Question

please make a memo report about accounting profession that includes credentials needed to attain professional status, examine the laws or governing bodies associated with the profession and identify a case in which someone transgressed the norms of the profession and caused a problem within their company. discuss what important aspects of the profession were impacted by this case.

Answer 1

The AICPA issued guidance to help CPAs solve ethical dilemmas not explicitly addressed in the code. Even though this guidance is for CPAs, it makes sense for anyone facing an ethical dilemma:

Recognize and consider all relevant facts and circumstances, including applicable rules, laws or regulations,

Consider the ethical issues involved,

Consider established internal procedures, and then

Formulate alternative courses of action.

After weighing the consequences of each course of action, you select the best course of action based on your own judgment.

It is important to note that these codes of ethics only apply to members of their respective organizations. Thus, despite efforts by professional organizations like the AICPA and legislation by the U.S. Federal Government, there is still a subset of the accounting profession that places profit before ethics.