Ethics in Accounting

Accounting is the main indicator of economy in many countries. Without relying on accounting, no economic activity will be possible. Society has many expectations from accountants and other people must trust the standard of service provided by them. Therefore, the information provided by them should be real, reliable, honest and unbiased. In recent years, the society has seen an increase in financial scandals related to the distortions and financial frauds of a number of accountants and large accounting companies. Inadequacies in reporting and management monitoring methods have been considered as some of the major ethical problems. Therefore, this modern age and business world requires the accounting profession to maintain transparency and provide accurate financial reports. Therefore, accountants who are responsible for preparing accurate, concise and timely financial reports must meet the best standards of ethical accountability (responsibility).