The document summarizes a research study on the ethical practices of professional accountants in Nigeria. It finds that while ethical codes are documented, some accountants do not fully practice ethics. The study examines the extent to which accountants reflect ethical values in their work. It collects data through questionnaires and journals. The findings show penalties for unethical members are inadequate and accountants should adhere closely to ethical codes for their profession to endure. The study recommends accountants pay attention to good ethical conduct and strictly follow codes of conduct.
Impact of Accounting Ethics on the Practice of Accounting Profession In Nigeria.IOSR Journals
This study is an empirical investigation of the impact of ethical values on the practice of accounting
profession in Nigeria. To achieve the purpose of this study, research questions were raised, hypotheses were
formulated, and a review of related literature was made. The main objective of this study is to examine if
accounting ethics have much impact on the practice of accounting profession in Nigeria, the factors that make
the accountants breach accounting rules and if ethical codes of conduct address all the issues that border on
ethical practices. The study employed a synthesis of descriptive and survey research methods. The major
instrument used for generating the primary data was the questionnaire, which was designed in five-response
option of likert-scale. Two hundred and fifty (250) questionnaires were administered, two hundred and nineteen
(219) questionnaires were completed and returned. The data generated for this study were analysed through
mean scores while the stated hypotheses were statistically tested with z-test. Our findings revealed that there are
other major influence which accountants believe have impact on their professional conducts like policies and
rules of companies where accountants work, religion were found not to have major influence in the professional
conduct of accountants. The legal system and societal value systems also inter-played in the accountants’
professional conduct. It was recommended among others that the accountant in practice needs to pay attention
to good ethical conduct and there is the need to adhere strictly to the ethical code of conduct.
Ethics in accounting and the reliability of financial informationAlexander Decker
This document summarizes the importance of ethics in the accounting profession. It discusses how accounting scandals in recent decades have questioned the integrity of financial reporting and the auditing process. Unethical practices, such as creative accounting and lack of independence, can undermine the reliability of financial information. For financial statements to be a reliable source of information for decision making, accountants must adhere to principles of integrity, objectivity, and care. Ethics codes guide members of the accounting profession to act with morality and support public trust in the financial system.
THE ADEQUACY OF ETHICS IN ACCOUNTING PRACTICE IN NIGERIAIAEME Publication
The document examines the adequacy of ethics in accounting practice in Nigeria. It discusses the importance of ethics for the accounting profession given its role in society. The study evaluates whether the existing code of ethics is adequate for professional accounting practice in Nigeria and identifies factors that inhibit strict adherence to ethical standards.
The literature review discusses the role and responsibilities of accountants. It outlines the five fundamental principles from the IESBA Code of Ethics that accountants must follow: integrity, independence and objectivity, confidentiality, professional competence and due care. The relevance of ethical codes for the accounting profession is also discussed as it establishes standards and maintains public trust.
The objectives of the study are to examine if the existing code of ethics is
11.ethical dimensions in responsible professionalism and accounting procedure...Alexander Decker
This document summarizes a research paper on the ethical dimensions of responsible professionalism and accounting procedures in Kenya. The paper examines ethical theories and how they apply to management challenges faced by accountants. It conducted a survey of 150 professionals in central and Nairobi provinces. The findings suggest that Kenya's current management accounting is weak and should incorporate more ethical considerations. Overall, the study found impediments in the existing system and that addressing ethics could help improve transparency, accountability, clarity in reporting and professional responsibility.
Ethical dimensions in responsible professionalism and accounting procedures i...Alexander Decker
This document summarizes a research paper on ethical dimensions in responsible professionalism and accounting procedures in Kenya. The paper examines ethical theories and their application to management accounting challenges faced by accountants in Kenya. It employed a case research design and survey of 150 participants from central and Nairobi provinces. The findings suggest that current management accounting in Kenya is weak and should employ ethical considerations to improve transparency, accountability, clarity in reporting, and responsible professionalism. Taken together, the findings indicate that ethical considerations could help reform management accounting in Kenya.
Corporate governance is a system that directs and controls management with accountability and integrity to serve shareholders and stakeholders. It encompasses policies, processes, and people. Sound corporate governance relies on external market forces and legislation as well as strong internal policies and board culture. Principles of corporate governance include transparency, board oversight, integrity, and protection of shareholder rights. Institutional investors believe good governance leads to higher returns and better access to financing. Surveys show investors place a premium on well-governed companies.
This document provides an overview of corporate governance in banks and its impact on risk and performance based on a review of the literature. It discusses three main areas:
1. Ownership structure - Specifically examines different types of bank owners and how their incentives and goals impact risk taking.
2. Board structure - Focuses on boards of directors and their framework which is dependent on the legal, regulatory and ethical environment.
3. Risk management - Looks at governance mechanisms aimed at preventing excessive risk taking in banks.
The document reviews theories around agency problems and stakeholder interests in corporate governance. It also discusses how the institutional context is important for understanding governance approaches across different societies.
Impact of Accounting Ethics on the Practice of Accounting Profession In Nigeria.IOSR Journals
This study is an empirical investigation of the impact of ethical values on the practice of accounting
profession in Nigeria. To achieve the purpose of this study, research questions were raised, hypotheses were
formulated, and a review of related literature was made. The main objective of this study is to examine if
accounting ethics have much impact on the practice of accounting profession in Nigeria, the factors that make
the accountants breach accounting rules and if ethical codes of conduct address all the issues that border on
ethical practices. The study employed a synthesis of descriptive and survey research methods. The major
instrument used for generating the primary data was the questionnaire, which was designed in five-response
option of likert-scale. Two hundred and fifty (250) questionnaires were administered, two hundred and nineteen
(219) questionnaires were completed and returned. The data generated for this study were analysed through
mean scores while the stated hypotheses were statistically tested with z-test. Our findings revealed that there are
other major influence which accountants believe have impact on their professional conducts like policies and
rules of companies where accountants work, religion were found not to have major influence in the professional
conduct of accountants. The legal system and societal value systems also inter-played in the accountants’
professional conduct. It was recommended among others that the accountant in practice needs to pay attention
to good ethical conduct and there is the need to adhere strictly to the ethical code of conduct.
Ethics in accounting and the reliability of financial informationAlexander Decker
This document summarizes the importance of ethics in the accounting profession. It discusses how accounting scandals in recent decades have questioned the integrity of financial reporting and the auditing process. Unethical practices, such as creative accounting and lack of independence, can undermine the reliability of financial information. For financial statements to be a reliable source of information for decision making, accountants must adhere to principles of integrity, objectivity, and care. Ethics codes guide members of the accounting profession to act with morality and support public trust in the financial system.
THE ADEQUACY OF ETHICS IN ACCOUNTING PRACTICE IN NIGERIAIAEME Publication
The document examines the adequacy of ethics in accounting practice in Nigeria. It discusses the importance of ethics for the accounting profession given its role in society. The study evaluates whether the existing code of ethics is adequate for professional accounting practice in Nigeria and identifies factors that inhibit strict adherence to ethical standards.
The literature review discusses the role and responsibilities of accountants. It outlines the five fundamental principles from the IESBA Code of Ethics that accountants must follow: integrity, independence and objectivity, confidentiality, professional competence and due care. The relevance of ethical codes for the accounting profession is also discussed as it establishes standards and maintains public trust.
The objectives of the study are to examine if the existing code of ethics is
11.ethical dimensions in responsible professionalism and accounting procedure...Alexander Decker
This document summarizes a research paper on the ethical dimensions of responsible professionalism and accounting procedures in Kenya. The paper examines ethical theories and how they apply to management challenges faced by accountants. It conducted a survey of 150 professionals in central and Nairobi provinces. The findings suggest that Kenya's current management accounting is weak and should incorporate more ethical considerations. Overall, the study found impediments in the existing system and that addressing ethics could help improve transparency, accountability, clarity in reporting and professional responsibility.
