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Introduce to Ethical Principles

Added on - 23 Mar 2020

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Ethical Principles1ETHICAL PRINCIPLESBy Student’s Name:Course code + name:Professor’s name:University name:City, State:Date of Submission
Ethical Principles2Ethical principles comprise of a set of regulations that govern the general conduct ofindividuals both in general behavior or at the work place. This discussion will be centered onvarious circumstances which have been provided and an analysis can be done to determinewhether ethical standards were violated or not. The types of scenarios that have been presentedare anchored on the professional field of accounting.The first scenario describes an auditor of a firm who has been selected to be the treasurerof a firm. The treasurer does not execute the mandate upon an athletic club in his capacity as anauditor. This implies that the auditor is out to conceal information concerning the companyaccounts so that he can benefit from that venture. The ethical principle that was violated is theone which states that any employee should not be engaged in any other activities or forms ofemployment that are in conflict with their main duty. Another principle that Amy violates is thathis company is treating a private institution preferentially. (Childress 2015, p. 334-345)In the second case, there are two institutions where one is an auditing firm. Apparentlythe auditing firm which is Gordon Accountants has discharged its duty of verifying the accountsof Simtec Limited within the appropriate time that was allocated. It is not clear whether therewas an initial agreement by the firms to pay the dues in the stipulated timelines. If there was suchan agreement, then it would be unethical for Simtec Company to withhold the payment untilGordon Accountants submit their report. On the other hand it would be a gross violation for theaudit firm to demand for payment before completing its duty (Gill 2013, p. 89-100). The ethicalprinciple that guides this case is that all employees should always give ethical principles and thelaw the fidelity that they deserve against the individual gains that the companies wish to derivefrom such duties. Besides, there is another principle which reinforces the fact that the company
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