In this study, I interviewed various accountants working in a different field such as tax agents, auditors, financial analyst, and students. The functions performed by accountants working in the business filled are always forgotten (Ameen, Jackson, & Malgwi, 2010). Besides these role accountants have other roles they play in businesses such as in non- sector, regulatory bodies, public sectors and in academics. Accountants can play the different role based on where they are stationed. However, one common thing about them is the knowledge of accounting they have. Accountants are mandated to safeguard the integrity of financial reporting. Accountants working in taxation, auditing and business must ensure progress and stability in the society. However if the public does not understand the role of the accountants, the public perception concerning their value may be miss informed (Marsden & Wolters Kluer, 2017).
From the interview, I carried out I sought to know how CPA Australia ensures that codes and ethics are respected by all their members (Deegan, 2014). I also sought to know the different issues that arise in the said professional body and how it polices its codes (Dagwell et al, 2011). This was to assist me in understanding my career better and to ensure that I act professionally and ethically. This study was conducted to 228 accounting professionals who are members of CPA Australia.
After gaining a degree, many people opt to become public accountants at the beginning of their career. The choice of having to be employed or not depends on the salary values that every person expects. Very few accountants opt to work in non-profit making originations (Marsden & Wolters Kluer, 2017). Many opt to work in CPA companies because they usually give them a chance to grow their careers by giving them important experience. However many other accountants venture in the private sector which is normally lucrative. Accounting career tends to have very many paths, and that’s why every person need to know the path he wants to take. One can start the accounting career by being a bookkeeper. Bookkeepers are people who keep records such as invoices, revenues, and payments (Lange, 2015). Another area people can consider venturing into is becoming general accountants.
Accountants get to be confronted by moral dilemmas in their line of duty. From the interview carried out, I noted a number of tensions, pressure and ethical conflicts accountants face when they are working (Daff et al, 2012). An ethical capability is a difference between the desirable and the actual professional behaviors which determine ethical behaviors for members of CPA Australia. Some of the major issues that professional face in the line of their duty includes bribery, favoritism, misleading reports, fraud, misuse of funds and breach of confidentiality. On the other hand accountants face a considerable amount of pressure from clients more than pressure experienced in different employing organization (Dagwell et al, 2011). However, accountants try to solve these issues through exercising moral courage, documenting the issues, seeking advice from peers, and exercising professional judgment (Cooper, 2010). However accountants usually show a lot of confidence in their professional accountancy organizations, this is because their major role is providing ethical guidance which is very important than the role of regulators and governments (Marsden & Wolters Kluer, 2017). Therefore for CPA Australia to promote to promote ethical capability it needs to consider strengthening advice services, having an ethical culture within the profession and promoting education and training (Cooper, 2010). The great fear of many accountants includes losing objectivity because of much pressure that comes from Clients, stakeholders, and employers.
Despite these competing demands between upholding values that pertain to their profession and meeting the demand of the real world, every accountant must learn how to balance these competing demands (Mees& Brigden, 2017). Through which one is able to show that he is a profession rather than only being able to perform some tasks . Accountants professionals are expected to demonstrate some professional judgment when performing their tasks so that when challenges arise, they will not lose the public trusts because they act as protectors of public interest (Weygandt, 2014). Ethical codes all across the globe call for professional accountants; regardless of the different roles they play to uphold competence, due care, integrity, objectivity, professional behaviour, and confidentiality (Sumit& Lodhia, 2018). However competing pressures usually put accountants in the difficult situation. These different conflicts comprise commercial pressures, the burden of regulation and ethics(Tracy & OverDrive, 2013). Accountants are always faced with situations where they are meant to assist the organization to achieve a certain financial target (Lange, 2015). In such a situation the accountant may risk compromising compliance with the various codes and ethics (Deegan, 2014). Accounts in business filed usually have a lot of tension in this situation. For example, an accountant may face a lot of pressure to account for inventories with a higher value than the actual value. On the other, some accountants are faced with situations where they use some other accounting methods which are favorable to the organization. Some of these actions are contrary to the codes and ethics of accounting standards or to what accounting professionals are comfortable with.
Just like other professions, professional accountants are usually challenged when it comes to capital markets and also in facing some new emerging issues in the market. The value of an accountant is measured based on how they are accountable not only in the organization but also to the public (Tracy & OverDrive, 2013). Accountants in business happen to be pillars because they must assist in creating and sustaining growth and value. How they handle this task is very important for them to continue being relevant in the market (Mees& Brigden, 2017). They also must learn how to uphold quality financial reporting and give the public the critical financial information
Governance and ethics is an important component of skills and knowledge for accountant professionals. As important decision markers, accountants must understand compliance requirements, governance mechanism, and regulatory regimes to make sure that they act according to the law (Deegan, 2012). A good understanding of corporate governance framework and ethics are tailored to some subjects of the CPA program. In my own opinion this subjects gives one knowledge and skills to be able to identify and solve some ethical and professional issues (Deegan, 2012). The knowledge and skills gained are also important when handling some functional disciplines such as financial reporting, advanced taxation, Assurance, Advanced Audit, and strategic management (Weygandt, 2014). I have also discovered that accountants do not involve themselves in traditional accounting functions nowadays they mainly concerned with leadership and management (Deegan, 2012). Many accountants have become leaders in the fields that most of them work important giving support to the senior management and they are also involved in making key organization decision. Thus ethics and governance are important to those accountants holding leadership roles and those supporting their leaders.
