Accounting Assignment

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24-7-custom-writing-serviceAccounting Essay

Accounting Paper

 

 

In the line of duty, auditors are faced with specific problems that prevent them from performing their work ethically. Although they declare independence in their code of conduct, they fail to adhere to it which causes more financial problems within the organization.

In the first case, I would experience a relationship threat in the firm because I have a close family that works in the organization. Therefore my independence will be compromised, and I would not provide full attention to the financial issue in the company. Secondly, I was a part of the organization where I worked as an accountant in the past. Although I know all the loopholes in terms of financial issues, my attention will be affected due to the familiarity that I have with the organization and the employees. To eliminate these threats, the firm can have an external reviewer to look at my work and check whether I compromised certain areas (Duska et al., 2018). Therefore, he will point out any errors that occurred during auditing.

From the above analysis, it is possible to violate the AICPA code of professional conduct. The AICPA requires that all professionals practice their work through integrity and independence (Armitage, & Moriarity, 2016). Despite the relationship between the staff of the firm and an auditor, a professional should carry out his work, considering these two qualities. An auditor must determine what is right and just without leaning on one side because of other external factors. The management can avoid these violations by having the financial statements checked by an outside party that is independent. In addition, it should establish a strong internal control system that segregates the accounting functions. Record keeping, reviewing and authorization functions should be separated to prevent employees from conspiring to perpetrate a fraud.......................GET A PLAGIARISM FREE COPY