Ethical dimensions in responsible professionalism and accounting procedures i...Alexander Decker
This document summarizes a research paper on ethical dimensions in responsible professionalism and accounting procedures in Kenya. The paper examines ethical theories and their application to management accounting challenges faced by accountants in Kenya. It employed a case research design and survey of 150 participants from central and Nairobi provinces. The findings suggest that current management accounting in Kenya is weak and should employ ethical considerations to improve transparency, accountability, clarity in reporting, and responsible professionalism. Taken together, the findings indicate that ethical considerations could help reform management accounting in Kenya.
Corporate governance is a system that directs and controls management with accountability and integrity to serve shareholders and stakeholders. It encompasses policies, processes, and people. Sound corporate governance relies on external market forces and legislation as well as strong internal policies and board culture. Principles of corporate governance include transparency, board oversight, integrity, and protection of shareholder rights. Institutional investors believe good governance leads to higher returns and better access to financing. Surveys show investors place a premium on well-governed companies.
This document provides an overview of corporate governance in banks and its impact on risk and performance based on a review of the literature. It discusses three main areas:
1. Ownership structure - Specifically examines different types of bank owners and how their incentives and goals impact risk taking.
2. Board structure - Focuses on boards of directors and their framework which is dependent on the legal, regulatory and ethical environment.
3. Risk management - Looks at governance mechanisms aimed at preventing excessive risk taking in banks.
The document reviews theories around agency problems and stakeholder interests in corporate governance. It also discusses how the institutional context is important for understanding governance approaches across different societies.
This document outlines the learning objectives of a chapter on professional ethics. It discusses distinguishing ethical from unethical behavior, resolving ethical dilemmas, and the importance of ethics for accountants. It also describes the purpose and content of the AICPA Code of Professional Conduct, including rules on independence. Additional topics covered include Sarbanes-Oxley independence requirements, other rules in the Code regarding conduct, and enforcement mechanisms for noncompliance.
Corporate governance for private banks in indiaumesh yadav
This document is a project report submitted by Reshamvala Nema Saleem of S. I. E. S. College on the topic of corporate governance for private sector banks in India. The document includes a title page, declaration, certificate, acknowledgements, synopsis, index, and various sections of the report on private sector banks in India, the concept of corporate governance, recommendations of committees on corporate governance, and the regulatory framework. It was completed in the 2007-2008 academic year under the guidance of Professor Aarthi.
Olympus and Toshiba both experienced accounting scandals due to misleading financial reports that inflated profits. Four main causes contributed: accounting issues like improper reserves; legal issues like misleading financial statements; weak corporate governance with poor internal controls; and an unethical culture of dishonesty. While similar to Enron's scandal in involving accounting irregularities and fraudulent top officers, the timing and economic conditions differed. Recommendations include stricter regulations and accounting standards, stronger laws and oversight, codes of conduct, ethical individual responsibility, and empowering whistleblowers.
“The Ethics of Corporate Governance: Bangladesh Perspective”Anamika Hore
This Assignment is about the ethics of corporate governance of Bangladesh. Here in this assignment some common Corporate Governance theories are also evaluated. In Bangladesh what ethics are followed rigidly by the corporations of Bangladesh are also focused.
This document provides an overview of corporate governance. It defines corporate governance as the system that directs and controls companies. It discusses several large corporate financial scandals over the decades, including Enron in 2001, Lehman Brothers in 2008, and Volkswagen in 2015. It analyzes the principles-based approach to corporate governance used in the UK versus the rules-based approach used in the US. It argues that corporate governance is needed to prevent corruption, bankruptcy, and reputational losses for companies. Effective corporate governance benefits companies by improving relations with shareholders and investors, increasing investor trust, and ensuring the longevity of the company.
Session One Forces For Regulatory Change Anthony Wonganthonywong
The document discusses the rise of regulatory compliance requirements for organizations, especially regarding information technology (IT). It notes that regulation differs by industry and jurisdiction, and that both Australia and the US have increased regulation in response to corporate scandals. IT now plays a major role in meeting compliance rules relating to areas like financial reporting, risk management, privacy, and records retention. Chief information officers must ensure IT systems support compliance requirements and internal controls.
Corporate covernance as a tool for curbing bank distress inAlexander Decker
This document summarizes a research journal article about examining the role of corporate governance in curbing bank distress in Nigerian deposit money banks through empirical evidence. The article reviews literature on corporate governance and bank distress. It discusses how poor corporate governance contributed to failures in the Nigerian banking sector prior to reforms. The study aims to determine if there is a relationship between good corporate governance and preventing bank distress as well as improving bank performance. It uses statistical analysis of survey data to test these hypotheses. The findings show that while corporate governance did not significantly improve prevention of bank distress, it significantly improved Nigerian bank sector performance.
Code of ethics and professionalism implication for bankAlexander Decker
This document summarizes a research study on the implications of adherence to codes of ethics and professionalism for bank failures in Nigeria. The study found that while many Nigerian banks did not strictly follow ethical practices, the majority of bank failures were actually due to other factors like insider abuse in lending, risky lending, economic instability, and regulatory deficiencies. The study recommended enforcing compliance with ethical codes through legal sanctions to help standardize and stabilize the Nigerian banking system.
Corporate governance is the collection of mechanisms, processes and relations used to control and operate a corporation. It provides the framework for a company's objectives and contains plans, risk assessment, monitoring and internal controls for performance measurement. The benefits of corporate governance include ensuring corporate success, maintaining investor confidence, and achieving objectives in the interests of shareholders. The four pillars of corporate governance are accountability, transparency, fairness, and independence.
CORPORATE GOVERNANCE AND ITS IMPACT ON SHARE PRICE OF NSE LISTED COMPANIESRaashid Malik
The presentation summarizes a study on the impact of corporate governance on share prices of companies listed on the National Stock Exchange of India. The study analyzed several corporate governance variables such as sales, inventory, depreciation, debt-to-equity ratio, earnings per share, return on net assets, and return on net worth for top 50 companies in 2012 and 2013. The results showed that these variables only explained 19-25% of the variation in share prices, indicating there are other important factors influencing share prices. The study concluded that earnings per share has a significant impact on share prices for NSE-listed firms.
This document discusses auditor independence and factors that can impair it. It aims to explain auditor independence, which is key to the auditing profession, and analyze how non-audit services and fees can affect independence. Specifically, it examines the effects of non-audit services and fees on impairing auditor objectivity and discusses recommendations to improve independence.
Adi Godrej Report on Corporate Governance - Sep 2012BFSICM
This document outlines guiding principles for corporate governance proposed by a committee constituted by the Ministry of Corporate Affairs in India. It discusses the need to strengthen actual corporate governance performance within the existing legal framework. Key principles proposed include setting the right tone from top management, balancing conformance with laws and performance, increasing board diversity including in terms of familiarity between members and gender, and recognizing corporate governance as balancing stakeholder interests for long term shareholder value. The committee recognized that better practices are encouraged through voluntary adoption over legislation.
Influence of board size and independence iim reportBFSICM
This document examines the relationship between board size, independence, and firm performance in Indian companies. It summarizes previous research that has produced mixed results on this topic. The study analyzed data from 164 Indian companies over 6 years. The main findings were:
1) There was an inverse relationship between board size and firm performance, with smaller boards being more efficient.
2) Different levels of board independence had different impacts on firm performance, with independence between 50-60% correlating most strongly with better performance.
3) Independent directors did not effectively perform their monitoring role and improve firm performance.
4) Factors like cross-board membership and lack of training may have hindered independent directors' effectiveness.
The document discusses inequality and corporate governance. It notes that most OECD countries have seen a growing inequality gap, with the bottom 40% owning only 3% of wealth in some countries. Reducing inequality would boost economic growth. The principles of corporate governance should ensure equitable treatment of shareholders and recognition of stakeholder rights. This includes respecting minority shareholders and preventing abusive actions, as well as respecting the legal rights of stakeholders like employees and creditors.
The document discusses corporate governance in banks, specifically cooperative banks in India. It notes that cooperative banks have faced problems recently like mismanagement and financial impropriety that have threatened the cooperative system. Good corporate governance is needed now more than ever to restore customer confidence. The document then discusses how corporate governance principles developed from scandals in the US and UK. It highlights recommendations from the influential Cadbury Report on improving board oversight and transparency. The document argues that banking requires more government oversight than other sectors due to risks to depositors, opaque assets, and potential contagion effects. Greater transparency and disclosure are seen as important pillars of good corporate governance for banks.
