Solved Accounting Assignment

Discuss the purpose of APES 110 Code of Ethics for Professional Accountants, particularly
in relation to the requirement for professional accountants to demonstrate integrity.

Introduction:

In present time Account profession is very important for the business industry. Through accounts
companies maintains its financial records which shows the real position of any company not only
to its owners but also other people who want to make investments. To make financial records by
accountant there are given some rules and regulations. APESB (Accounting Professional &
ethical standards board limited issues APE 110 codes of ethics for professional accountants.
According to this code all members in Australia or abroad will be practice under given law and
legislations until prevented by laws. In APES there are given guidelines on which accountants
will do its work when working for any financial body. Code informs about some basic rules
which are integrity, objectivity, confidentiality and professional competency with due care. This
code is contumely maintaining its ethical standards as per present requirements.
(http://www.apesb.org.au, 2006)

What is Requirement for professional accountants to demonstrate integrity?

APESB (account professional and ethical standards board limited issues 110 codes of ethics for
professionals. These codes are explained in this way that all professional body can easily
understand its role when they are offering services to any financial industry. Codes informs
accountants about its legislative responsibilities when they act as auditors. Codes also give
details about integrity and explain that how accountant should be straight forward and honest
when they are giving their services for any financial body. Members will keep critical eye on
false statements and should not give help to them to manage the false details. It is responsibility
of every member that they complete their work with due obligations and integrity.
(http://www.apesb.org.au, 2006)

Laura Nash decision make module to explain ethical approach in given situation

Laura Nash model of ethical decision making is very effective details which explain that how
critical points should be tackle within give APES code of ethics. There are twelve questions
which gradually guide towards the right option.
As Member what is my findings

As the member of this audit I found some problem in statements. There are variations in report
and need to add some more details which are missing. If I checked details with critical eye I
cannot find agenda of financial crises and did not receive the scheduled quarterly compliance
audit on the loan portfolio, which is required as part of the performance reporting to lenders. This
audit is demanded by suppliers to know the real position of company that their future is safe or
not, therefore CEO is not taking interest about these misleading details.

Whom could your decision or action injure?

In this false situation I have to make report according to code of ethics, which compile me to
give decision as per given legislation. I have to shown integrity, truthfulness and straight forward
behavior towards my profession instead of towards my company. So I will give a fair decision to
present a real picture of my company’s financial position which is very week and my decision
will effect to my company but it will be as per given laws and ethics written in code.

Discussions

I will also prefer to discuss all these details with the CEO because he knows all details very well
and as member of committee it is my responsibility to be fair and well wisher for my concerned
body. I will try my best to discuss all details and solve it within the given law and regulations in
code. (Jsmith, 2009)

What about my position

My CEO is well aware about false statement but don’t want to disclose the real position. As per
given code I am responsible to do not disclose company information but within the given laws.
Now I have to manage the figures as per present situation which will not according to laws of
ethics. Now in this situation I don’t know what will be my position in the future.

Decision without fear

Code of ethics are very clear and strong it its actions. If someone is its member and doing
practice in Australia or outside have to follow these rules until they show disassociation with its
practice. For this decision they check the situation critically to determine the facts, identify the
ethical issues, and identify the values to relate with issues, specify the alternate actions, identify
the consequences of each possible action and then make a decision. Therefore yes I can disclose
the decision to my CEO without any fear or hesitation. (education, 1989 - 90)
My Action within understanding the real picture

As I know this audit is conducted by suppliers not by trustees therefore even CEO knows all
situation but not taking interest to disclose it. Here my action will be to show real picture. To live
trustworthy with my company I can discuss details with CEO to conclude any favorable solution
for both parties within the laws and legislations and will try my best to protect right of my
company and my duty. I can make a report which shows the real picture but also will show some
strong future plans and details which can show to the suppliers to safe them as well.

My Action if I Misunderstood

My action at the time of misunderstanding I will be totally relay of false details given by my
CEO who want to safe his company only. I will show report with some manipulations to save my
future position in my company.

Exceptions

Code of ethics makes us responsible not only towards our company but also towards our
profession. We have to conduct audit only given laws and legislation. There are some clear and
strong fundamental principals like integrity, Objectivity, Confidentiality and professional
competency and due care. This act is developing to maintain the ethical standards in the public
who make relay on members due to their professionalism. If my company will take care of my
fundamental principles that I can do my duty according to these laws and legislations then I can
allow expectation with my stand. (Sylph, 2014)
Bibliography

Bibliography
education, m. h. (1989 - 90, April). Ethics in Accounting. Retrieved december 19, 2016, from
http://highered.mheducation.com/sites/0072994029/student_view0/ebook/chapter1/chbody1/ethics_i
n_accounting.html.

http://www.apesb.org.au. (2006, june). APES 110 Code of Ethics for Professional Accountants. Retrieved
december 19, 2016, from
http://www.apesb.org.au/uploads/standards/apesb_standards/standard1.pdf.

Jsmith. (2009, June 18). Business Ethics: The Power of Doing the Right Thing. Retrieved december 19,
2016, from http://jsmith.cis.byuh.edu/books/powerful-selling/s07-business-ethics-the-power-of-d.html.

Sylph, J. (2014, julay 30). Future Expectations and the Profession’s Response. Retrieved december 19,
2016, from https://www.ifac.org/news-events/2014-07/future-expectations-and-profession-s-response.