Every successful business must be grounded in sound ethical practices; the accounting profession is no different. Whether your company is being audited or you are the ones doing the auditing, it is very important to monitor and maintain a high ethical standard. Accounting is essentially the profession that polices the financial reports of firms and assures that they are true and accurate. To keep ethical reports standard in the business world, accountants rely on GAAP, or generally accepted accounting principles. These de-facto standards allow accountants to maintain the same critical information in all financial reports. This makes the reports easy to read and interpret, and harder to hide foul information. Accountants can then place a rating on another company’s financial health. This is called an audit, and through the help of an audit report other firms decide to, or not to, invest in, do business with, or associate with that company. There is a great chance for a conflict of interest to arise when an accounting firm performs an audit. If the auditing firm has any stake, either financial or personal, in the company being audited, the auditing firm has good reason to award an artificially inflated rating to the firm they are auditing. Monitoring and maintaining a high ethical standard in business will help you to avoid any conflicts of interest, provide checks and balances in financial reporting, and earn the trust and respect of fellow businessmen and consumers.
Firstly, I love the comic! Great choice of graphic. The content is very good, and very accurate. I only have 2 areas I see that can use improvement, one of which is from the teacher. Be sure to remember a blog is personal, so try to write in the first person, using 'I' as you write, and sound less like a reference. Second, try not to wait until the last moment to do your blog. Websites can go down, errors can happen, and pcs can break and waiting until 30 min before the due time is cutting it close. Other than that, you're post is awesome! Great job, Anna!
ReplyDeletewonderful graphic...remember to cite it and tell your story about ethics using "I" and your voice.
ReplyDeleteI'm actually really glad you guys mentioned those things because I will be doing my first text-and-graphic post this week. I had forgotten about talking in the first person.
ReplyDeleteHaha I liked the graphic. Very good post as well.
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