Governance observer volume 2 - December 2014Misbah Hussain
In this year’s edition, we take a closer look at the structure of corporate boards of India's top 150 companies by market capitalisation. The study provides several key insights, which would be useful to companies in structuring and managing their boards. The report will also enable regulators identify the extent to which India Inc. is complying with the corporate governance norms in line with the Companies Act, 2013 and the revised Clause 49 of the Listing Agreement.
This document provides an overview of corporate governance in the banking industry. It discusses how banks differ from other corporations in ways that impact governance, such as their role in liquidity production and reliance on deposits. It also summarizes the Basel Accords, international standards for banking regulation and capital requirements. The Basel II Accord introduced three pillars for governance: Pillar 1 sets minimum capital requirements; Pillar 2 focuses on supervisory review of risks and governance standards; and Pillar 3 promotes market discipline through transparency.
Unit 1 Introduction to Corporate Governance
Unit 2 Theory of the Firm
Unit 3 Corporate Governance and the Role of Law
Unit 4 Corporate Governance Around the World
Unit 5 Board Composition and Control
Unit 6 CEO Compensation
Unit 7 International Governance
Unit 8 Overview of Corporate Governance Codes
The influence of corporate ethical codes of conduct on the production of qual...Alexander Decker
This document summarizes a study on the influence of corporate ethical codes of conduct on the production of quality products among pharmaceutical companies in Nigeria. The study used a sample of 280 managers from pharmaceutical companies listed on the Nigerian Stock Exchange. The study found a significant relationship between adherence to ethics codes, enforcement of procedures, and customer satisfaction, and the production of quality products. Based on these findings, the study recommends that pharmaceutical companies establish written ethics codes to guide employee behavior and ensure high quality product production.
There are four main types of auditors:
1) External auditors perform independent reviews of a company's financial records
2) Internal auditors provide independent evaluations of a company's financial and operational activities
3) Government auditors are employed by state and local government agencies
4) Forensic auditors are trained to detect, investigate, and deter fraud and white-collar crime.
The document discusses ethics in the workplace. It defines ethics as knowing the difference between what is legally right versus morally right. It then distinguishes between personal ethics, which are based on an individual's values, and professional ethics, which are codes of conduct that professionals in various fields follow. The document outlines objectives of professional ethics such as acting with integrity, honesty, accountability, objectivity, and treating others with respect. It provides examples of how to demonstrate each objective in professional dealings.
This document outlines the learning objectives of a chapter on professional ethics. It discusses distinguishing ethical from unethical behavior, resolving ethical dilemmas, and the importance of ethics for accountants. It also describes the purpose and content of the AICPA Code of Professional Conduct, including rules on independence. Additional topics covered include Sarbanes-Oxley independence requirements, other rules in the Code regarding conduct, and enforcement mechanisms for noncompliance.
Corporate governance for private banks in indiaumesh yadav
This document is a project report submitted by Reshamvala Nema Saleem of S. I. E. S. College on the topic of corporate governance for private sector banks in India. The document includes a title page, declaration, certificate, acknowledgements, synopsis, index, and various sections of the report on private sector banks in India, the concept of corporate governance, recommendations of committees on corporate governance, and the regulatory framework. It was completed in the 2007-2008 academic year under the guidance of Professor Aarthi.
Olympus and Toshiba both experienced accounting scandals due to misleading financial reports that inflated profits. Four main causes contributed: accounting issues like improper reserves; legal issues like misleading financial statements; weak corporate governance with poor internal controls; and an unethical culture of dishonesty. While similar to Enron's scandal in involving accounting irregularities and fraudulent top officers, the timing and economic conditions differed. Recommendations include stricter regulations and accounting standards, stronger laws and oversight, codes of conduct, ethical individual responsibility, and empowering whistleblowers.
“The Ethics of Corporate Governance: Bangladesh Perspective”Anamika Hore
This Assignment is about the ethics of corporate governance of Bangladesh. Here in this assignment some common Corporate Governance theories are also evaluated. In Bangladesh what ethics are followed rigidly by the corporations of Bangladesh are also focused.
This document provides an overview of corporate governance. It defines corporate governance as the system that directs and controls companies. It discusses several large corporate financial scandals over the decades, including Enron in 2001, Lehman Brothers in 2008, and Volkswagen in 2015. It analyzes the principles-based approach to corporate governance used in the UK versus the rules-based approach used in the US. It argues that corporate governance is needed to prevent corruption, bankruptcy, and reputational losses for companies. Effective corporate governance benefits companies by improving relations with shareholders and investors, increasing investor trust, and ensuring the longevity of the company.
Session One Forces For Regulatory Change Anthony Wonganthonywong
The document discusses the rise of regulatory compliance requirements for organizations, especially regarding information technology (IT). It notes that regulation differs by industry and jurisdiction, and that both Australia and the US have increased regulation in response to corporate scandals. IT now plays a major role in meeting compliance rules relating to areas like financial reporting, risk management, privacy, and records retention. Chief information officers must ensure IT systems support compliance requirements and internal controls.
Corporate covernance as a tool for curbing bank distress inAlexander Decker
This document summarizes a research journal article about examining the role of corporate governance in curbing bank distress in Nigerian deposit money banks through empirical evidence. The article reviews literature on corporate governance and bank distress. It discusses how poor corporate governance contributed to failures in the Nigerian banking sector prior to reforms. The study aims to determine if there is a relationship between good corporate governance and preventing bank distress as well as improving bank performance. It uses statistical analysis of survey data to test these hypotheses. The findings show that while corporate governance did not significantly improve prevention of bank distress, it significantly improved Nigerian bank sector performance.
Code of ethics and professionalism implication for bankAlexander Decker
This document summarizes a research study on the implications of adherence to codes of ethics and professionalism for bank failures in Nigeria. The study found that while many Nigerian banks did not strictly follow ethical practices, the majority of bank failures were actually due to other factors like insider abuse in lending, risky lending, economic instability, and regulatory deficiencies. The study recommended enforcing compliance with ethical codes through legal sanctions to help standardize and stabilize the Nigerian banking system.
Corporate governance is the collection of mechanisms, processes and relations used to control and operate a corporation. It provides the framework for a company's objectives and contains plans, risk assessment, monitoring and internal controls for performance measurement. The benefits of corporate governance include ensuring corporate success, maintaining investor confidence, and achieving objectives in the interests of shareholders. The four pillars of corporate governance are accountability, transparency, fairness, and independence.
CORPORATE GOVERNANCE AND ITS IMPACT ON SHARE PRICE OF NSE LISTED COMPANIESRaashid Malik
The presentation summarizes a study on the impact of corporate governance on share prices of companies listed on the National Stock Exchange of India. The study analyzed several corporate governance variables such as sales, inventory, depreciation, debt-to-equity ratio, earnings per share, return on net assets, and return on net worth for top 50 companies in 2012 and 2013. The results showed that these variables only explained 19-25% of the variation in share prices, indicating there are other important factors influencing share prices. The study concluded that earnings per share has a significant impact on share prices for NSE-listed firms.
This document discusses auditor independence and factors that can impair it. It aims to explain auditor independence, which is key to the auditing profession, and analyze how non-audit services and fees can affect independence. Specifically, it examines the effects of non-audit services and fees on impairing auditor objectivity and discusses recommendations to improve independence.
Adi Godrej Report on Corporate Governance - Sep 2012BFSICM
This document outlines guiding principles for corporate governance proposed by a committee constituted by the Ministry of Corporate Affairs in India. It discusses the need to strengthen actual corporate governance performance within the existing legal framework. Key principles proposed include setting the right tone from top management, balancing conformance with laws and performance, increasing board diversity including in terms of familiarity between members and gender, and recognizing corporate governance as balancing stakeholder interests for long term shareholder value. The committee recognized that better practices are encouraged through voluntary adoption over legislation.
