Tutorial 6
9 September 2014
Name: James
Surname: Gilbert
Student Number: 201404266
Tutorial Group: 1
The Maintenance of the professional status of Chartered Accountancy in South Africa.
SAICA, SAIPA, CIMA and the IRBA are just a few of the professional bodies, or institutions, found in South Africa with the purpose of developing and maintaining the professional standard of Chartered Accountancy perceived within this nation. The real question is though, how do they do it? Especially in such a way that sees South Africa renowned for the top seat in Chartered Accountancy standards. To understand how this feat is achieved it is important to first know what a profession is: A profession is an occupation organized in an institutional form, its members offer client services based on an intellectual body of knowledge and a specialised repertoire of skills, that are not ordinarily possessed by the non-professional, in order to explicitly serve public interest. (Lee. 1995, 49) These members are, in addition, required to practice and behave in an ethically and functionally sound way as set out by the
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This being an “enforceable law” with regards to the conduct of professionals ensures the further professional conduct of the members of SAICA and an increase in the public confidence of the profession. The reason that SAICA has been able to set these standards and effectively seclude the profession and disallow just anyone to practice as a CA, is due to the Royal Charter that enables the CA profession to be recognised as just that. (Kizlik, 2014) This royal charter effectively is the base that allows all other mechanisms to be developed and allows the profession to maintain and improve its professional
In the world of business, it is so obvious that Certified Public Accountants are playing an extremely important role to the public. Working as Certified Public Accountants, it is so special that they provide accounting professional services not to a specific person but to the whole public. Therefore, the ethics and conducts of the Certified Public Accountants becomes much more important because it affects the reasonable operation and successful development of the whole industry. So, as a professional accountant, we need take the duties that required by the AICPA code of ethics --- “professional competence, confidentiality, integrity, and objectivity".
Visit the Board of Accountancy’s website and examine three disciplinary actions of your choice. Describe the act of the CPA or firm that resulted in discipline. What regulations and/laws were violated? What disciplinary punishment was applied? Do you believe the discipline was
“ In order to prevent fraudulent financial reports and statements, the American Institute of Certified Public Accountants(AICPA) has created ethical standards” (Ethical standards in a financial statement, 2011). These standards aim to make financial professionals accountable for their accounting practices. This includes the integrity of financial reporting and ensuring financial reporting is done fairly and factually. Financial accountants and professionals should maintain professional integrity, objectivity, and independence to reduce the risk of resulting legal action, loss of profits, and a poor reputation if improper financial reporting is done (Ethical standards in a financial statement, 2011).
The Chartered Accounting profession of South Africa is one of the most esteemed professions in the world, due to the enhancement and maintenance thereof by the South African accounting institutions (South African Institute of Chartered Accountants, 2011). This essay will discuss the Chartered Accounting profession in South Africa by referring to the professionalisation of accountancy in South Africa and the professional status of Chartered Accountancy in terms of the definition of a profession. This essay will furthermore explore the mechanisms that are inaugurated at present by the South African accounting institutions to maintain the professionalism of Chartered Accountancy.
The organization sets U.S. auditing and ethical standards for privately held companies, not-for profit organizations, federal, state, and local governments. It represents the CPA profession by serving ? as an advocate before legislative bodies, public interest groups and other professional organizations? (aicpa.org). Its creation established accountancy as a profession and distinguishes itself by demanding scholastic requirements, high professional accountancy principles, a stringent code of professional ethics and an obligation to serving the public
Accountants are held to a higher ethical standards and they must performed their duties in compliance with standards or ethical values of honesty, integrity, objectivity, due care, confidentiality, which must be fully committed to. They must put clients or public interest first before their own. They must have and ethical values and maintain those values way beyond what the society or the company’s code of ethic. It is important that accountants’ behavior or ethical values is in conformity with the
* Go to the AICPA Website to read the current AICPA code of professional conduct, located athttp://www.aicpa.org/Research/Standards/CodeofConduct/Pages/default.aspx. Next, assess the effectiveness of the current Institute of Management Accountants (IMA) code of professional conduct in promoting ethical behavior and providing guidance for the dilemmas managerial accountants
All members of the American Institute of Certified Public Accountants are expected to be objective and above personal gain in their devotion to serving the public for public not personal interest- interest. They should evidence no conflict of gain and their reputation should be directed by their desire to serve the public and to do so in an honest, integral way. They should be above conflict and pressure from other groups and are expected to enter into their work and conduct it with a befitting professionalism and with professional and honest demeanor of regulating fees, providing quality services, and offering these services all within the range of Principles of the Code of Professional Conduct
In this essay arguments for capitalism as the dominant economic system, and the role that accountants can play in improving this system is discussed. Capitalism is defined as “An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. ‘an era of free-market capitalism’ “ (Anon., 2017).
Please let BRTRC know that they only have the same footprint in the IMP that SAIC had. The room that they currently occupy was only temporary pending of the expiration of the SAIC contract on 30 Sep.
Ethics in any industry is important, but for Accounting professionals and those in need of their services, it is a particularly stressed element. Information provided by accountants is used to make major decisions, including investing, downsizing, expanding, etc, so accountants are expected to be competent, reliable, and have a high degree of professional integrity. Because of these high expectations, the professional accountancy industry, like many other professions, has adopted professional codes of ethics (Woelfel, 1986). These ethical codes go above and beyond the requirements for state or federal laws and regulations. There are several professional organizations within the
Ruth Hines’ paper discussing how we construct reality is very interesting and leads one to wonder whether accountants have too much power. Accounting classes teach concepts of realization and organizations as if it has always been that way. It is hard to think of why accountants do things the way they do, because it is just the way it is supposed to be done. Accountants are considered to be the professionals that everyday stakeholders trust to provide reliable information. As Hines said, “Everything would be a mess without us.” Naturally, everyone assumes accountants always know how to handle an issue; it is safe to say most people assume they do not have issues in the first place. But, of course, there are always issues that need to be handled.
Chartered accountants are therefore expected to display professionalism in their work so that they are able to maintain public confidence in the companies. This is a result of the accountants reporting the true performance of the companies they represent (Radebaugh & et al, 2012).
Q1. Critically evaluate the ICAEW Code of Ethics and guidance on Professional Conduct in Relation to Taxation for professional tax accountants.
Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.