Ethics in Accounting

Term Paper # 105172

Accounting
Ethics

This paper examines federal and state ethical considerations in the practice of accounting.

833 words () | 2 sources | APA | 2008 United States

Paper Summary:

The paper discusses Massachusetts' laws that govern the practice of accountants within its borders. The paper explores how the Sarbanes-Oxley Act (SOX) impacts the professional and ethical standards of accountants. The paper then shows how SOX ensures that accounting firms will adhere to strict ethical standards by providing greater scrutiny of accountants' methods and practices when it comes to corporate auditing.

Outline:
Introduction
Massachusetts Provides for Accountant-Client Privilege
Massachusetts' Position on Accounting Work Product
Three Code Violations that May Result in Criminal and/or Civil Accountant Liabilities
How the Sarbanes-Oxley Act Impacts the Professional and Ethical Standards of Accountants

From the Paper:

"An accountant's work product is that work which is used to complete the client's case, and is held to be confidential, unless the client allows its release. However, according to 252 CMR 3.03, an accountant must comply with a subpoena or summons enforceable by order of a court to release information obtained in the course of a "professional engagement", even without client consent.
Therefore, an accountant is required to release confidential client information if a court of law so requires. "

Sample of Sources Used:

Sarbannes-Oxley Financial and Accounting Disclosure Information. Retrieved on August 25, 2007, from http://www.sarbanes-oxley.com/index.php.
Zagel, Peggy (2002, Nov. 18). Accountants Figure Law to Benefit Them Sarbanes-Oxley Act Should Boost Consultant Revenue. Chicago Sun-Times. Retrieved August 24, 2007, http://www.highbeam.com/doc/1P2-1462053.html.