Professional Ethics In The Accounting Profession example essay topic
381 words
Introduction Professions are an integral part of society. Their contributions have been regarded as indispensable. For generations, people have aspired to be professional, whether in the field of medicine, law, engineering, architecture or accounting, to name but a few. The logic of this aspiration is the higher social status, the respect of the general public and the greater wealth which membership of a profession carries with it. In short, the professions are generally recognised as the "elites" of society. However, rapid social changes have eroded this image. With increased literacy and higher levels of education, not only are the number of 'professions' on the increase, but the public are becoming sceptical of 'them'. One of the prime factors why professions are under close scrutiny is the decline of professional ethics, which have always been considered the basis of public confidence. The subject of ethic is not new, but the attention given to it by thy legislators and especially the media has raised the awareness of the public about ethical transgressions, particularly among the respected professions. It is indeed a serious matters in terms of professional survival. If society perceives no public benefit in the service performed by the professions, then it will withdraw its trust and confidence in them and, in the end, there will be no profession. To keep abreast with the pace of social change, the professions must carry out continual evaluation aiming to serve the ever changing environment.
Professional ethics -the guiding force of the professions-will have to be adjusted to provide more relevance to the existing circumstances. The accounting profession is a critical and indispensable element in any economy that depends on private capital. The intention of this essay is to explore the issues pertaining to professional ethics in the accounting profession. First, a definition of profession will be sought; basic attributes of the professions will be identified; and a differentiation made about what makes an occupation grouping a profession.
Second, the subject of ethics will be pursued by examining the development of professional ethics and the need for them in the accounting profession. Recent developments in the Anglo-American accounting science will also be traced. What is a profession?
