Yessoufou 1

Nabilah Yessoufou
ACCT 2010
Wendy Gunn
Ethic Paper
First of all I will define Ethic and financial reporting.
Ethic: According to Web dictionary, Ethics reflect beliefs about what is right, what is wrong,
what is just, what is unjust, what is good, and what is bad in terms of human behavior. Ethical
principles and values serve as a guide to behavior on a personal level, within professions, and at
the organizational level.
Financial reporting: is the process of producing statements that disclose an organization's
financial status to management, investors and the government.
Ethics in accounting are concerned with how to make good and moral choices in regard to the
preparation, presentation and disclosure of financial information. Knowing some of the issues
presented in accounting ethics can help you ensure that you are considering some of the
implications for the actions that you take with your own business.
Financial reporting is a straightforward task that comes with a variety of tricky ethical issues.
Breaches in ethics can result in major scandals for companies and lead to loss of investor and
consumer confidence. Understanding some of the more common ethical issues that can arise in
financial reporting can help those in the field avoid potential landmines that could bring not only
their employers, but also their careers, to their knees.
Ethics deals with the ability to distinguish right from wrong. It is a term that refers to a code or
moral system that provides criteria for evaluating right and wrong. An ethical dilemma is a
situation in which an individual or group is faced with a decision that tests this code. Many of
these dilemmas are simple to recognize and resolve. For example, have you ever been tempted to
call your professor and ask for an extension on the due date of an assignment by claiming a
fictitious illness? Temptation like this will test your personal ethics.
Ethical and professional behavior involves borrowing:
(1) Protect the public interest.
- With respect to all services, particularly those aimed at providing insurance to third
parties adhere to all existing standards. Understand the standards of competence and
integrity of the profession, in particular the service standards within which accountants
provide insurance to third parties, as well as how these standards serve the public and

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protect the public interest. Identify the ethical dilemmas inherent in a business situation
make decisions that, first and foremost, protect the public interest, but give due
importance to accountability to stakeholders.
(2) Perform his work with integrity and objective.
- Prepare information so that the relevant facts are represented faithfully and interpret objectively
information:
collect and study all relevant information,
Take reasonable steps to ensure that the information underlying reliable,
draw conclusions that accurately reflect the information.

Transparent decisions.
Accept responsibility for his actions and decisions.
Avoid conflicts of interest.
Avoid violations of the law.

(3) Maintain its independence when the nature of the service in question requires.
-

Understand the rules requiring the independence for the provision of certain services.

- When providing independent services, take the necessary measures to maintain its
independence, both in fact and in appearance.
(4) Protect the confidentiality of information.
-

Do not disclose or use confidential information.

- To prevent the accidental disclosure of confidential information.

(5) Demonstrates professional courtesy.
Understand the rules governing the professional courtesy of accountants and the role of these
standards for the purpose of protecting the public and orderly conduct of the activities of the
profession and its members.
- Adhere to these standards.
(6) Maintain and strengthen the professions reputation.
- Carry out a high quality work.
- To contribute to the enhancement of the profession.

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- Encourage potential candidates for membership.

- Promote the profession in his conversations.
- Participate in the profession some activities such as seminars, committees, commissions,
assemblies or councils.
(7) Adhere to the rules of professional ethics.
Comply with the provisions of the professional duties of the code.
The accounting expertise of duty requires that they cultivate the characteristics Individual
essential to compliance with this obligation. In that case, all of accounting have to:
- Apply to maintain their professional skills level;
- Apply to identify and recognize personal boundaries and appeal to their professional judgment
to decide whether the use of specialists and other professional is required;
- Demonstrate initiative when no one incites;
- Constantly strive to add value;
- Develop a vision and positive thinking;
- Develop creative thinking;
- Adapt to the progress and evolution.
My own experience:
I was born in a very strict family. My dad was a loyal man and he educates all children in this.
We are Yoruba and our religion is Muslim. Like any other religion our religion request us be
honest and loyal exactly what the business accounting needs. Religion tells us about haven, hell
and what we have to do to be in one of those places. My religion teaches us if we have to be in
haven, we should follow some of behaviors like be loyal, honest, and trustful which is what need
an accountant. When we have to decide about what is right or wrong it is very simple and clear
my dad always say something is right when you can accept it for your own but in the other case
you know exactly that is bad. For example when you steal something for someone think about it
if it is you someone else steal to how you going to feel surely bad. Then avoid to hurt is the only
way we can leave happy. Im not at all scared in how my personal ethic can affect an
organizations financial reporting decision because in my mind I just want to do my best to be a
good person like my Dad, he was my idol. So anything else it just a materiel. My decision will be
the best.

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All of the above, the personal ethic and financial reporting are directly related to the fact that
good conduct, morality and sincerity are essential behavior not only for every human but very
necessary for accounting.