Influence of board size and independence iim reportBFSICM
This document examines the relationship between board size, independence, and firm performance in Indian companies. It summarizes previous research that has produced mixed results on this topic. The study analyzed data from 164 Indian companies over 6 years. The main findings were:
1) There was an inverse relationship between board size and firm performance, with smaller boards being more efficient.
2) Different levels of board independence had different impacts on firm performance, with independence between 50-60% correlating most strongly with better performance.
3) Independent directors did not effectively perform their monitoring role and improve firm performance.
4) Factors like cross-board membership and lack of training may have hindered independent directors' effectiveness.
The document discusses inequality and corporate governance. It notes that most OECD countries have seen a growing inequality gap, with the bottom 40% owning only 3% of wealth in some countries. Reducing inequality would boost economic growth. The principles of corporate governance should ensure equitable treatment of shareholders and recognition of stakeholder rights. This includes respecting minority shareholders and preventing abusive actions, as well as respecting the legal rights of stakeholders like employees and creditors.
The document discusses corporate governance in banks, specifically cooperative banks in India. It notes that cooperative banks have faced problems recently like mismanagement and financial impropriety that have threatened the cooperative system. Good corporate governance is needed now more than ever to restore customer confidence. The document then discusses how corporate governance principles developed from scandals in the US and UK. It highlights recommendations from the influential Cadbury Report on improving board oversight and transparency. The document argues that banking requires more government oversight than other sectors due to risks to depositors, opaque assets, and potential contagion effects. Greater transparency and disclosure are seen as important pillars of good corporate governance for banks.
Governance observer volume 2 - December 2014Misbah Hussain
In this year’s edition, we take a closer look at the structure of corporate boards of India's top 150 companies by market capitalisation. The study provides several key insights, which would be useful to companies in structuring and managing their boards. The report will also enable regulators identify the extent to which India Inc. is complying with the corporate governance norms in line with the Companies Act, 2013 and the revised Clause 49 of the Listing Agreement.
This document provides an overview of corporate governance in the banking industry. It discusses how banks differ from other corporations in ways that impact governance, such as their role in liquidity production and reliance on deposits. It also summarizes the Basel Accords, international standards for banking regulation and capital requirements. The Basel II Accord introduced three pillars for governance: Pillar 1 sets minimum capital requirements; Pillar 2 focuses on supervisory review of risks and governance standards; and Pillar 3 promotes market discipline through transparency.
Unit 1 Introduction to Corporate Governance
Unit 2 Theory of the Firm
Unit 3 Corporate Governance and the Role of Law
Unit 4 Corporate Governance Around the World
Unit 5 Board Composition and Control
Unit 6 CEO Compensation
Unit 7 International Governance
Unit 8 Overview of Corporate Governance Codes
The influence of corporate ethical codes of conduct on the production of qual...Alexander Decker
This document summarizes a study on the influence of corporate ethical codes of conduct on the production of quality products among pharmaceutical companies in Nigeria. The study used a sample of 280 managers from pharmaceutical companies listed on the Nigerian Stock Exchange. The study found a significant relationship between adherence to ethics codes, enforcement of procedures, and customer satisfaction, and the production of quality products. Based on these findings, the study recommends that pharmaceutical companies establish written ethics codes to guide employee behavior and ensure high quality product production.
There are four main types of auditors:
1) External auditors perform independent reviews of a company's financial records
2) Internal auditors provide independent evaluations of a company's financial and operational activities
3) Government auditors are employed by state and local government agencies
4) Forensic auditors are trained to detect, investigate, and deter fraud and white-collar crime.
The document discusses ethics in the workplace. It defines ethics as knowing the difference between what is legally right versus morally right. It then distinguishes between personal ethics, which are based on an individual's values, and professional ethics, which are codes of conduct that professionals in various fields follow. The document outlines objectives of professional ethics such as acting with integrity, honesty, accountability, objectivity, and treating others with respect. It provides examples of how to demonstrate each objective in professional dealings.
1. Generalized audit software is a common computer-assisted audit tool that mines and analyzes data to identify anomalies, errors, and omissions.
2. It provides auditors with direct access to computerized records and the ability to efficiently deal with large quantities of data.
3. Generalized audit software packages can perform tasks like footings and balancing of files, selecting and reporting data, statistical sampling, and comparing files to identify differences.
Businesses should strive to operate ethically by treating all employees, customers, and stakeholders with dignity and respect. Unethical practices like discrimination, unsafe working conditions, or deceptive marketing undermine trust and harm both individuals and society. Making ethical decisions requires considering how policies and actions might impact all groups and balancing short-term gains with long-term relationships and reputation.
Ethical and unethical business practicesPooja Lilani
An Infosys employee provided testimony to a US Senate subcommittee alleging unethical practices by Infosys related to visa fraud. The employee accused Infosys of intentionally violating visa and tax laws to increase revenues. Specifically, he said Infosys used B-1 visas to bring relatively inexperienced Indian workers to the US for projects instead of H-1B visas. Infosys then charged US client rates but paid the workers lower Indian salaries without paying US taxes. Infosys denied the allegations. The testimony has led to a probe by US authorities into Infosys' visa practices.
This document discusses the code of ethics for accountants. It begins by explaining that personal ethics must be established before professional ethics. It then defines ethical standards and codes of ethics, providing examples from accounting organizations. Key principles for accountants in their code of ethics include integrity, objectivity, due care, confidentiality, and professional behavior. Upholding strong ethics is especially important for accountants given the impact of unethical behavior in accounting scandals. The conclusion reiterates that familiarity with standards and rules is vital for accountants to maintain integrity and respect in their important societal role.
Upholding Ethical & Professional Standards in a Compromising Environment
Being a Paper Presented at Ikeja & District Society of Institute of Chartered Accountants of Nigeria (ICAN) held at IDSICAN House, Ikeja on Saturday 18th May 2024.
This report examines and compares the code of ethics of CQ University and APESB. It identifies the key stakeholder groups for each organization and the main business ethics issues addressed. It evaluates aspects of each code that represent mandatory requirements versus voluntary practices. The report also assesses the level of corporate governance and transparency reflected in the two policy documents. Overall, the report provides insight into how each organization addresses ethics and governance through its code.
Improving and promoting ethical behavior in business relationsAlexander Decker
This document discusses improving and promoting ethical behavior in business relations. It begins by introducing the objective of the study, which is to investigate the main reasons people indulge in unethical practices and how this affects corporate image and profitability. It then provides context on business ethics and conceptualizes common unethical behaviors such as abusive conduct, conflicts of interest, and dishonesty. The document categorizes causes of unethical behavior and discusses how companies can encourage ethical practices through codes of conduct, training programs, and anonymous reporting systems. Overall, the document analyzes factors that influence unethical behavior and how organizations can establish standards to improve ethics.
This document outlines the course objectives, learning outcomes, and content for a Corporate Governance and Ethics course. The course aims to develop an understanding of corporate governance theories and practices in both national and international contexts. It also focuses on fostering an understanding of ethics and its influence on business. The course content covers topics such as corporate governance mechanisms, models and practices, governance in developing economies, corporate disclosure, risk management, ethics, social responsibility, and integrated reporting. On completing the course, students should be able to understand corporate governance concerns in different regulatory contexts, analyze implications of governance, and evaluate ethical issues in business.
This document summarizes a research paper that examines the impact of business ethics on Nigerian financial institutions. It provides an overview of ethics and corporate image. It discusses ethical leadership and the characteristics of an ethical leader. It also reviews cross-cultural differences within business environments and how perceptions of ethics can vary between cultures. The document aims to explore unethical practices within the Nigerian financial sector and their effects on these institutions.
Business Ethics: CHAPTER 1: INTRODUCTION TO BUSINESS ETHICSMAYURI LONDHE
Here are short notes on the requested topics:
a) Ethical Decision Making:
- Ethical decision making involves identifying the problem, generating alternatives, deciding on a course of action, and implementing it. It is important to consider all stakeholders and evaluate options based on ethical principles.
b) Ethics in Contemporary Business:
- Key aspects of ethics in modern business include integrity, loyalty, trustworthiness, honesty, respect, fairness, leadership, transparency, and cultivating an ethical organizational climate. Ethical values guide decision making and relationships with all stakeholders.
