Ethics of Financial Statements and Codes - 772 Words

The purpose of the financial code of ethics is to encourage honest and ethical behavior and compliance with the law, mostly it is related to the maintenance of the firms financial book and record also the preparation of its financial statement. The purpose of the code of ethic is to guide the firm in the right way, but not changing the business nature of conduct. As a finance professional of the firm, it must be promote and engage in ethical conduct, including also handling in the ethical of conflicts between personal and professional relationships in interest, and to report to secretary office any information of transaction or any material that might give rise to such a conflict. Financial professional need to carry out the responsibilities and honest, due care and carefulness, always do the best independent judgment. Besides that, it also assist in the making of accurate, fair, full, understandable and timely disclosure in document and report that the firm and its subsidiaries file. Against the financial code of ethics may also consider as violations of law, which may cause the firm and the owner to criminal or civil penalties. â€Å"The financial statements are management’s responsibility. The auditor’s responsibility is to express an opinion on the financial statements. Management is responsible for adopting sound accounting policies and for establishing and maintaining an internal control structure that will, among other things, record, process, summarize, and reportShow MoreRelatedA Study Of Gowthorpe And Amat960 Words   |  4 Pagesthe preparers of financial statements. To demonstrate the manipulative behavior of preparers of financial statement, the researchers used the accounting regulation in the USA and Spanish economy. The research demonstrated the weaknesses of U.S. standards in relation with a preparer lobby. Major corporations challenge regulators by insistent their interests. Consequently, the regulation attempts to mediate and compromising between the regulator and the preparer of financial statements (p. 61). UnfortunatelyRead MoreMy Code Of Ethics The Primary Principles Are Integrity, Respect, And Empathy1500 Words   |  6 PagesIn my code of ethics the primary principles are integrity, respect, and empathy. I have always lived my life based off of theses three principles. Sometimes it feels challenging to live by these principles, but I always remember what my parents have taught me and I get motivated to keep living off these principles. My parent’s happiness matters a lot to me and that helps me stay motivated. I would never do something that would upset my parents or make them ashamed of me. They have given me everythingRead MoreFinancial Reporting Between The International Financial Index Standards ( Ifrs ) And U.s. Standards890 Words   |  4 PagesMany studies demonstrate the differences in financial reporting between the International Financial Reporting Standards (IFRS) and U.S. Standards. Nagle, Wasieleski, and Rau (2012) in their research focused on the code of ethics and moral duties of the company top management. The researchers studied the financial scandals and the recent financial crisis to demonstrate the gap between the market processes and accounting standards. The IFRS and U.S. GAAP differ in a contrary nature of accounting standardsRead MoreCode Of Ethics : Code Ethics1334 Words   |  6 PagesRunning head: CODE OF ETHICS 1 CODE OF ETHICS 5 Code of Ethics Hieu Le Columbia Southern University Code of ethics is the most essential aspect of the society that organizations and individuals need to fulfill and apply this aspect in their workplaces and families in order to achieveRead MoreThe Role Of External Auditing On Promoting Good Corporate Governance Essay1646 Words   |  7 Pagespaid by the company, their role is not to represent or act in favor of the company, but to watch and investigate the company’s financials to protect the public from any material misstatements that can affect their decisions. As part of this role, the auditors assess the level of the company’s adherence to its own code of ethics. External Auditing Since reliable financial information is essential for investors and other stakeholders to take adequate decisions, this reliability must be backed by independentRead MoreThe Code Of Conduct And Values956 Words   |  4 PagesEthics is a code of conduct and values that are accepted by society as being right and proper, it is a matter of making choices. For an accountant ethics is complying with all the relevant rules and regulations set by the FASB in the form of generally accepted accounting principles. Generally accepted accounting principles, or GAAP for short, are the accounting rules used to prepare and standardize the reporting of financial statements, such as balance sheets, income statements and cash flow statementsRead MoreThe Ethical Framework Of Accounting897 Words   |  4 Pagesaccounting ethics. The accounting profession requires honesty, consistency with industry standards, and compliance with laws and regulations. The ethics increase the responsibility and integrit y of accounting professionals, and public trust. The ethical requirements influence the management behavior and decision-making. The financial scandal of Enron and Arthur Anderson demonstrates the failure of fundamental ethical framework, such as off-balance sheet transactions, misrepresentation of financial statementsRead MoreAn Analysis of the Invesco Corporate Ethics Statement and Corporate Social Responsibility Statement1149 Words   |  5 PagesAnalysis Of The Invesco Corporate Ethics Statement And Corporate Social Responsibility Statement Introduction Invesco (NYSE: IVZ) is one of the worlds leading global investment companies with a diversified portfolio of institutional, retail and high net-work clients that form the foundation of their business model. As of the close of their latest fiscal financial reporting period of March 31, 2013, Invesco has $729.3B in assets under management (AUM), earning an adjusted operating income ofRead MoreEthics Standards And The Field Of Accounting950 Words   |  4 PagesProfessional ethics are an absolute necessity in the field of accounting. Businesses rely on accountants to accurately report their financial information and give sound advise and consultation in regards to their business. There are standards and rules set in place to ensure that ethics and information is reported accurately. Laws and repercussions are created place to deter unethical and illegal accounting practices, although it still occurs in the business world on many levels. The field ofRead MoreWhy Ethics Are Important to Auditors1355 Words   |  6 PagesA qualified person, who inspects the accounting records and the practices of an organization, is the basic definition of a Company Auditor. In financial accounting, an audit is categorized by the self-governing evaluation of the justice by which a companys financial statements are presented and prepared by and to its supervisor. This task is largely performed by the trained, experienced, self-governed and intent persons, known as accountants or auditors. Auditors are on the whole very informed