From the research, I learned that professional accountants have some positive attributes they are also well informed of the ethical issues and solutions but they constantly seek support from accounting professional bodies for them to improve ethical practice and ethical capability (Ameen et al, 2010). Thus it is always necessary for every professional accountant to always be attached to the professional body such us the CPA Australia for him to be able to improve his skills and knowledge as an accountant (Chaker & Abdullah, 2012). This will greatly help me as an accountant since I will always be well informed because markets have become dynamic.
Moreover, to improve the ethics in the accounting profession all practitioners such as professional and employing organization, educators and regulators need to work closely together to come up with principles and policies which prevent any conflict of interest promoting high internalized ethical practices (CCH Editors, 2008). Coordination is necessary when trying to achieve these and professional bodies play a very significant role in making these happen.
From the study, I learned that communication from the professional body to the members is very important. Before CPA Australia accepts any engagement with a member, according to the code of ethics members are always advised to state the reasons why they shouldn’t do so(Jones & Jones, 2011). Giving an ethical letter or professional clearances greatly helps in making these decisions. Ethical letters are very significant in ensuring that people comply with ethical codes. Communication calls for professional courtesy and having to maintain professional service (Blackwood, 2014). These ethical letters are not a must unless when it comes to audit management (Sumit& Lodhia, 2018). However, they should be just a matter of common practice (Jones & Jones, 2011). However being a member of CPA Australia, one must adhere to the laws in the CPA Australia, Apes110 code of ethics for professional accountants, constitution and by-laws. For CPA Australia to make sure that all their members put up with these standards, the professional body has come up with a process that makes sure that any complaint from their members are heard and solved effectively
Investigations and disciplinary actions are based on various principles such as the right to appeal, independence, procedural fairness, and confidentiality (Whittington & Delaney, 2013). CPA Australia acts based on the public interest and must ensure that complains concerning the members are well investigated while still preserving the rights of members (CCH Editors, 2008). Thus it is necessary for every member to ensure that he acts according to the constitution, by-laws, and codes of ethics. Currently, many organizations are focusing on the ethics of professionals and individuals (Williamson, 2014). In recent times mega bankruptcies have been reported which have greatly affected the market economy thus calling for enforcement of ethics which are able to guide and bring regulation to the business environment.
There are different governing bodies when practicing certified public accountants. They include the AICPA principles and codes. These principles are necessary for my career they include. Some of these principles include responsibilities. According to these principles, every member must be sensitive to his work and also when making some moral judgment. People also need to cooperate with each other to improve once skills and knowledge in accounting (Blackwood, 2014). They also need to ensure that one gains the public trust. Another principle that accountants need to adhere to is public interest. Accountants are called to act in a way that is appealing to the public interest (Williamson, 2014). They need to honor the public and also show that they are professions thus winning their trusts. Members are also called to act based on the integrity (Chaker & Abdullah, 2012). This principle calls for members to be honest in their work despite the pressures that surround them. They are also called not to compromise when it comes to ethics. Integrity is usually evaluated based on what is what is just and right. Integrity also calls for members to respect other principles such as due care. Accountants also need to adhere to objectivity and independence. Every professional accountant should maintain objectivity, and members should also not have some personal interest when carrying out their tasks (Ameen et al, 2010). On the other hand, independence calls for the accountant to maintain healthy relationships that will not affect objectivity. To be independent members need to check their relationship with the clients continually (Funnell & Cooper, 2012). Due care is another code that calls for members always to keep ethical and technical standards while still working in improving the quality of services they offer to customers. Due care, calls for excellence through being able to perform tasks effectively.
Conclusion
Accounting professions are one career where ethics play a greater part. Thus every accountant must always try to adhere to the codes of ethics set by the professional bodies. Many things in an organization depend on accounts (Whittington & Delaney, 2013). The progress of any business will always depend on the honesty of accountants (Funnell & Cooper, 2012). Thus an accountant needs to be a straightforward person .Accounting is a career that moulds accountants. They have a great responsibility of coming up with reliable data which can be used to make current and future economic activities. Accountants usually perform various duties such as preparing financial statements, planning tax strategy and also calculating and computing tax. This tells that the accounting profession has different beneficial career paths (Funnell & Cooper, 2012). Though careers in accounting resemble each other, each has a specific focus. Thus accountants need to work very hard to advance this sector.
References
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