Accounting Ethics and Integrity Standards
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11 April 2017
As with other professional disciplines, understanding and upholding ethics is very important in the accounting field. Small-business investors and leaders consistently rely on the ethical collection and delivery of financial information, and are sometimes placed at risk if accounting ethics are not preserved. For a small-business owner, investor or manager, learning the basics of accounting ethics and their function is a good way to avoid legal and financial trouble.
Need for Accounting Ethics and Integrity
Businesses rely heavily on accounting ethics, whether they're aware of it or not. Unless investors, creditors and managers can be reasonably confident that the financial recordkeeping practices of their accounting professionals are honest, straightforward and consistent with industry standards, it is unlikely they can trust their records' accuracy.
Codes of Ethics
The professional accounting organizations establish codes of ethics and integrity standards that their members must adhere to in their practice. The accounting boards in each state also lay out ethical standards for membership, and state law usually requires accountants to certify with the state board in order to legally practice.
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