Ckekpoint_Week_1

Question 13: Is a professional accountant pursing profit or a fiduciary that is an act in public interest' Answer: An accountant should be creditable, which is an act of public interest of a person or business who is pursuing a profit. The morals and ethnic’s needed to work correctly with both the rules and regulation as far as the interest in public. The accountant shouldn’t make any false or incorrect information on any financial statements which occur in accounting for a higher profit from a company or person the accountant works for. In any case of fraud by an accountant should result in canceling of their license. Trust would be a goodwill for accountants and would collect money and work. Also a good accountants shouldn’t cut around corners, and they should be ethnical in any matter that they deal with, even if it upsets the people around them. Question 14: Why is it important for professional accountant to understand the ethnical discussed in this chapter' Answer: The Ethnics and behaviors in which are important in accounting, and in any job in that matter first. Accountants have privilege in tense information about their clients. This gives the accountant a good understanding of power with what is going on with their clients. It is important that the trust factor between the accountant and client must not be violated. This is important itself doesn’t characterized as unethical. The world of business is always changing as for international accounting, and as well as auditing standards. This in which becomes all the most significant to the codes of ethics. This could endanger the accountant or the firm in which they worked for. The poor practices of the ethics of accounting results in bad weight in accounting. Accountant and accounting firms count on word of mouth. If at all a case of bad stories with unethical behavior to spread likely to the client away from other accountants and accounting firms. To be a better at ethnical and behavior looking at the legal regulation with accounting practices Legal and ethnic are, or can be two different things, but the codes are a good way to guide the accountant to help understand which sets feelings to what is right.