From the course: Accounting Ethics
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Professional accountability
From the course: Accounting Ethics
Professional accountability
- Every accountant knows that accountability is the foundation for ethical financial reports. Stakeholders, and the general public for that matter, want to know, someone will be held to account if something bad happens. Professional accountability is what enforces the ethical values, especially when managing and reporting financial results. Without accountability, accountants wouldn't face consequences for a lapse and professional judgment. In recent years, corporate accountability rules have improved significantly. For example, because of the largest Wall Street financial Ponzi scheme, whistleblower laws are now even stronger. Here are notable activities to ensure accountability. First is about an increasing focus on corporate governance. Governance refers to the organizational structures, systems, and practices a board of directors puts into place. Strong governance leads to properly assigning decision-making…
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