Code of ethics and professionalism implication for bankAlexander Decker
This document summarizes a research study on the implications of adherence to codes of ethics and professionalism for bank failures in Nigeria. The study found that while many Nigerian banks did not strictly follow ethical practices, the majority of bank failures were actually due to other factors like insider abuse in lending, risky lending, economic instability, and regulatory deficiencies. The study recommended enforcing compliance with ethical codes through legal sanctions to help standardize and stabilize the Nigerian banking system.
The document discusses the ITP New Zealand Code of Ethics for IT professionals. It outlines the code's 10 tenets related to good faith, integrity, community focus, competence, skills, continuous development, informed consent, and managing conflicts of interest. It provides context for the code and discusses how it aims to maintain high ethical standards and public trust in the profession. The document also notes issues like how the code relates to other organizational policies and how the concept of "community" includes workplaces and society.
This document provides an overview of various topics related to auditing including professional ethics, audit concepts, electronic data processing, group accounts, and non-financial audits. It discusses how professional ethics establishes standards of conduct for professionals. It defines an audit and covers audit independence, the audit committee, and controls in electronic data processing environments. It also addresses special considerations for auditing group accounts and types of non-financial audits.
This document discusses the importance of establishing codes of ethics and ethical guidelines to promote responsible behavior across different sectors in an interconnected world. It outlines key elements that should be included in codes of ethics such as integrity, respect, fairness and compliance. The document also explains the purpose of ethical guidelines is to provide specific guidance on ethical decisions. When developing ethical guidelines, it is important to consider the interests of stakeholders from different groups. Finally, the document emphasizes the need for context-specific ethical guidelines tailored to address the unique challenges in different industries and professional fields.
This document discusses the importance of establishing an ethics and compliance program in organizations. It argues that having strong ethical leadership and culture helps improve productivity, loyalty, and reputation while preventing legal and reputational harm. The roles of ethics and compliance officers are to help create codes of conduct, provide trainings, investigate issues, and ensure a speaking up culture. Implementing best practices like these helps reduce the duration and costs of unethical behavior in organizations.
What’s in a Name of an Ethics CodeRead Consider What’s in a N.docxsusanschei
What’s in a Name of an Ethics Code?
Read Consider: What’s in a Name of an Ethics Code? in Chapter 9, then answer these following questions from the text:
· Describe how the title of a company’s ethics document affects your attitude about the content?. Do you find one title more attractive than another?
· Describe the message that the title “code of conduct” conveys?. Does it reflect the purpose of the document to provide employee guidance on expected conduct?
· Propose creative titles for ethics codes for a pharmaceutical company and a restaurant. (Gonzalez-Padron, 2015).
· Identify two other company ethics documents and share the titles of their ethics documents (consider your own organization or one that you are familiar with for this question).
Your response must be a minimum of 300 words.
Discussion 2
Code of Conduct in Medical Tourism
Medical Tourism has become a growing industry, especially in developing countries. Research the topic of medical tourism, and find a scholarly or credible article for your topic. Develop a code of conduct for medical tourism. Your code of conduct must include
· Organizational values
· Guidelines for acceptable behavior
· Compliance with legislation
· Examples of prohibited acts
Your response must be a minimum of 300 words.
Use at least one scholarly or credible source.
· The Scholarly, Peer Reviewed, and Other Credible Sources table offers additional guidance on appropriate source types. If you have questions about whether a specific source is appropriate for this assignment, please contact your instructor. Your instructor has the final say about the appropriateness of a specific source for a particular assignment.
9 Implementing an Ethics Program
Bloomberg/Getty Images
Learning Outcomes
After reading this chapter, you should be able to do the following:
• Explain how an organization can structure and manage an ethics program.
• Develop a code of conduct that articulates standards to company stakeholders.
• Create an ethics training and communications plan.
• Evaluate mechanisms for obtaining advice on ethical issues and reporting ethical misconduct.
• Design an effective monitoring and auditing system.
ped82162_09_c09_255-294.indd 255 4/23/15 8:47 AM
Introduction
Introduction
Ethics Program Pays Off for Morgan Stanley
On April 25, 2012, Garth Peterson, former managing director for Morgan Stanley’s real estate
business in China, pleaded guilty to violating the Foreign Corrupt Practices Act (FCPA) and for
conspiring to evade Morgan Stanley’s internal controls for meeting securities laws for invest-
ment advisers (United States Department of Justice, 2012). From 2004 to 2007, Peterson
cultivated a relationship with a Chinese official to obtain business approvals. In 2008, execu-
tives at Morgan Stanley discovered the violations, reported them to the U.S. Securities and
Exchange Commission (SEC), and fired Peterson (Lucchetti & Kendall, 2012). Department of
Justice of.
The Effect of Working Experience, Integrity, Competence, and Organizational C...iosrjce
External There search objectives are to seek empirical evidence about the influence of personal
characteristics of the auditor to the audit quality. The population in this study is the auditor who worked on
owned companies in Libya. The data used in this research is the primary data. For the analysis used validity
and reliability test as instrument test. This research used regression analysis and for hypothesis test used F test
and t test. From the result of the research showed that work experience, integrity, competence and commitment
to organizational has significant influence to audit quality. Work experience has the biggest value of arithmetic
and beta coefficient. Hence, the Integrity variable has the strongest influence instead of another variables so
that variable Work experience has a dominant influence toward quality of audit results.
Ethics in AccountingKeys to Reducing FraudAbstra.docxhumphrieskalyn
Ethics in Accounting
Keys to Reducing Fraud
Abstract: The major problem facing accounting today is the ethical and moral decline of accounting professionals. The American Institute of Certified Public Accountants (AICPA) has published ethical rules to guide accounts and protect the trustworthiness of their decisions in the event an ethical dilemma arises. However today, the profession remains challenged with the need to invest in the growth and development of ethical and moral reasoning of accounting professionals to protect them from veering from ethical standards. This paper will explore ethical concepts such as professional conduct and integrity and how emphasis on these ethical values will affect fraud.
Table of Contents
I. Executive Summary 1
II. Introduction 1
III. Review of Literature 1
IV. Analysis 1
V. Recommendations 1
VI. Summary and Conclusions 1
VII. Appendix x 1
VIII. References 1
ACCT 601 – Accounting Capstone
Ethics in accounting
Page 0 of 3I. Executive Summary
Due week 7II. Introduction
Problem statement and how the topic fits with the course, the degree, and your focus area.
Include a reason for the audience to read the paper. Include an overview of what you are going to cover in your paper and the importance of the material.
Preview the main ideas and the order in which they will be covered.
Establish a tone of the document.
Accounting is the process by which financial transactions are monitored, tracked and examined. It aims to provide a means of determining the expenditure levels of an institution and it provides a means of maintaining transparency and honesty in the recording of business transactions. While most accounting is completed using technology, software is easily manipulated by people. Thus, individuals are the least reliable part of the process, as they are susceptible to influence from outside sources and defiant personal decisions. Therefore, the major problem facing accounting is the ethics and morals of the individual accountants. This paper will determine the importance of specific aspects, such as autonomy, confidentiality, professional conduct and integrity and establish the overall ethical characteristic necessary to ensure proper accounting and inhibit fraud.
Autonomy
According to Kant's moral philosophy, autonomy is the capacity of an individual to act based on objective morality rather than personal desires or other influences. In accounting, managers make decisions on their own without the input or approval of higher authorities. In some cases, this self-rule or individuality may affect decisions made due to pressures of the moment rather than the right decisions for the company. In other words, singular decisions made with the aim of bias in the outcome in favour of either a party involved in the process or the decision maker rather than for the greater good is in itself corrupt. Therefore, to ensure decisions are made with the best intentions of the organization, rather than othe.
This document provides an overview of managerial accounting. It discusses how managerial accounting provides information for internal managers, compared to financial accounting which provides information to external parties. Key aspects of managerial accounting covered include planning, controlling, and decision making. The document also discusses how the business environment has changed with trends like just-in-time and total quality management, requiring more from managerial accounting. Finally, it outlines the code of ethics for management accountants from the Institute of Management Accountants, focusing on competence, confidentiality, integrity, objectivity, and resolving ethical conflicts.
