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a. The Accounting Professional and Ethical Standards Board (APESB) is an independent body established in 2006 as an initiative of CPA Australia and the Institute of Chartered Accountants in Australia (ICAA). The role of the APESC is to develop and issue professional and ethical standards to members of CPA Australia, The Institute of Chartered Accountants (ICAA) and The Institute of Public Accountants (IPAs)
Because the accounting profession is co-regulated by the three accounting bodies mentioned above, ethics is fundamental to the accountability of the accounting profession. Accountants must abide by the Code of Ethics. The Code of Ethics pledges ethical practice in the accounting profession - constructed by the principles of integrity,
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Invoices must be sent promptly and statements sent monthly. Overdue payments are followed up immediately via a friendly phone call or email. And a letter of demand is sent as a last resort as it will affect the relationship with the customer before it is forwarded to a debt collection agency.
If a customer is unable to pay we may develop a debt recovery plan. A debt recovery plan is a formal agreement between the business and debtor. It will address the terms of the outstanding balance owing where the customer agrees to a payment plan by set dates.
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Many businesses use Excel as their main tool in creating financial spreadsheets and storing financial data. It is an invaluable tool in all levels of business whether you are a trader, manager or an accountant. By creating spreadsheets efficiently and effectively via Excel we are able to provide reports to both internal and external parties that may require it. It can allow us and other external parties to compare and track progress of the business which is necessary when trying to make adjustments to plans and aid in executing future
Besides, a CFO is responsible for providing investors with an accurate reporting. On the other hand, ethical responsibilities of the professional accountant is essentially important. As a CPA, they must take all the facts into consideration that which action are
This organization has been setting ethical standards and publishing the Code of Professional Conduct for the profession since the early 1900s. A Code of Professional Conduct is necessary for any profession to help maintain strict ethical standards. This organization is the basis of ethical reasoning in the accounting profession because of what the Code of Professional Conduct covers. The code is comprised of a preamble and six articles. The preamble and the six articles serve as a foundation to provide guidance and guidelines for accountants to overcome any emerging ethical issues with ease on a daily basis. The six articles’ purpose is to protect the public, investors, and creditors. The AICPA Code of Professional Conduct consists of: Responsibility, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of
Accounts receivable is money due to the organization from patients and third parties for services that the organization has already provided. Patients are sometimes not billed in a timely manner because the information they provide is inadequate or incorrect. There are also stages to developing a payment such as pre-care, care, and care completing phase.
The AICPA Code of Professional Conduct defines independence as consisting of independence of mind and independence in appearance. According to the AICPA Code of Conduct, Section 55 Article IV, An accountant member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities. Moreover, a member who practices their accounting work in a public firm should be independent in fact and appearance when providing auditing and other attestation services (aicpa.org). According to the case study What Lies Beneath, I think that Betty did not show her professional skepticism since she built trust on her client, which she could not have as an auditor. As an auditor,
Executive Summary Everyone knows what accountants do, but what they don’t know is how important the profession is. Accounting is the recording of financial transactions which accountants’ store, sort analyze, summarize, and present the information in reports. It is a need that every business has to have because businesses are held accountable for the methods they use because of the greed or theft that goes on.
The code of ethics are a guide of principles designed to help professionals conduct business honestly and with integrity.1Most organization have codes of ethics that its members are required to follow and it lays out the rules and acceptable behavior of its the members of ethics and which actions are acceptable or not acceptable business practices. One industry where professional codes of ethics is important is health care. Most health care workers belong to an accredited organization of their profession, such American Medical Association (AMA), American College of Healthcare Executives (ACHE), and American Nurses Association. They may also be required to have additional certification and rules they must follow based on the laws of the individual
2.1.6. An evaluation of the accounting systems professional ethics Professional ethics is an important necessity when compiling information for financial statements. AAT states in the professional code of ethics that every member must follow the five main principles; Integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. 3.1 Identify weaknesses and make recommendations for
Microsoft Excel is an application that can produce an almost infinite number of financial calculations. A way to orchestrate a manipulation of data is to use spreadsheeting. Another more efficient way of manipulating or extrapolating data is by playing a macro.
The PCAOB has the authorization to provide rules governing the following areas; ethics, independence, and quality control for any registered accounting firm...
Stair, R.M., Reynolds, G.W., Gelinas, J.U. Jr., Sutton, S.G., Hunton, J.E., Albright, S.C., Winston, W.L. & Zappe, C. (2007) Accounting Information Systems and Financial Modelling, Thomson, South Melbourne, Victoria, Australia.
Ethics is derived from the greek word ‘ethos’, which means character and the latin word ‘moras’, which means customs. Thus ethics is defined as the personal and professional behaviour with regards to the values, customs, behaviour, principles and morals of society (Senarante, 2011). Professional ethics can be defined as the personal and corporate standards of conduct that is carried out by members of a particular profession. For example, medicine, accounting and engineering. Professional ethics or business ethics cover larger areas than the law, and although an issue may not be illegal, it can be considered as an ethical issue (ATT Ethics, 2013). Business ethics can be defined as the policies and principles that act as operational guidelines
The Code of Ethics for professional accountants includes set of the rules and guidelines Mostly code of ethics can contain set of ideal professional conduct and acceptable behaviour as well as define unacceptable behaviour []. Main advantage of he code is that accountants can emphasis on the positive attitude and activities that may encourage an effective...
Whether we are aware or not, the professional accountant relies profoundly on two fundamental things: ethics and integrity. As we learned in the core of this class, the professional accounting organization established the standards of integrity and ethical code that members should respect while practicing their profession. Integrity standards and the code of ethics are founded on an extensive obligation to objectivity, honesty, and fairness in accounting. The code of ethics is not only required the accountant to obey rules and regulations but also ask the professional accounting to have a reasoning to recognize any potential harm; use his judgment to determine conflict and present moral integrities and the motivation to resolve issues. And these are the principles that my parents and religion have taught me.
The International Accounting Standards Board, (IASB), began life as the International Accounting Standards Committee (IASC) in the 1973. The IASC was created in June 1973 as a result of an agreement by the accountancy bodies of Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States. These countries constituted the Board of IASC at that time.
Information management For the information management, in our company there are a lot of resources are spent on the information management, such as keeping the data basis or relocating the information once per year. Most important software would be Excel. Our company has a lot of old information, such as the financial report, statistical data, information about the market and the information about the employee. This information can be classified better when we use the Excel. Hung Lai Na Company balance sheet 31-Mar-12 Assets Current assets Cash US$20,000 Bank US$312,000 account payable US$34,000.... ...