Objective 1.03 Understanding Ethics and Skills Needed

For Employment In Accounting

1Objective 1.03 Understanding Ethics

Ethics

Ethics is the study of right and wrong and how people choose what is morally good and bad.

Business ethics refers to how a company uses a code of conduct, which is designed to encourage ideal behavior when making decisions.

3Objective 1.03 Understanding Ethics

AICPA – American Institute of Certified Public Accountants

IMA – Institute of Management Accountants

IIA – Institute of Internal Auditors

4Objective 1.03 Understanding Ethics

Integrity

Objectivity

Independence

Competence

Confidentiality

5Objective 1.03 Understanding Ethics

Accountants must choose between right and wrong.

Accountants are responsible for entering correct entries.

Accountants are responsible for true and correct financial statements.

Integrity is necessary for accountants to build trust in regards to their professional judgments.

6Objective 1.03 Understanding Ethics

Accountants must be: ImpartialHonestFree of personal conflicts

Accountants must not be influenced by personal interests.

Accountants should behave in a way that does not suggest inappropriateness.

7Objective 1.03 Understanding Ethics

Accountants do not have an interest or profit financially from the companies they audit.

Accountants must have the public’s confidence in their professional services.

8Objective 1.03 Understanding Ethics

Accountants should be knowledgeable in their profession.

Accountants must have the skills necessary to perform their jobs.

Accountants must have experience in their field.

Accountants are expected to keep abreast of current laws by continuing education classes.

9Objective 1.03 Understanding Ethics

Accountants must not share private information regarding their clients.

Accountants are expected to protect personal and private information regarding their clients.

An accountant should not use information learned for personal gain.

10Objective 1.03 Understanding Ethics

Skills

21st Century Skills – Learning skills desired for the marketplace

Workplace Skills – Skills directly related to employment

Foundation Skills – Personal qualities such as responsibility, integrity and character

12Objective 1.03 Understanding Skills Needed for

Employment

Information and Communication Skills

Information and Media Literacy Skills – Understanding and using different types and forms of communication.

Communication Skills – Being able to communicate using various types of media such as oral, written and multimedia.

13Objective 1.03 Understanding Skills Needed for

Employment

Thinking and Problem-Solving Skills

Critical Thinking and Systems Thinking – Being able to reasonably make difficult decision or choices.

Problem Identification, Formulation, and Solution – Having the ability to analyze and solve problems.

Creativity and Intellectual Curiosity – Being able to think and share new ideas and open to new and diverse opinions.

14Objective 1.03 Understanding Skills Needed for

Employment

Interpersonal and Self-Directional Skills

Interpersonal and Collaborative Skills – Being able to get along and work productively with others.

Self-Direction – Realizing one’s own learning needs, motivated to find appropriate resources.

Accountability and Adaptability – Responsible, dependable and good choice or use of ethics.

Social Responsibility – Having high standards and ethics in the community.

15Objective 1.03 Understanding Skills Needed for

Employment

Resources - Ability to use materials, people, money and time efficiently and effectively.

Information – Ability to obtain and use knowledge.

Systems – Ability to learn and understand different foundations.

Interpersonal Skills – Ability to get along and work with others.

Technology – Ability to learn and use different types of technology.

16Objective 1.03 Understanding Skills Needed for

Employment

Basic Skills – Ability to read, write, and perform mathematical calculations.

Thinking Skills – Ability to learn, make decisions, listen to others and solve problems.

17Objective 1.03 Understanding Skills Needed for

Employment