Saturday, September 14, 2013
The Morals of Money: On Accounting Ethics
They
say that money is the root of all evil, but such a maxim can be a
little too general and simplistic at best. However, if there's one
profession that has the potential to wreak considerable economic
havoc when practiced unethically, then that would be accounting.
After all, it only takes a subtle alteration and a little creative
manipulation on the part of a scheming accountant to fool
shareholders and investors.
Companies
need to be transparent with their shareholders, and typically issue
financial statements in order to keep their investors up-to-date.
Naturally, businesses will need accountants and auditors to prepare
such statements. In turn, it is the sworn duty of each accountant to
ensure transparency and accuracy for the benefit of those who require
such records.
To
ensure that everyone is on the same page when it comes to integrity
and transparency, companies can enroll their in-house accountants in
special courses designed to further hone their competence, as well as
strengthen their sense of morals. For convenience, these courses can
be conducted as self study or as group classes, whichever option
works best for these busy individuals. Course participants also get
to learn about the latest best practices that can bring them up to
par with global standards.
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