Understanding Corporate Accounting in Financial Service Industry

REPORT DETAILING UNDERSTANDING OF CORPORATE ACCOUNTING IN
FINANCIAL SERVICE INDUSTRY
Professional ethics should be kept at the highest level in all the fields regardless of who
is practicing. Interests of the client are critical, but it is the responsibility of the
practitioner to act in the full public interest. To avoid the conflict of interest, the
practitioner should come out to explain to the client the unlawful act which may lead to
unethical practices and the right of both the client and the practitioner. At all time the
practitioner should keep in mind that, he is the eye of the public and should at no point
consider individual interests. Instead, he can avoid liability by not accepting to enter into
contractual agreement with the client to who want to involve in unethical practices.
Information confidentiality – At all the time, the practitioner should keep client
information confidential. It is an obligation by the practitioner to keep information safe
and secure depending on its nature. Unless required by the law, at no point should
either party leak the critical information which is material to other parties. Note,
confidentiality does not prevent a practitioner from exercising the skills gained.
The practitioner should not disclose any information unless under the following
circumstances;
 Where allowed by the client to do so
 The disclosure required by the court of law
 Where the practitioner does not violate any professional law and has a right to
disclose
Secondly, is the integrated computerized accounting system - This is standardized
accounting software for recording and accounting transactions and processing financial
data, Knudtzon & Schmidling, (2006). It interconnects all activities in the finance and
accounting department. The software has the essential features;
 Data processing speed is too high and makes it easy to prepare a financial report
when required
 Since its automatic, it controls according to records
 The system is associated with the minimum mistakes and financial errors
 It’s flexible, and therefore maintenance of accounts is easy
 It is associated with less clerical work compared to other systems
 It's efficient and capable in generating real-time management report when
required