This document provides an overview of managerial accounting. It discusses the differences between managerial and financial accounting, noting that managerial accounting provides internal information for management, while financial accounting provides external information. It also outlines the planning and control cycle used by management in organizations. Additional sections describe factors driving changes in business environments that increase the need for managerial accounting information, organizational structures, and the role and code of ethics for management accountants.
To understand the institutionalization of business ethics, the differences between voluntary and legally mandated organizational practices. Mandated, Core, and Voluntary Practices of Ethical Decisions. Whistle-Blower Protection
This document provides an overview of ethics and business ethics. It begins with definitions of ethics, personal ethics, professional ethics, and business ethics. It then discusses the history of ethics and principles of personal and professional ethics. It also covers institutionalizing ethics through codes of conduct, ethical committees, and the significance and need for business ethics. Additional sections define values and ethics, explain how corporations can observe ethics, and discuss ethical decision making and dilemmas in business. The document concludes with a case study example.
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Ethical practices of the professional accountant in nigeria
1. Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.7, 2013
59
Ethical Practices of the Professional Accountant in Nigeria
Bukola A. Akadakpo (Mrs)*
Famous I.O. Izedonmi
Department of Accounting, Management of Sciences, University of Benin, Nigeria
* E-mail of the corresponding author: bukkeelee@yahoo.com
Abstract
There exists a gap between what is documented in form of ethical codes and what some professional accountants
really practice. The main focus of this research is to examine the extent of ethical values reflected in professional
practice of accountancy profession in Nigeria. Primary data were collected by means of questionnaire and the
secondary data were sourced from professional journals of various accountancy bodies. The Z-score test was
used in testing the hypotheses and it was analyzed using computer software (SPSS). The major finding from the
study is that in the development of professional practices, compliance with well-grounded ethical values are a
good prerequisite for an enduring practice and that penalties meted out to erring members are grossly inadequate.
The researcher recommended that to provide remedy or improve the situation, there is the need for practicing
accountant to pay attention to good ethical conduct and there is the need to adhere strictly to the ethical code of
conduct.
Keywords: ethical codes, professional accountants, ethical conduct
1. Introduction
Recently, there have been growing criticisms against the accountants in public and business on
questionable acts. Users of the services of accountants want to receive efficient and reliable service from such
accountant who they regard as experts. In consulting, a set of accounts users want to be sure that the accounts
convey a true and fair view of the financial position of a company, in other words, they are concerned about
competence and standards. Investors in Nigeria have lost several billions of dollars through the collusion of
accountants and external auditors with companies’ management and directors to falsify and deliberately
overstate companies’ accounts Bakre (2007). Any organization that lacks ethical considerations may not survive
for a long time to achieve its desired goals and objectives and that of its stakeholders. Therefore, accountants as
professionals responsible for the preparation of financial reports need to adhere to the codes of ethical
accounting standards to produce reliable, relevant, timely, accurate, understandable and comprehensive financial
reports (Ogbonna, 2010).
Financial reporting forms the basis for economic decision making (Nzotta, 2008). The various
shareholders need financial reports for decision making on the investment and financial aspect of the
organization. The financial reports produced by the accountant should be based on certain fundamental qualities
for various users to understand the content of the report. The companies and Allied Matters Decree 2004, the
banks and other financial institution Decree 2004 and the Nigerian Deposit Insurance Corporation Act 2006
place additional burden on an auditor in that he has to certify compliance with accounting standards, prudential
guidelines report, certain deviations and even send copies of his management report to the Central Bank of
Nigeria.
A number of factors influence the ethical behaviour of an auditor in the course of his audit assignments:
family background, religious belief, economic issues, familiarity issues and monitoring and regulatory issues
(Adeyeye, Adeyemi, Otusanya, 2010). It is imperative to monitor and positively control these variables for audit
profession to sustain its relevance in a dynamic business world. Accounting profession code of ethics has
overtime, moved from a focus on moral responsibility for a public good to that of technical specification for a
product or service. This reflects a change in public values where technique has replaced character as an
important virtue (Valayuthan, 2003).
To ensure good professional discipline, the Institute of Chartered Accountant of Nigeria (ICAN) has
adequate ground rules as to what constitutes professional misconduct. The institute has an investigation panel to
enquire into cases of alleged professional misconduct. But where there is conflict between ethical guidance and
the foreign one, the local ethical guidance takes precedence. Ethical offences attract penalties which range from
reprimands to expulsion from membership. Members are at liberty to seek clarification on ethical issues from the
institute. Members in practice are required to comply with local laws and should adhere to the ethical guidance.
Compliance with ethical guidance does not of itself constitute misconduct, but in answer to a complaint,
members may be called upon to justify any department from the guidance. Ethical standards if strictly adhered to,
become internalized and reflect extensively in professional assignments (Nwanyanwu, 2010).
Accounting is a profession that rests heavily on the need to exhibit a high sense of accountability and
stewardship, hence the emphasis that all members be guided by professional code of conduct (Nwagboso, 2008).
The professional bodies without punishment to erring members but the adequacy or otherwise of the fines and/or
2. Research Journal of Finance and Accounting www.iiste.org
ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)
Vol.4, No.7, 2013
60
other punishment has been questioned. In these days of rapid technological and environmental developments,
ethical issues spanning the boundary lessons of accountancy practice have been noticed and there are no ready
answers.
1.1. Statement of Research Problems
Even with knowledge of good ethical guidelines, members still fall foul of the rules. The confidence of
the investing public in the practicing accountants is being called to question. People have asked why members
breach rules and whether all that needs to be included under ethical guidelines have been duty covered or
whether the problem has more to do with procedures for implementing/enforcing the ethical standards. The
following questions were raised:
1. Do the quantum of fines and/or punishment meted to erring members serves as deterrent to members?
2. What are those ethical rules that are frequently breached?
3. Are the enforcement mechanism put in place adequate?
4. How much of the ethic guidelines are relevant to the situation that confront the practitioners?
5. Do professional accountants explicitly sign declaration of compliance to ethical standards?
1.2. Objectives of The Study
The objectives of this study are to find out:
1. The quantum of fines and/or punishment meted to erring members serve as deferent to members.
2. The ethical rules that are frequently breached by accountants.
3. Whether there is adequate enforcement mechanism put in place for the usually breached ethical rules.
4. Whether the ethic guidelines are relevant to the situations that confront the practitioners.
5. The existence of professional clause for declaration of compliance to ethical standard
by Auditors/accountants in their reports.
1.3. Research Hypothesis
Hypothesis I
The quantum of fines and/or punishment melted to erring members does not serve as deferent to
members.
Hypothesis II
The ethics guidelines or ethical code of conducts are not relevant to the situations that confront the
practitioners.
2. LITERATURE REVIEW
Ethics refers to a discipline in which matter of right and wrong, good and evil, virtue and vice are
systematically examined (Brinkmann, 2002). Ethics looks at human behavior, moral principles and the attempt to
distinguish good from bad. When trying to identify common issues being dealt with within the business
environment, professional bodies’ codes of ethics is the right place to look. These codes represent what we can
consider to be the reflection of business ethics. Codes of ethics should mainly address the particularities of high
risk activities and are built on the collective conscience of a profession as a proof for the group’s
acknowledgment of the moral dimension. Ethical responsibility in the business world is not holistic, but what we
can do is consider any phenomenon that within a certain context influences ethical behavior (Micewski and Troy,
2006). In Nigeria, according to Aguolu (2002) the Institute of Chartered Accountants of Nigeria in 1979 issued
the ‘Codes of Professional Conduct of Members’ (revise in1989) outlining the codes of conduct for its members
in matters of professional practice. Such codes of conduct relates to the requirements of the part of members in
matters of: independence; integrity; confidentiality; maintenance of technical competence; conformity to
technical standards and; maintenance of ethical conducts. Professional values, ethics and attitudes are the
professional behavior and characteristics that identify professional accountants as members of a profession. They
include the ethical principles of conduct generally associated with and considered essential in defining the
distinctive characteristics of professional behavior. Taken together, professional values, ethics and attitudes
include: a commitment to technical competence; ethical behavior (such as independence, objectivity,
confidentiality and integrity); professional manner (such as due care, timeliness, courteousness, respect,
responsibility and reliability); pursuit of excellence (such as commitment to continuous improvement and life-
long learning) and social responsibility (such as awareness and consideration of the public interest).
