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Chapter 16

Chapter 16. Professionalism, Ethics, and Career Planning. Outline. Expected outcomes Professionalism Ethics Certifications and licensure. Expected outcomes. List and discuss characteristics of a professional. Explain how those characteristics apply to the accounting profession.

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Chapter 16

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  1. Chapter 16 Professionalism, Ethics, and Career Planning

  2. Outline • Expected outcomes • Professionalism • Ethics • Certifications and licensure

  3. Expected outcomes • List and discuss characteristics of a professional. • Explain how those characteristics apply to the accounting profession. • Define ethics. • Discuss various models / schools of ethical decision making. • Explain how to resolve ethical dilemmas.

  4. Professionalism • Bell • Communicates effectively. • Thinks rationally, logically and coherently. • Appropriately uses technical knowledge. • Integrates knowledge from many disciplines. • Exhibits ethical professional behavior. • Recognizes the influence of political, social, legal, economic and regulatory forces. • Actively seeks additional knowledge.

  5. Professionalism • McDonald • Specialized knowledge base • Complex skills • Autonomy of practice • Adherence to a code of ethical behavior

  6. Professionalism • Lecture break 16-1 Think of someone you know that you consider “professional” based on the ideas just presented. With a partner, discuss that person, pointing out how they exemplify the characteristics of a professional.

  7. Ethics • Moral philosophy • Three areas • Meta-ethics: Where do ethical principles come from? What do they mean? • Normative ethics: What moral standards regulate right and wrong conduct? • Applied ethics: How should people respond to specific controversial issues?

  8. Ethics • Ethical issues in accounting • Earnings management • Performance evaluation • Use of estimates • Decisions involving human judgment • Taxation • Structuring transactions to meet certain accounting rules

  9. Ethics • Schools of ethical thought • Utilitarianism • The end justifies the means • The greatest good for the greatest number • Rights and duties Individuals have certain rights; others should not interfere with them. • Justice • People should be given what they deserve. • Hamlet: If everyone gets what they deserve, who will escape whipping? • Virtues People should do what is right, moral and virtuous

  10. Ethics • Lecture break 16-2 Joe is frequently in conflict with his supervisor, Jill. Jill is considering giving Joe a poor performance review in an effort to get him terminated. • Choose one of the four schools of ethical thought. • Explain how Jill might justify her decision based on the school you chose.

  11. Ethics • Models for making ethical decisions Langenderfer and Rockness • Identify the facts. • Identify the ethics issues & stakeholders involved. • Define the norms, principles and values related to the situation. • Identify the alternative courses of action. • Evaluate the consequences of each possible course of action.

  12. Ethics • Models for making ethical decisions Langenderfer and Rockness (continued) • Decide the best course of action consistent with the norms, principles and values. • If appropriate, discuss the alternative with a trusted person to help gain greater perspective regarding the alternatives. • Reach a decision as to the appropriate course of action.

  13. Ethics • Models for making ethical decisions Mintz and Morris • Frame the ethical issue. • Gather all the facts. • Identify the stakeholders and obligations. • Identify the relevant accounting ethics standards involved in the situation. • Identify the operational issues.

  14. Ethics • Models for making ethical decisions Mintz and Morris (continued) • Identify the accounting and auditing issues. • List all the possible alternatives you can or cannot do. • Compare and weigh the alternatives. • Decide on a course of action. • Reflect on your decision.

  15. Ethics • Lecture break 16-3 • Mike has observed what he believes to be fraud in his company. Employees paid through a government grant are doing less than 1% of the work for which they are contracted. • Use one of the two ethical decision frameworks to analyze Mike’s options in this situation.

  16. Certifications & licensure • The purpose of an accounting degree is not to prepare a student to pass a particular certification / licensure exam. • The purpose of an accounting degree is to teach a student how to think and behave like an accountant. • Nevertheless, certification / licensure is a worthy goal in our profession.

  17. Certifications & licensure • Certification: mastery of a body of knowledge • Certified Fraud Examiner • Certified Internal Auditor • Certified Management Accountant • Certified Information Systems Auditor • License: permission from some authoritative body to perform a particular task Certified Public Accountant

  18. Classroom assessment • This chapter has focused on: • Professionalism • Ethics • Certification and licensure in accounting • On your own, prepare a diagram or write a paragraph that connects those three topics to one another. • Discuss your work with a partner or in a small group.

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