acct 202 ethics

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By Charity MacDowell Kenneth Bonander Jordan Claverie Daniel Harr Chantal Yakou ACCT 202 Team 5

Ethics in Accounting:

Ethics in Accounting What are Ethics? Codes of Conduct Ethical Dilemmas Ethical Approaches

What are Ethics?:

What are Ethics? Ethics are the code of moral principles and values that govern the behaviors of a person or group with respect to what is right and what is wrong. When Ethics are not followed the occurrence is an “ethical dilemma”

Codes of Conduct:

Codes of Conduct Code of Ethics for Professional Accountants GAAP Individual Company Ethical Standards

Codes of Conduct:

Codes of Conduct T he International Federation of Accountants (IFAC) issues The Code of Ethics for Professional Accountants.

Generally Accepted Accounting Principles (GAAP):

Generally Accepted Accounting Principles (GAAP) Financial accounting is information that must be assembled and reported objectively. Third parties must rely on such information have a right to be assured that the data are free from bias and inconsistency, whether deliberate or not. This reason, financial accounting relies on certain standards or guides that are called "Generally Accepted Accounting Principles" (GAAP).

Individual Company Ethical Practices:

Individual Company Ethical Practices Company Credo and Ethical Company Standards Internal Control Systems Whistleblowing policies Checks and Balances

Individual Company Credos:

Individual Company Credos Johnson and Johnson’s Company Credo” “We must provide competent management, and their actions must be just and ethical. … We must maintain in good order the property we are privileged to use, protecting the environment and natural resources.”

Ethical Dilemmas:

Ethical Dilemmas Fraud & Misrepresentation Harassment & Sexual Harassment Trust & Confidentiality

Fraud & Misrepresentation:

Fraud & Misrepresentation Fraud- D eceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage. Misrepresentation- T o represent incorrectly, improperly, or falsely.

Harassment & Sexual Harassment:

Harassment & Sexual Harassment Harassment- T o disturb persistently; torment, as with troubles or cares; bother continually; pester; persecute. Sexual Harassment- U nwelcome sexual advances made by an employer or superior, esp. when compliance is made a condition of continued employment or advancement. Quid Pro Quo- A Latin phrase meaning "something for something". This term is typically used in financial circles to describe a mutual agreement between two parties in which each party provides a good or service in return for a good or service.

Trust & Confidentiality:

Trust & Confidentiality Trust- R eliance on the integrity, strength, ability, surety, etc., of a person or thing; confidence. Confidentiality- S poken, written, acted on, etc., in strict privacy or secrecy; secret: a confidential remark.

The Decision Making Process:

The Decision Making Process

Ethical approaches:

Ethical approaches Four approaches to solving ethical dilemmas Utilitarian approach Individualism approach Moral-Rights approach Justice approach

Utilitarian Approach:

Utilitarian Approach Moral Behavior produces the greatest good for the greatest number Focus on decisions that optimize the satisfaction for the greatest number of people

Individualism Approach:

Individualism Approach Acts promote the individual’s best long-term interests, which ultimately leads to the greater good. Individual self-direction is most important Individualism is believed to lead to honesty and integrity since that works best in the long run

Moral-Rights Approach:

Moral-Rights Approach Maintaining the rights of those affected Avoid interfering with the fundamental rights of others

Justice Approach:

Justice Approach Moral decisions are based on standards of fairness, equity, and impartiality

Thank YOU.:

Thank YOU.

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