Table of Contents
Honesty
a). Discussion of the Value
Honesty as used in accounting means ‘not lying’ but represent the truth at work by giving the assessment of accounting information. It is unprofessional for an accountant to represent part of the truth with an intention of getting a specific result. Accountants, therefore, need to achieve transparency by disclosing details that relate to a controversial accounting treatment as this will be the best way of managing shareholders expectations (Gill, 2009). Honesty in the accounting profession is not just the best policy but the only policy (Crawford and Loyd, 2008).
b). Personal Opinion
Accountants deal with a company’s financial standing and produces reports that focuses on the company’s assets, liabilities, expenditures, and one overall sales and earnings of the company. It is, therefore, important that the financial standing of the company reflects a true and honest financial standing of the company. Accountants are, thus, required to exercise honesty in representing the company’s financial strength as this information is trusted upon by different stakeholders who use the information to make varying decisions concerning the company. The shareholders will use the accountants’ information without fear of biased reporting basically because honesty in accounting is a primary characteristic of the profession that allows taking effective financial decision and making appropriate judgments.
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c). A Work Place Impact
Honesty plays a vital role in the work place as dishonesty leads to sandal and losing of reputation. Therefore, this means that being honest with seniors, supervisors and full disclosure of all relevant information is a vital feature of any good worker. This is because honesty and integrity in accounting will be a personal gain for public trust.
Honesty by accountants will result to influencing the company’s overall competitiveness. Honesty as a value has the capability to influence perceptions as well as a person’s performance. As a professional, I know that honesty will help the company develop. It will be like a guide line that will indicate other employees’ behavior.
Unfortunately, honesty in accounting does not seem to be at the forefront of accountant’s minds, although this is the cornerstone of what accountants do. It is, therefore, important that accountants provide clients with impartial information and make a true representation of the company’s financial standing (McKnight, 2004).
Responsibility
a). Discussion of the Value
Responsibility is a value that focuses on how accountants are responsible for controlling the use of available resources. This value refers mostly to how senior managers can establish a network of responsibility, by collecting, summarizing and reporting true financial information about different decision centers throughout the organization. Responsibility will aid in tracking of costs, expenses or revenues to individual managers who are responsible for making such decisions and taking appropriate action. It is the responsibility of the accountants to detect fraud, predict bankruptcy and inform interested parties accordingly (Young, 2003 and Schroeder, et el., 2010).
b). Personal Opinion
Responsibility does not only mean the act of identifying and relating to only failures but also indentifying success and finding the people who made the achievement. Responsibility in accounting can, therefore, be used to mean holding accountants accountable for their actions to ensure that accountants are also responsible for the differences that can arise from actual performance and the budget. The organization’s performance is measured by use of revenue and expenses and, thus, accountants need to be able to achieve efficiency and effectiveness in the use of these outputs and inputs.
c). A Work Place Impact
The role of responsibility in the workplace is mainly to help in improving the full cost system i.e. the primary responsibility and the accounting staff. Responsibility means therefore that the client’s objectives will not be violated but his/her best interest are to be served by the advisor’s actions (Hoffman, 1996).
As a professional, responsibility determines a person’s product line profitability; it helps in formulating strategic decisions, personnel and programs by use of choice of allocation, assignment of cost centers and allocation of service centre.
Responsibility can be applied in the work place by carrying out some key activities like allocating of service center costs mission centers, attachment of costs to cost objects, by use of choice allocation bases or using assignment of costs to cost centers.
Respect
a). Discussion of the Value
As a professional accountant, one should have respect for the confidentiality of any information obtained as a result of the relationships with the client and should not disclose any such confidential information to third parties. Therefore, accountants should respect their profession by respecting their client’s confidential information and letting it remain confidential. They ought not to use the confidential information for their personal or business relationship (Watkins, 2009).
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b). Personal Opinion
As a professional, an accountant is obligated to respect any confidential information acquired as a result of their relationship with a client and they are bound not to release such information to any third party without the client’s authority unless otherwise it is legal to do so.
c). A Work Place Impact
Accountants are bound to respect their company’s financial book and any information in it should not be released to any party. Therefore, it is important to ensure that as an accountant I have respect for human dignity and I respect the basic human rights.
The value of respect to an accountant means that the accountant is able to comply with laws and regulations and is able to avoid any action that may discredit the accounting profession Respecting the company’s confidential information means the need to respect and stick to this principle even after the end of the relationship between the accountant and the employer.
Respect for the accounting profession and its role will determine how best the profession will facilitate any meaningful dialogue between the client and state boards. A professional accountant should always show respect to the client’s confidential information (ISBN 1428943927). They should know that disclosure is only permitted in cases stated in law or when there is a professional right to disclose such information and, thus, the accountant should comply with the relevant laws to avoid any action that may lead to discretion of the profession.