Professional values, ethics and attitudes are taken together as an attribute and for the purpose of this
research report, ethics education includes all aspects of educational and developmental activities which aim to
enhance and maintain professional values, ethics and attitudes. The term ‘ethics’ is expressed as an over-arching
term for values, ethics and attitudes in this report.
In accordance with the IFAC Code of Ethics for Professional Accountants (June 2005), compliance
with the fundamental principles of integrity, objectivity, professional competence and due care, confidentiality
and professional behavior, may potentially be threatened by a broad range of circumstances. The ethics threats
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fall into different categories including: self-interest threats; self-review threats; advocacy threats; familiarity
threats; and intimidation threats. These categories have been used for the purpose of identifying ethical issues
and failures in the surveys to member bodies and other stakeholders in this study.
Ethical values are those qualities which ensure that a member behaves with integrity in all professional,
business and financial relationships and that he or she should strive for objectivity in all professional and
business judgements.
2.2. Ethical theories and principles in accounting
2.2.1 . Utilitarian Theory
Mill (1969) argues that moral philosophers have left a train of unconvincing and incompatible theories
that can be coherently unified by a single standard of beneficence that allows us to decide objectively what is
right and wrong. The basic foundation of morals: Actions are right in proportion to their promotion of happiness,
and wrong as they produce the reverse (Fisher & Lovell 2009). Utilitarian theory suggests that action or practice
is right when compared with any alternative action or practice, if it leads to the greatest possible balance of
beneficial consequences or to the least possible balance of bad consequences. The concepts of duty, obligation,
and right are subordinated to, and determined by, that which maximizes benefits and minimizes harmful
outcomes (Mill, 1969). The principle of utility is an absolute principle which make beneficence the one and only
supreme principle of ethics (Githui 2012).
2.2.2. Kant's Theory
The Kantian theory originated from the concept of person as a moral agent. Gomez (2002) is of the
view that sense of duty is codified in universal law principles. A responsible or right action is not necessarily one
that maximizes utility, but one that follows moral principles, which are capable of becoming universal moral
laws. Kant's most distinctive contribution to ethics was his insistence that our actions possess moral worth only
when we do our duty for its own sake. He first introduced this idea as something accepted by our common moral
consciousness and only then tried to show that it is an essential element of any rational morality. Kant's ethics is
based on his distinction between hypothetical and categorical imperatives. He called any action based on desires
a hypothetical imperative, meaning by this that it is a command of reason that applies only if we desire the goal.
Polo (2008) acknowledged that because nothing else but reason is left to determine the content of the moral law,
the only form this law can take is the universal principle of reason. Thus the supreme formal principle of Kant's
ethics is to act only on that maxim through which you can at the same time will that it should become a universal
law. Kant's ethics is based on the rightness of an action depending on whether it accords with a rule irrespective
of its consequences (Ellington 1994).
2.2.3. Virtue theory
In Nicomachean Ethics, Aristotle an ancient Greek philosophers considered the criteria for moral
agency to include the capacity for rational choice and deliberation (Gomez 1999). A responsible act is a
voluntary act which make an agent praiseworthy or blameworthy depending on his or her voluntary acts and
disposition of character traits. For an act to qualify as a voluntary act, the agent must be both in full control of his
or her action and must recognise consequences of his or her action. Swift (2002) sees involuntary acts are those
acts in which the agent should not be held responsible, either because they are executed out of ignorance,
external coercion or to avoid a greater evil. Rest (2002) believes that the organizational success and personal
satisfaction require of abundant doses virtues. Virtue is not something that is done, it is more like a way of being.
The basic virtues proposed by Aristotle that allow people to work together in a good way are numerous, among
them are liberality, pride, truthfulness, justice, astuteness (Githui 2012)
3. RESEARCH METHODOLOGY
The research work is designed to assess the ethical practices of the professional accountant in Nigeria.
The population for this study includes chartered accountants in Nigeria. A sample size of 250 chartered
accountants in public practice, government, trade, vocation and academics was used. The sampling technique is
non-probabilistic. The data collection is the questionnaire. The questions are structured types. The hypotheses of
the study were tested using data generated from the fieldwork. The Z-score test was used in testing the
hypotheses at 5% level of significance under the two-tailed test.
3.1. Questionnaire Analysis
Table 1 Retrieval of Questionnaire
1 No. of questionnaire administered 250
2 No. of questionnaire returned 219
3 No. of questionnaire not returned 31
4 Percentage of retuned questionnaire 87.6%
5 Percentage of not returned questionnaire 12.4%
Source: Fieldwork (2010)
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From the analysis, two hundred and fifty questionnaires were administered, two hundred and nineteen
questionnaires were completed and returned which constitute 87.6% of the questionnaire. Thirty-one
representing 12.4% of the questionnaires were not returned. This mean that 87.6% of the questionnaire was a
success while 12.4% was failure.
Table 2 Types of Organization Respondent work for
Organization Frequency Percentage
Audit practice 99 45.2%
Consulting practice 13 5.9%
Tax practice 9 4.1%
Government parastatals 26 11.9%
Manufacturing 23 10.5%
Service/Commercial 21 9.6%
University 28 12
Total 219 100%
Source: Fieldwork (2010)
From the above analysis, respondents from audit practice constituted the bulk (45%) of the sample,
consulting practice constituted 5.9%of the sample, tax practice (4.1%) of the sample, government parastatals
(11.9%) of the sample, manufacturing, service/commercial and University constituted 10.5%, 9.6% and 12.8%
of the sample respectively.
Table 7 Reasons for breaching ethical standards (Q4)
Opinions Frequency Percentage
Lack of awareness of the ethical standards 22 10.0%
Ethical standards are not enforced 30 13.7%
Inadequate sanctions 19 8.7%
Lack of inadequate monitoring of the conduct of accounts in
practice
36 16.4%
Any person that breaches ethical standards can easily work his or
her way out by the rapport he has maintained with ICAN
7 3.2%
Members or the general public are always reluctant to report any
case of misconduct to ICAN
37 16.9%
Breaching of ethical standards is usually not to the knowledge of
ICAN which has responsibility to enforce the standards
64 29.2%
Cannot say 4 1.8%
Total 219 100%
Source: Fieldwork (2010)
From the analysis above, 29.2% of the respondents were of the opinion that breaching of ethical standards is
usually not to the knowledge of ICAN which has responsibility to enforce the standards. 16.9% of the
respondents were of the views that members of the general public are always reluctant to report any case of
misconduct to ICAN 16.4% of the sample were of the opinion that lack of or inadequate monitoring of the
conduct of accountant in practice as the reason for breaching ethical standards. 13.7% of the samples were of the
view that ethical standards are not enforced.
Table 8 What respondents do when unethical practices are going on in their organization (Q5)
Opinions Frequency Percentage
Make a report to my chief executive or superior officer or head of
department.
104 47.5%
Make a report to an appropriate authority such as ICAN 25 11.4%
Keep indifferent to the practices 52 23.7%
Resign my appointment 5 2.3%
Don’t know/can’t say 33 15.1%
Total 219 100%
Source: Fieldwork (2010)
Table 8 shows that almost half of the respondents (47.5%) claims they make a report to their chief
executive or superior officer or head of department, 11.4% of the sample make a report to an appropriate
authority such as ICAN. While 2.3% of the sample were of the opinion on resigning their appointment when
unethical practices are going on in their organization.
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Table 9 Factors that inhibit strict adherence to ethical standards (Q6)
Opinions Frequency Percentage
Attempts to avoid unpleasant consequences such as loss of revenue,
loss of job.
