Code of Ethics

Essay by lucinicCollege, Undergraduate March 2008

download word file, 4 pages 1.7

As in any profession, ethics are extremely important; however, in accounting they are of particular importance because clients depend and rely upon accountants for their professional expertise in areas such as financial statements, tax preparation, auditing, financial consulting and so forth. Without ethics and the laws that guide ethical practices and behavior, accountants could easily misguide clients or put a company's stakeholders at risk for their own selfish needs. Criminal behavior such as in the case of Enron and Arthur Anderson would be all too common as greedy managers and unscrupulous accountants cover up their financial impropriety.

By sticking to the code of ethics, accounting professionals assume a duty of self-control above and beyond the requirements of laws and regulations. Accounting professionals should only accept responsibilities that they can accomplish proficiently. They must complete their tasks carefully, confidentially, with ample precision and without bias. With the help of the Board of Accountancy, accountants will be able to stay professional.

The Board of Accountancy for the State of South Carolina governs the accounting profession in South Carolina with specific ethics codes, rules, and laws. The board is made up of nine individuals who all live in South Carolina. "The board shall grant a license to practice as a certified public accountant to persons who make application (South Carolina Board, n.d.). The main responsibility of the Board of Accountancy is to look after the public's welfare by creating and implementing standards of criterion and accounting practice of person certified as CPAs. All accountants residing in South Carolina are required to follow the guidelines set by the board. All members need to monitor and enforce the rules upon all persons within their control.

In the state of South Carolina, accountant-client privilege is provided. A CPA public accountant practicing in South Carolina is...