The article titled “Avondale Estates: A Case Study in Governmental Accounting and Auditing” offers insightful information about the evolution of accounting profession. The most interesting key takeaway message is about incorporating professionalism and ethics in accounting education. The article advocates for a re-evaluation of the educational accounting process depending on the changing conditions so that students can be sufficiently prepared to function in the modern environment ( Ariail, et al., 2012 ) . Normally, accounting educators are currently living in challenging times, specifically imposed by financial crises and globalization. Recent global events such as the Enron scandal have demonstrated the relevance of ethical conduct in the accounting profession. Therefore, it is highly important to include ethics in our accounting education process.
The article is important because it directly relates to our week’s reading about expenditures and capital projects. Some of this week’s concepts include the key traits of a professional accountant chief among them being the ability to adhere to a rigorous set of ethical standards. Accountants handle delicate financial data of organizations and individuals. Some of them are authorized to execute transactions worth millions of dollars and others are in charge of employees’ retirement funds and benefits ( Ariail, et al., 2012 ) . Therefore, they must follow the set ethical standards because the fundamental accounting principles govern how accountants do their work. When an accounting professional veers off the set ethical guidelines, his/her judgment and trustworthiness will thus be questioned.
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Overall, the article “Avondale Estates: A Case Study in Governmental Accounting and Auditing” clearly reinforces what we learned this week; instilling in students the relevance of ethics to auditors and accountants. However, it is clear that accounting educators do not give ethics the prominence it requires in the classroom. Ethics is an invaluable topic in accounting especially in the management of projects and ensuring that no funds are misused or diverted for personal gain.
Reference
Ariail, D. L. et al., ( 2012 ). Avondale Estates: A Case Study in Governmental Accounting and Auditing—A Historical Approach. Issues in Accounting Education , 27 (2), pp. 419-440.
