McGraw-Hill/Irwin © 2013 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 16 Professionalism, Ethics, and Career Planning.

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Presentation transcript:

McGraw-Hill/Irwin © 2013 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 16 Professionalism, Ethics, and Career Planning

16-2 Outline Expected outcomes Professionalism Ethics Certifications and licensure

16-3 Expected outcomes List and discuss characteristics of a professional. Explain how those characteristics apply to the accounting profession. Define ethics. Discuss various models / schools of ethical decision making. Explain how to resolve ethical dilemmas.

16-4 Professionalism Bell –Communicates effectively. –Thinks rationally, logically and coherently. –Appropriately uses technical knowledge. –Integrates knowledge from many disciplines. –Exhibits ethical professional behavior. –Recognizes the influence of political, social, legal, economic and regulatory forces. –Actively seeks additional knowledge.

16-5 Professionalism McDonald –Specialized knowledge base –Complex skills –Autonomy of practice –Adherence to a code of ethical behavior

16-6 Professionalism Lecture break 16-1 Think of someone you know that you consider “professional” based on the ideas just presented. With a partner, discuss that person, pointing out how they exemplify the characteristics of a professional.

16-7 Ethics Moral philosophy Three areas –Meta-ethics: Where do ethical principles come from? What do they mean? –Normative ethics: What moral standards regulate right and wrong conduct? –Applied ethics: How should people respond to specific controversial issues?

16-8 Ethics Ethical issues in accounting –Earnings management –Performance evaluation –Use of estimates –Decisions involving human judgment –Taxation –Structuring transactions to meet certain accounting rules

16-9 Ethics Schools of ethical thought –Utilitarianism The end justifies the means The greatest good for the greatest number –Rights and duties Individuals have certain rights; others should not interfere with them. –Justice People should be given what they deserve. Hamlet: If everyone gets what they deserve, who will escape whipping? –Virtues People should do what is right, moral and virtuous

16-10 Ethics Lecture break 16-2 Joe is frequently in conflict with his supervisor, Jill. Jill is considering giving Joe a poor performance review in an effort to get him terminated. –Choose one of the four schools of ethical thought. –Explain how Jill might justify her decision based on the school you chose.

16-11 Ethics Models for making ethical decisions Langenderfer and Rockness Identify the facts. Identify the ethics issues & stakeholders involved. Define the norms, principles and values related to the situation. Identify the alternative courses of action. Evaluate the consequences of each possible course of action.

16-12 Ethics Models for making ethical decisions Langenderfer and Rockness (continued) Decide the best course of action consistent with the norms, principles and values. If appropriate, discuss the alternative with a trusted person to help gain greater perspective regarding the alternatives. Reach a decision as to the appropriate course of action.

16-13 Ethics Models for making ethical decisions Mintz and Morris Frame the ethical issue. Gather all the facts. Identify the stakeholders and obligations. Identify the relevant accounting ethics standards involved in the situation. Identify the operational issues.

16-14 Ethics Models for making ethical decisions Mintz and Morris (continued) Identify the accounting and auditing issues. List all the possible alternatives you can or cannot do. Compare and weigh the alternatives. Decide on a course of action. Reflect on your decision.

16-15 Ethics Lecture break 16-3 –Mike has observed what he believes to be fraud in his company. Employees paid through a government grant are doing less than 1% of the work for which they are contracted. –Use one of the two ethical decision frameworks to analyze Mike’s options in this situation.

16-16 Certifications & licensure The purpose of an accounting degree is not to prepare a student to pass a particular certification / licensure exam. The purpose of an accounting degree is to teach a student how to think and behave like an accountant. Nevertheless, certification / licensure is a worthy goal in our profession.

16-17 Certifications & licensure Certification: mastery of a body of knowledge –Certified Fraud ExaminerCertified Fraud Examiner –Certified Internal AuditorCertified Internal Auditor –Certified Management AccountantCertified Management Accountant –Certified Information Systems AuditorCertified Information Systems Auditor License: permission from some authoritative body to perform a particular task Certified Public Accountant

16-18 Classroom assessment This chapter has focused on: –Professionalism –Ethics –Certification and licensure in accounting On your own, prepare a diagram or write a paragraph that connects those three topics to one another. Discuss your work with a partner or in a small group.

16-19