Accountant-Lawyer Alliance Community (ALA)’s Post

Accounting Ethics: Big deal or Big whoop? 😲 If you ask any accounting firm, they'll say Ethics is # 1. For anyone paying attention, it sure doesn't feel that way. KPMG was recently fined $25M for cheating and then misleading investigators. EY did the same thing a few years ago. The best firms set the gold standard for the profession...and then get caught CHEATING on the ETHICS exam. 😱 Let the irony of that soak in. —------------------- How did we get here? Ethics is just barely a required portion of the CPA exam. It's more like an afterthought once you pass the 4 “real” sections. From the Firms POV, every hour spent on ethics training is an hour of billable time lost. —------------------- 💣 How do I think the profession really feels about ethics? Ethics skills don't pay the bills. Let's all check the box that we're ethical and get back to work. 👉 Being ethical where it matters = Big Deal 👉 Proving that you are ethical = Big Whoop #Accounting #Finance #AccountingandAccountants —------------------------------------------------------------------------------ 🚀Check the No Flux Given playbook and Sketchy Business Practices course at MikeFromAccounting🚀

Navigating Ethical Quandaries In our previous discussion about ethical governance, we explored the distinction between legal and compliance ethics and the emerging landscape of the "new" business ethics. The key distinction between these two categories of business ethics is that legal and compliance ethics is ultimately rooted in laws and regulations, while the “new” business ethics is not. As a result, there are few established rules guiding how leaders are supposed to approach the “new” ethical questions. In the absence of clear rules requiring a particular resolution to an ethical dilemma, leaders ought to engage in a process of ethical reasoning. Ethical reasoning requires consideration of the consequences of each decision considered through the framework of different schools of ethical thought. In this way, ethical thinkers weigh consequences, understand the nuances of their choices, and consider diverse viewpoints. They also grapple with the reality that complex decisions often entail tradeoffs between different types of costs and benefits. Careful ethical reasoning ensures that those tradeoffs are fully considered and articulated before a decision is made. #EthicalDilemma #EthicalDebate #EthicalComplexity #BusinessEthics

Hey IMF, HRD, Legal, Arbitrator and Administrative Tribunal, I have been thinking about some remedial training you all very much need. On line courses in business ethics. Take a look at the contents found at: https://lnkd.in/gvczKPBm I am just trying to help you all get involved with your responsibilities associated with your employees. You should learn, doubtful, to look upon them as assets rather than something toss under the bus. Maybe your "saved" administrative budget would allow you all to take some night courses in ethics. This is especially important to your Arbitrator. He needs a whole new ethical reconstruction and this would apply to your admin Tribunal as well. Think it over and stay tuned.

Professional ethics questions feature in all the accountancy qualifications, but many students do not pick up all these relatively easy marks. There are 2 main reasons for this. 1.  Candidates do not understand the scenario and tend to write generic answers instead of tailoring their answer to the specific issues raised in the question. 2.  Lack of technical knowledge on ethics, threats etc. To help you, we have done a Kaplan Ethics Masterclass featuring 3 possible ethical scenarios- auditing, management accounting and tax. With regard to ACCA Advanced Tax,  a popular area is an unexplained tax refund was received by the client, and you needed to advise the client accordingly. If the client keeps the tax refund, I have covered the implications in detail in the video below. Another popular area is the  procedures for a new client which is also covered in the video. Other possible areas include Confidentiality where you are asked to explain whether you can use the information gained from one client for another client and the answer is obviously no! The firm requires written permission, but we are allowed to use the general expertise in terms of professional competence without specific reference to the original client. Finally , ethics can also feature the General Anti Abuse Regulations (GAAR) where the client uses aggressive tax avoidance such as circular transactions to gain an unfair or unintended tax advantage. Here, HMRC will withdraw the tax advantage and impose a fine of 100% of the tax payable. Watch our FREE Kaplan video using the link below. https://lnkd.in/d5pkBSb9

