What is the application of the moral theory for the accounting profession?

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Accounting

What is the application of the moral theory for the accountingprofession?

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Accounting concerns itself with truth in the form of faithful numerical descriptions of business activities The ethical principles that drive the profession speak to the importance of providing accurate and unbiased information This allows business owners to glean the information they need and auditing agencies can make useful assessments Respecting professional legal and ethical standards of accounting behavior in making various decisions implies that professional accountants have characteristics that allow for the existence of ethical capacity In doing so ethical capacity reflects the ability of ethical judgment and decisionmaking Ethics in accounting is a matter of both guidelines and principles Specific standards are set by governing bodies and trade organizations who craft the rules of accounting but personal values and professional ethics must guide accountants This extra layer of ethical judgment helps in making decisions in the face of ambiguities and gray areas Ethics in Audits Auditing is one of the most important tasks that accountants perform It involves verifying information to assess the truth and accuracy of accounting information whether for internal purposes or external evaluations for tax and lending institutions To act ethically during an audit an accountant See Answer

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