Discussion – Sources of Sound Ethics (Accounting)

  

This first week we focus on the origins and importance of applying solid ethical reasoning, integrity, and objectivity to the practice of accounting. Considering all the areas in which accounting and ethical considerations intersect (especially regarding reporting, analysis, and even capital expenditures) and fundamentally are key to ethical business decisions.  

Respond to the following in a minimum of 175 words:  

Discuss the source(s) from which sound ethics are drawn.
How does one identify the ethical thing to do in a given situation?
What ethical precepts (involving accounting) have broken down in the recent past, and with what result?
How could such breakdown been avoided?
What steps would you take to ensure that all accounting functions were ethical as well as legal?
How and to what purpose would each of those steps function?
How would company decision making be improved by those steps?