As discussed in our last post, there is a crucial distinction between Legal and Compliance Ethics and the New Business Ethics. Specifically, Legal and Compliance Ethics ultimately stem from legal obligations, but the New Business Ethics do not. This distinction means that business leaders must take a different approach to determining how to comply with these two different types of ethical imperatives. Legal and Compliance ethics can and should be guided by a corporation’s legal team in consultation with outside counsel. Thus, if a corporate leader wants to know whether it is proper to trade securities at a given time, take a potential government official to dinner, or account for a sale in this quarter or next, the answers can be determined in large part by consultation with the corporation’s lawyers. By contrast, if a corporate leader wants to determine whether the company ought to refrain from doing business with white supremacists, the legal and compliance lawyers may not have much to contribute – after all it is perfectly legal to do business with American Nazi Party, and also perfectly legal to decide not to do business with them. Similarly, if a company is considering offering travel benefits for workers who live in states where abortion is illegal, this is no law requiring or prohibiting this practice (at least not yet). The same is true about the decision whether to issue a statement about world or national affairs, and if a statement is issued, the law does not dictate what it should say. The New Business Ethics requires corporate leaders to make decisions based on their corporation’s values, a task quite distinct from determining what is legally required. In subsequent posts we will discuss how corporations should approach this task. #EthicalLeadership #BusinessEthics #LeadershipMatters #StakeholderValue

Ethics in Accounting: Beyond Compliance, Building Trust Ethics in accounting isn't just about following rules—it's about building lasting trust. As Chartered Accountants, we do more than manage numbers; we uphold integrity and transparency. Why Ethics Matter Ethical standards ensure accuracy in financial reports, fostering trust among stakeholders and the public. This trust is crucial for a company's reputation and success. Building Trust Trust is earned through consistent ethical behavior. Honest financial reporting attracts investment and builds a company’s credibility. Facing Ethical Challenges Accountants often face pressure to manipulate data. It's vital to stay objective and uphold ethical principles, ensuring decisions benefit the public and maintain professional standards. Continuous Learning Staying informed about ethical guidelines helps us navigate complex situations and make decisions that protect our profession’s integrity. Conclusion Ethics in accounting is about more than compliance—it's about building trust. By committing to ethical practices, we enhance our profession’s credibility and foster a trustworthy financial environment. Let's continue to prioritize ethics in all we do, ensuring we are not just accountants, but trusted advisors. Share your thoughts on the importance of ethics in accounting below. #Accounting #Ethics #Trust #CharteredAccountant #ProfessionalIntegrity

Course Learnings Outcomes Course Name: Professional Ethics Course Provider: Corporate Finance Institute This Professional Ethics course aims to prepare you for what to do when you are faced with ethical dilemmas throughout your career. This course discusses why ethics matters within an organization, the key elements of business ethics, and what contributes to a strong ethical culture within the organization. Explores the moral principles of integrity that constitute professional conduct. Finally, walk through the ethical decision-making process and provide a few sources of ethical guidance. You will practice using the ethical decision-making framework to face real-life ethical dilemmas in case studies. Skills / Knowledge Business ethics Organizational culture Thanks to Corporate Finance Institute® (CFI) and the instructors. #assetmanagement #alternatives #derivatives

📅 SAVE THE DATE: #NCHFMA Virtual Ethics Training (March 26 at Noon ET) ℹ Course Description: North Carolina Professional Ethics and Conduct rules are just one subsection of the set of rules and standards governing North Carolina CPAs. However, the importance of professional ethics merits an in-depth study, because making the right decision every time is hard! In this course, led by Cal Christian (Professor and Chair of Accounting at East Carolina University), the NC Professional Ethics and Conduct rules will be specifically examined, clarifying how they apply to all CPAs. Standards of ethical conduct are not only examined for those CPAs in public practice, but also for CPAs working in industry, government, and education throughout North Carolina. You will examine current trends in #ethicalbehavior, #socialnetworking, and #fraud.   👩🏫 Who Should Attend: All active North Carolina CPAs and anyone else interested in understanding current ethical issues related to the accounting profession should attend, and anyone who has attended this course in previous years should also attend as the content is updated annually.    ***NOTE: This course fulfills the State Board’s annual 50-minute ethics #CPE requirement for annual license renewal for North Carolina CPAs. Registration coming soon...

It's always good to know your ETHICS and we've got the best panel for discussing ethics in federal tax law preparation. Looking forward to producing this program!

On Legal Ethics: I was pleased to be invited by alma mater to a speaker series on morality and legal ethics. I have always loved the idea of legal jurisprudence and discussions around the proper way to look at the legal system. It's all well and good to have a plan and a strategy, but what do you do when a situation unfolds in a novel and strange way. How do you cope with the complexity? We discussed this along with a number of other issues and alongside a corporate regulator and a former DPP, we walked our way through the complexities of legal life in practice. Thanks to UTSLSS for having me. Pic Below: The panel from the discussion