ETHICS OF PROFESSIONAL ACCOUNTANTS – THREATS AND SAFEGUARD ANALYSIS

Business Ethics

ABSTRACT: A professional Accountant is an expert accounting personnel of the organization as well as in public practice. Ethics of a professional accountant means following of some fundamental principles of accounting system in the organization. Ethics in accounting system helps a professional accountant to be useful for the society in the long run. Integrity, objectivity, attainment of professional competency and professional behaviour are some of the fundamental principles of accounting ethics which should be taken care by a professional accountant. It is the general phenomena that a professional accountant may come across different threats in the course of his profession either in organizational level or in public practice. The threats may be of self-interest, self-review, advocacy, familiarity etc. which needs to be resolved very carefully by a professional accountant. In order to resolve the threats the professional accountant should be well versed with the techniques of relevant facts, issues on ethics, fundamental principles, internal procedure, and alternative course of action. Ethics in accounting related to the fact of observation of an accountant while maintaining the accounts or while finalizing the accounts. In both the cases the professional accountant should be more careful for protection of the credibility of accounting profession. This article aims at how a professional accountant can able to protect the ethics of accounting profession and utilize various techniques to resolve the ethical conflict of the organization.

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