The American Institute of Certified Public Accountants (AICPA) has several pillars of Code of Professional Conduct. One of the most important components is integrity. The accounting profession has a responsibility of honoring the public trust. The integrity of Certified Public Accountants (CPA) is essential since government agencies, investors, lenders, and other members of the business community rely on it to aid in preserving proper functioning of commercial activities. Richard L. Schmalensee is a former John C Head III Dean of the MIT Sloan School of Management. He said that without ethics, a business cannot be done or taught. Therefore, current and aspiring public accountants should embrace the duty to act in a manner that warrants the faith that people reposed in the work they will do.
Accounting Coquitlam believes that it is essential to teach standards of professional conduct in business and undergraduate accounting curricula especially in the wake of the corporate frauds and resurgence of high-profile Ponzi schemes. It can be impossible to mold each student to become a business professional who adheres to the ethics. However, it is important for students to have the impression of fostering an organizational culture that values a high standard of business character. I have the view that the introductory chapter on professional ethics in the auditing course is not enough to teach students the importance of conducting their duties in line with professional standards. Additionally, it is not sufficient to have students wait until they enroll in an MBA program for them to get exposure to a course on corporate governance and business ethics. They should be exposed to such topics earlier in their studies.
Repetition has a pedagogical importance, and business programs should be aware of that. It is essential to discuss ethical cases in each and every management and accounting course at the undergraduate level. It goes a long way in ensuring that the accounting and business students are equipped adequately to handle most ethical dilemmas that could arise in their places of work. It is unfortunate that universities are producing graduates who are not able to deal with business situations that require sound ethical judgment. It is high time they put an end to this alarming trend; otherwise, the business community will forever remain unethical.
Port Coquitlam CPA & CGA Accountants believes that accounting professionals are expected to perform their duties with a high degree of integrity, which explains why they are held in high esteem. There is an increasing concern on how more and more accounting firms are failing to get rid of severe fraud cases. With that trend, the public accounting profession might begin losing its good reputation that was established by the earlier generations of accountants. Accountants in the previous generations worked so hard to create and preserve a good reputation, and it is unfortunate if accountants of this generation do not maintain the integrity required.