Ethics and accounting are complementary facets of the same coin. Ethics is imperative in any business venture as it guides business owners to engage in transparent and accountable practices that promote public confidence (Smith & Smith, 2014). For a business to achieve the factors mentioned above, it requires sound accounting practices. The accounting practice is built on integrity. The success or failure of a business depends on the integrity and character of an individual handling its financial affairs (Perkins, 2016). The code of professional conduct monitoring the accounting profession requires an accountant to act with integrity despite the consequences likely to follow. However, that is not the case as always, as highlighted by the Enron Scandal.
The career of a successful accountant is based on their character rather than one’s academic qualifications. Successful accountants illustrate organization from the onset. They make use of systems that helps them track their responsibilities, transactions, and essential deadlines. Another character that successful accountants exhibit is adaptability. Such accountants embrace change regardless of their work environment and are not easily persuaded to engage in unethical business practices (Smith & Smith, 2014). Another quality that makes successful accountants is communication. Accountants with excellent communication skills rely on the information of any discrepancies to their managers immediately to avert any unforeseeable events that may cause financial havoc to the company.
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There are several steps that accountants and business people can take to avoid unethical practices in the future. First, it is imperative to operate within a code of conduct that outlines the unacceptable behavior as well as the consequences that should ensue. Second, business people should hire individuals based on their values, which should bode well with the company’s culture and not mere academic qualifications (Perkins, 2016). Third, business people should establish a business protocol through which they accountants can follow should they see any accounting discrepancies. In doing so, business owners and accountants can avoid unethical accounting practices.
References
Perkins, D. (2016). Financial accounting for performance assessment and strategic decisions . 4 th edition. John Wilen & Sons, Inc
Smith, Katherine & Smith, Murphy. (2014). Business and Accounting Ethics. Working Paper.
