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Ethical Standards Assignment
Ethical Standards Paper
The maintenance of ethical standards is the best way an institution can thrive. Professionals as well as institutions ought to ensure that they prioritize excellent moral conduct to gain the trust of clients. Auditors are among the individuals that are required to be moral in their undertakings. The reason is because they handle money which is a sensitive issue in the lives of people. Ethical standards ought to govern the undertakings of every auditor so as to provide due professional care but he/she must always be careful to detect possible illegal acts by clients.
Due professional care is a contentious issue in the field of auditing. The phenomenon involves situations whereby auditing is undertaken with the maintenance of the proper standards. There are many ways in which an auditor can uphold due professional care. Firstly, he/she must maintain skepticism (Gendron et al., 2006). It must be an integral part of every auditor’s skill set. The reason is because all audits must be based on sufficient evidence which must be provided. Secondly, the individual must always look carefully into matters to effectively deal with potential illegal acts. As mentioned earlier, finances are a sensitive matter that requires proper attention.
An auditor can take certain steps if he/she is confronted with illegal acts. Firstly, the individual must ascertain that the activities of the auditee are against the law. Secondly, the individual can report the matter to the police so that the law can be upheld (Satava et al., 2006). It is important to understand that silence can see him/her mistaken for an accomplice in crime. There are steps which an auditor can take when accepting a new engagement or handing over his/her duties to a new professional (Shafer, 2009). The individual must ensure that the former client is satisfied with the manner in which his/her work was undertaken. Secondly, the auditor must see to it that he presents all the necessary information to the new professional
Ethics is an important concept in the field of accounting. Every auditor must always uphold the issue of due professional care. A good auditor must always be skeptical to ensure that he/she works to detect possible criminal activity. An excellent auditing professional must inform the necessary authorities in case of criminal activities. It is important to hire individual who uphold morality.....................GET A PLAGIARISM FREE COPY