71 32.4%
Cultural background of accountants 11 5.0%
Personal interest and beliefs of accounts 26 11.9%
Lack of awareness about the ethical standards 31 14.2%
Inadequate sanctions 24 11.0%
Lack of clearly defined company policies that ensure the adherence
to ethical standards
32 14.6%
Insufficient monitoring of the conduct of accountants in practices. 13 6.0%
Can’t say/don’t know 11 5.0%
Total 219 100%
Source: Fieldwork (2010)
From the above analysis, it was the opinion of 32.4%of the respondents that they attempts to avoid
unpleasant consequences such as loss of revenue and loss of job, this became the major inhibition to adherence
to ethical standards. 14.6% of the respondent stated that lack of clearly defined company policies inhibits strict
adherence to ethical standards. Other important factors which respondents considered as inhibitions to adherence
to ethical standards are cultural background of accountants (5.0%), personal interest and beliefs of accountants
(!1.9%), lack of awareness about the ethical standards (14.2%), inadequate sanctions (11.0%) and 6.0% of the
respondents were of the view that it is insufficient monitoring of the conduct of the accountants in practice.
Table 13 Ethical offences that normally attract sanctions of disciplinary actions (Q10)
Opinions Frequency Percentage
Intruding into the privacy of people in order to secure
information
4 1.8%
Wrong reporting of financial information 34 15.5%
Collecting or giving out gifts to influence the reporting of an
incorrect financial information
31 14.2%
Advertising your practice to induce patronage 30 13.7%
Accepting appointment without professional clearance 36 16.4%
Disclosure of information about a client to competitors 25 11.4%
Embezzlement or fraud 52 23.7%
Don’t know/can’t say 7 3.2%
Total 219 100%
Source: Fieldwork (2010)
The table above shows that embezzlement or fraud was considered most grievous as 23.7% mentioned
this offence. Then followed by Accepting appointment without professional clearance from previous auditors or
consultants this view was expressed by 16.4% of our respondents. 15.5% of the respondents claimed wrong
reporting of financial information as an ethical offence. Other offences are intruding into the privacy of people in
order to secure information (1.8%), collecting or giving out gifts to influence to reporting of an incorrect
financial information (14.2%), 13.7% of the respondents were of the view that advertising of the accounting
practice to induce patronage is an offence while 11.4% of the respondents attributed to offences to disclosure of
information about a client to competitors.
Table 14 Disciplinary measures or sanctions that go with ethical offences (Q11)
Opinions Frequency Percentage
Withdrawal of license or certificates 56 25.6%
Suspension from professional practice
for a period of time/suspension of
membership
63 28.8%
Payment of fines 13 5.9%
Letter of warning or reprimand 39 17.8%
Precipitation or suspension from
professional activities
29 13.2%
Don’t know/can’t say 19 8.7%
Total 219 100%
Source: Fieldwork (2010)
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From the analysis above, suspension of membership is the common disciplinary action that are meted
out on those that breach ethical standards, 28.8% of our respondents expressed this view, 25.6% believed that
withdrawal of license or certificate was usually the action taken for breach of ethical standards. 17.8%
mentioned that warning letters are issued to accountants that breach the ethical standards 13.2% mentioned
prohibition or suspension from professional activities while 5.9% of the respondents are of the view that
payment of fines should be the sanctions that go with ethical offences.
3.2. Test of Hypotheses and Analysis of Results
Hypothesis I
The quantum of fines and punishment melted to erring members does not serve as deterrent to members.
In testing hypothesis 3, question 14 was used.
Table 17: Analysis of responses to question 14
Opinions Frequency Percentage
Strongly agree 37 16.9%
Moderately agree 58 26.5%
Indifferent 34 15.5%
Disagree 59 26.9%
Strongly disagree 31 14.2%
Total 219 100%
Source: Fieldwork (2010)
Z-Test: One Sample for Means
Variable 1
Mean 43.8
Known Variance 18.45
Observations 219
Hypothesized Mean Difference 0
Z 2.336775588
P(Z<=z) one-tail 0.116518991
Z Critical one-tail 1.644853627
P(Z<=z) two-tail 0.233037982
Z Critical two-tail 1.959963985
Source: SPSS OUTPUT
The empirical analysis shows that the table Z-value is greater than the calculated Z-value. The
calculated Z-value falls outside the acceptance region into the rejection region which means that we reject the
null hypothesis and accept the alternative hypothesis which states that the quantum of fines and punishment
melted to erring members does not serve as deterrent to members.
Hypothesis II
Ethics guidelines or ethical code of conducts are not relevant to the situations that confront the practitioners.
In testing hypothesis 2, question 15 was used.
Table 19: Analysis of responses to question 16
Opinions Frequency Percentage
Strongly agree 68 31.1%
Moderately agree 75 34.2%
Indifferent 22 10.0%
Disagree 24 11.0%
Strongly disagree 30 13.7%
Total 219 100%
Source: Fieldwork (2010)
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Z-Test: One Sample for Means
Variable 1
Mean 43.8
Known Variance 17.06
Observations 219
Hypothesized Mean Difference 0
Z 5.011233284
P(Z<=z) one-tail 0.116518991
z Critical one-tail 1.644853627
P(Z<=z) two-tail 0.233037982
z Critical two-tail 1.959963985
Source: SPSS OUTPUT
The empirical analysis shows that the table Z-value is greater than the calculated Z-value. The calculated Z-value
falls outside the acceptance region into the rejection region which means that we reject the null hypothesis and
accept the alternative hypothesis which states that ethics guidelines or ethical code of conducts are relevant to the
situations that confront the practitioners.
4. SUMMARY OF FINDINGS/CONCLUSION
The following findings came to light in the course of the researcher’s survey in line with the objectives
earlier stated:
1. Many accountants are of the view that disciplinary actions meted out to erring members are not
commensurate with the offences committed. Accountants expect embezzlement or fraud to attract the most
stringent sanction among all ethical offences accountants can commit.
2. There are a number of situations in which the guidelines or ethical codes appear not too relevant. In
such situations, accountants attempt to resolve such issues by making alternative references to their actions.
Many accountants are likely to resolve conflict of interest and situation that border on loss of revenue or job,
personal interest and beliefs cultural background and double standards in the application of sanctions without
reference to the expectations of the accountancy profession.
3. Accountants appreciate the responsibility of ICAN in the enforcement of ethical standards and the need
for the institute to overhaul its enforcement mechanism. Some accountants breach ethical standards because such
breaches would not get to the knowledge of ICAN. Some confirmed that ethical standards are breached because
the general public is always reluctant to report any such breach to ICAN. It is in the light of this that some
accountants will only report breaches of ethical codes to their superiors while some claim they are indifferent
about such breaches rather than reporting to ICAN.
4. The fact that many accountants particularly in the Universities, Manufacturing sector,
Service/Commercial and Government do not sign any declaration of compliance with ethical codes in their
organizations is seen as a lapse on the ICAN enforcement mechanism. It is also the belief of many accountants
that there is inadequate monitoring of ICAN members’ conducts hence members breach ethical code.
5. Many accountants especially in government parastatals, in business and audit practices are not aware of
ethical standards expected of them and significant numbers of accountants do not have the latest copy of ICAN
ethical codes. It is therefore not surprising that many of the ethical codes are regularly breached. Most regularly
breaches codes are those that border on independence, integrity, transparency and objectivity. Members accept
jobs without professional clearance from previous auditors/consultants. Some members also breaches accounting
ethic codes, such as wrong and false reporting of financial information, embezzlement, fraud and corrupt
practices, non-disclosure of conflict of interest and collecting and giving out gifts to influence judgement.
5. RECOMMENDATIONS
Considering the research findings the following recommendations were made: -
1. Generally, the level of awareness of the ethical standards needs to be steeped up. A campaign by ICAN
in this direction is desirable.
2. ICAN needs to closely monitor members adherence to good ethical standard.
3. ICAN should encourage the users of accounting services on regular basis to report deserving cases to its
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secretariat and inform such users of actions taken progressively.
4. Disciplinary actions taken on erring members need to be matched with ethical offences.
5. The quantum of fines for offences committed needs to be re-evaluated.
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