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Essay / Research Paper Abstract
This 3-page paper provides a list of four ethical situations accountants face these days. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: AS43_MTaccethdi.rtf
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financial reporting irregularities to take place, the question was asked. These questions led directly to the Sarbanes-Oxley Act of 2002 and one of the provisions of the act was that
the auditing function be totally separated from the company. Does this mean, then, that there are no more accounting scandals in the offing? Not necessarily - accountants today continue to
face ethical dilemmas. The four well discuss in this paper are conflict of interest, expense manipulation on earnings reports, unethical solicitation of professional work and using inside information for
personal gain. Conflict of interest was a huge issue in the Enron case - in that situation, outside auditor Arthur Andersen was not
only Enrons auditing partner, it was also the companys consultant. Furthermore, a handful of Andersen employees actually had offices in the Enron office building. This made objectivity difficult when it
came to financial reporting. But Carson (1994) some 15 years ago noted that conflict of interest situations also can occur in hiring, self-regulation, payment and technological changes. As the
accounting profession moved from that of a service one to a profit maximization one, the field was rife for conflicts of interest. It continues to this day - again, accountants
and auditors tend to be more directed toward profit maximization than doing the right thing. This brings us to the next ethical
issue, that of financial statement manipulation. Though accountants are bound, in theory, by series of reporting standards that must be followed, many of these standards have large loopholes, making them
ripe for financial statement manipulation (Leung and Cooper, 2005). Expense manipulation, in particular, seems to be fairly popular (Leung and Cooper, 2005). Many times, such manipulation isnt really the
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