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The Role of Ethics in Accounting and Finance

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At the start of the 21st century, many big scandals came into the news which shows the major weakness of the industries and companies. It pulls down the issue and media helped a lot in solving this issue and as a result, the ethical environment was developed to prevent such cases in the future. In those scandals, companies and their accountants have broken down the integrity of the society and nation (Cheffers & Pakaluk, 2007). High profile corporate collapses and fraud, with which accountants have been associated as auditors, executives, and directors, have prompted searching questions to be asked as to the integrity of the professional accountants involved.

These scandals shows big failure of the system and all the financial scandals exposed in the early years of the 21st century have been labeled, have brought into sharp focus and over a more concentrated timescale, issues of long-standing debate including: audit and accounting regulation; auditor independence; earnings management; and audit and audit firm quality controls. This is not an issue that can’ t get fixed, it is completely improbable and the internal auditing of the company can also be managed with the honest and delegated management team and by professionals within the field.

This will help companies to robust criticism from the outside can do damage to the real powers and virtues of economic quantification (Phiddian, 1996).   The chosen method of quantitative research for conducting research on Ethics in Accounting is a survey of companies and personal visits to four American companies to gain views about ethical standards followed in the companies. Even though it is common to find unethical behavior in accounting professions, ethics in accounting is vital because it is important to ensure a correct and clear financial image of a business, to instill confidence and trust with stakeholders and the public and to prevent fraud, embezzlement or financial scandals.

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