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Business Ethics and Corporate Governance

            

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Chapter 12 : Ethical Issues in Accounting and Other Functions

Accounting Profession - An overview

The importance of financial statements

Fictitious revenues
Fraudulent timing differences
Concealed Liabilities and Expenses
Improper Fraudulent disclosures or Omissions
Fraudulent asset valuations

Importance of transparency in disclosures
Role of accountants

Accountants employed within organizations

The management accountant
The financial accountant

Accountants in professional practices

The auditor

The rules governing the professional conduct of accountants
Ethical audits
Information Technology - An overview
Ethical issues in Information Technology
Importance of software audits.

Chapter Summary

The chapter has discussed some of the ethical issues related to accounting. It also discusses the importance of financial statements and examines how some companies manipulate their financial statements. In this context the frauds that are committed in financial statements have been discussed with emphasis on fictitious revenues, fraudulent timing revenues, concealed liabilities and revenues, improper disclosures and fraudulent asset valuations.

There are two types of accounts, they are financial accounts that are used to report to the shareholders the financial position of the firm and the Internal management accounts that are essential to regulate internal business activities. The transparency in disclosure of these accounts is important and the role of accountant has been discussed in this context.

The role of auditor and the rules governing the professional conduct of business have been discussed in detail. Ethical audit a tool that helps business owners to be accountable has been discussed and its main objectives have been summarized. The ethical aspects in information technology have been discussed with reference to hacking and the information technology act.

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