What are the Core Ethics of Accounting
According to Aron Govil
Ethics is an integral part of any field. Be it science, or arts, or commerce, ethics propagates that every activity function within a legally acceptable manner with honesty and respect. Ethics emphasizes the importance of moral values and judgment. It promotes that all the participants in a professional work together in harmony, respecting each other's boundaries and promoting good quality reliable work.
Even in accounting, some core principles are present that any accounts professional must follow to maintain the fundamental integrity of their work under all circumstances. Even well-recognized professionals in the field, such as Aron Govil, support that working within ethical boundaries promotes healthy work practices.
Core ethics in accounting
Here are some core ethics of accounting that every professional must follow to ensure that their work is reliable by others: -
- Integrity is priority
Integrity is one of the first core codes of ethics in accounting because it is never enough to justify the importance of working honestly. Accounting professionals must ensure that their work is straightforward and achieved in a completely sincere fashion. Any professional that indulges in altering the final balance or the result of the work is an unethical practice. - Maintain objectivity
As humans, anyone is prone to portray our bias somewhere or the other. However, a dedicated accounting professional must ensure that their work gets completed avoiding the scope of bias or conflict of personal interest. Paying attention to personal interest can malign the results, making them unreliable for future reference. - Confidentiality is the pillar
Confidentiality refers to keeping the information related to the people involved in a task or other crucial aspects a secret. A dedicated accounting professional ensures that all the information they have collected during a work project is not shared with a third party under any circumstances. Revealing confidential information to others for the sake of personal benefit is unethical behavior. - Professional competence is necessary
This emphasizes using one's skill and knowledge to provide the best quality service to an employer or the client that an accounting professional is working for. It also means to offer competent services of the best quality that a professional can do. A sincere professional must also work according to the expected standard of work associated with their designation and expertise. - Professional behavior is a must
Professional behavior means to work as a responsible accountant by following all the legally prescribed laws and regulations for working. An accountant should prefer to avoid being a part of any illegal work by the law of their profession and the country of residence. Not abiding by it may also lead to termination or suspension from the job as a whole.
Wrapping things up
Following the ethics of professional work in accounting ensures that people still bestow their trust upon the services provided by accounting professionals. Aron Govil says that without ethics, the backbone of accounting is weaker, and the future of the field would be nothing but unclear.