant works for a business entity or a government agency. In both situations the accountant is responsible for remaining consistent, not only in professional behavior, but also in personal behavior. In recent years, accountants have been criticized by the public for unethical decisions, a reputation for which, although only a few accountants were guilty, the entire profession was found guilty, in the court of public opinion. Now, the accounting profession needs to be much more diligent in governing itself and ensuring those who depend on its decisions are above reproach. This is especially true for accountants responsible for public funds, which may be audited by the public. It appears that the public has set stricter standards than corporate investors on what is the proper use of available funds. They will not tolerate waste or misappropriation of funds and will require complete accountability. Accountants must be ready, willing and able to answer any questions that may be asked and be able to demonstrate that the decisions made were correct and appropriate. This includes not only following the letter of the law, but avoiding any decisions that, while legal, would not be totally ethical and correct. An accountant is entrusted with confidential information which must remain confidential, unless it has led or may lead to illegal activity, in which case, of course, the information must be immediately reported to the relevant authority.