Accountants' duty to the public for audit negligence: self-regulation and legal liability

Article Abstract:

Accountants have the ethical duty, toward the public and shareholders, to give correct audit reports and avoid audit negligence. The highly technical nature of the audit decisions and the individual auditor's judgment makes it difficult to achieve the ethical ideal. However, auditors have legal liability toward the clients to investigate properly and check materially understated sales. Auditors should follow the code of conduct and be encouraged to collect more evidence, while compelling their report keeping ethical ideals in mind. Disciplinary action should be taken against those who violate the regulatory standards. Legal charges should be made if the auditor is responsible for some degree of audit negligence.

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Ethical issues and the current code of ethics for management accountants - are they compatible?

Article Abstract:

The National Assn of Accountants and the Institute of Management Accountants promulgated a code of ethics for management accountants in 1983 which provides general guidelines regarding competence, confidentiality, integrity and objectivity. However, the code of ethics does not include guidelines on supervision. Supervisors often have to confront with varied ethical dilemmas, not knowing how to resolve them properly. Thus, there is a pressing need to reevaluate the current code of ethics.

Analysis, Business ethics, National Association of Accountants, Institute of Management Accountants

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Underreporting of chargeable hours in public accounting: an examination of practitioner attitudes and attributes

Article Abstract:

Issues discussed concern professional ethics in the accounting industry, focusing on the reasons for accountant underreporting of chargeable hours. Findings suggest that an accounting firm's emphasis on unrealistic time budgeting leads to underreporting of hours, and thus, a loss of revenue for the company.

United States, Statistical Data Included, Research, Human resource management, Accounting firms, Accounting services, Professional ethics

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