International Federation of Accountants Code of Ethics

International Federation of Accountants Code of Ethics Code of Ethics is essential for both accountants and auditors as they hold positions of expectation that the community rely on them and the capability. The Code of Ethics is regulated by International Federation of Accountants (IFAC) at international level. Due to the company failures such as Enron and Equitable life, ethical behavior and independence has become more important. The Enron case clearly demonstrates the value work of IFAC. (ACCA, 2002) Therefore, IFACs Code of Ethic is broadly defined as code of conduct based on a set of moral principles or values that indicates how an individual should behave. (Velayutham, 2003) Through this, if an auditor is incompetent, the parties to the contract will place little or no value on the service provided. (Messier et al., 2007).Furthermore, auditors are required to be independence to apply unbiased judgment and objective consideration to establish facts in giving an opinion. It is essential because the users expect the auditor to have an unbiased viewpoint when forming opinion on the true and fairness of the financial statement. If the auditors are not independence, then the value of audit is lost. (Gomes, 2010) [Online].It is vital to provide assurance services as it can increase confidence of users of the information and to avoid conflicts of interests that may occur towards the auditor. 2.0 Main report 2.1 Critically evaluate of the role of IFACs Code of Ethics for professional accountants in strengthening independence of auditors. Over these years, IFAC has been revising a newer Code of Ethics to clarify requirements for all professional accountants and to enhance the independence of auditor. (IFAC, 2009) [Online].This Code of Ethics are follow up and practiced by its members until it becomes a system in the organization.(Ravendran,2006) [Online]. Principles-based approach is remained in the revised Code of Ethic and it establishes a conceptual framework for professional accountants and external auditor to follow. This is to make sure they are compliance with fundamental principles of professional ethics. It is important for fundamental of principle to remain the same, as it would be more flexible for all professional accountants and the external auditors. (Ward, 2006) [Online] The IFAC Code of Ethic has constantly revised to meet the changing needs of the profession and the expectations of stakeholders in Malaysia. (MIA, 2006) [Online].Therefore IFAC Code of Ethic is set as a good example to follow because of its holistic approach that considers many aspects of the issue. (Gomes, 2009) [Online].External auditors to find out possible threats and evaluate how it could affect the audit are using conceptual framework. They have to apple safeguards on the identified threats to reduce them to an acceptable level. (MIA, 2006) [Online] Furthermore, auditors play an important role to provide a high-quality financial statement because any loss in carrying out their work will give a bad impact on investor protection and confidence. For example, many auditors failed to give their opinion leading to compromising the shareholders of public listed companies. (Izma, 2009) [Online] .As a result, independence of auditors is affected. In solving this kind of situation, auditors will need to follow the fundamental of principles to reduce this threat. (MIA, 2005) [Online] By applying a principle-based approach, it can also help to standardize the IFACs Code of Ethic globally. Through standardizing the international standards, the auditors will have high quality standards in auditing the financial statement. (Ward, 2006) [Online].If each country standardized the preparation of financial statements, making it flexible for cross-border securities listing globally. This will enable the company for a better flow of resources, using it systematically. (Kumar, Porwal, 2003) [Online] .Therefore opinion form by auditors will be more credible and reliable in ensuring auditors to be more independence. On the other hand, the behavior of a human cannot be justified by just following the IFACs Code of Ethic. This is because personal behavior cannot be control and it depends on how they want to behave. (MIA, 2006) [Online].For example lack of ethical code, especially one client may jeopardized another clients business due to the financial difficultly they faced.(Gomes, 2009) [Online] The reasons why auditors cannot control themselves, probably due to the characteristic of the auditors are self-centered, greedy and unprincipled, thus this will create a self- interest threat for the auditors.( Jackling et al., 2007) As such, it is not good to understand the principle only, the knowledge of ethical code need to be apply. (Gomes, 2010) [Online].If not independence of auditor will be influence and then nobody would be able to trust them just like Arthur Anderson. Due to the cases like Enron or WorldCom, which ended up as a fraud, IFACs has revised stronger ethical code and stringent rules that a company must follow. However, the revised IFACs Code of Ethic cannot be perfect all the time. Somehow, loopholes can be found, as it may not fully capture the culture, belief and practice the code and it will make auditors to be unable to enhance independence. (ACCA, 2009) and external auditors may not adapt to this standards as there are changes to the ethical code. It can also make mistakes as the environment is changing, so does the culture and the personality of the auditor as well. Therefore, without a proper guidance, certain parts of the organization may interpret the code differently and IFACs Code of Ethic cannot promise that very country or auditor may process the ethical code. For example as the culture in the world is changing so as the behavior of an auditor and for that auditor may do what they want, as the Code of Ethic is not included in the law system. In general, by maintaining the same code is not possible, as it has to change consistently. (Pflugrath et al., 2007) 2.2 Evaluate the important of maintaining principle-based approach in the Code of Ethics. Many corporation failures has shows the need of principle- based approach is essential. The suggested ways for IFACs Code of Ethic to strengthen the independence of auditors are by having a principle-based approach, as it is flexible and easy for the auditors and accountants to adapt. With a strong principle-based, this will enhance the auditor to perform a high quality standards of auditing in making decisions and the public would have more trust towards them (IFAC, 2009) [Online]. By having a principles- based approach, problems it maintaining will be reducibly and there are ways of resolving it. (MIA, 2008) [Online] Furthermore, the IFACs body has agreed that principle-based are better compared to rules-based approach as threats and safeguards better serves the public interest, which cannot provide for all circumstances. (Bagshaw, 2006) [Online].As such, the Code of Ethic has been revised in principles- based approach primarily to encourage auditors to make a high quality judgment(MIA, 2006) [Online]. Therefore, assurance is critical in making sure that their judgments are ethical enough as the auditors and accountants holds these responsibilities. (Haron.H et al., 2010) Other than that, a principles- based approach can adapt to the changes of the environment. This is because every country has a different culture and this culture will generally affect the behavior of that person. Therefore, with principle-based, it can minimize standards behavior for each auditor and accountant globally. (ACCA, 2009) and therefore it is important to maintain a principles-based in the IFACs Code of Ethic. Moreover, with the high quality of ethical code, auditors can make a good judgment and this will avoid them from having a financial scandal. (Ismail et al., 2010) Somehow, some aspects that may considered as a threat towards a principle-based approach. External auditors and professional accountants that are use to comply with rules- based in Code of Ethics find themselves in a difficulty to switch to principles- based. The most important concern is whether a purely principle-based approach is strong enough to deal with a complicated transactions.(Yong, 2004) [Online].Due to the different culture in every country International codes such as the IFACs Code cannot fully comply with basic principles and practice. (ACCA, 2009) The fact is that auditors and accountants will need to apply judgments according to the principles, which is impossible because Code of Ethic cannot include all situation and dilemmas and by applying judgments blindly, auditors independence are affected. (Gomes, 2009) [Online] Despite that, every now and then judgment are use to manipulate financial outcomes so a strong ethical behavior and commitment is required for the auditors to avoid temptations from resist client pressuring. (Yong, 2004)[Online] Besides that, the lack of clarity in principle-based approach as ethical code can perceive to be to technical jargon. As such auditors will have a difficult time to understand certain parts especially when the ethical code is translated, auditors finds themselves that the meaning become weaker thus auditors will find it hard to revise the Code of Ethics and because of this ethical code may not be widely used all over the world. (MIA, 2005) [Online] (ICAEW, 2006) [Online].Therefore every country needs to adjust to have a simpler Code of Ethics. 2.3 Recommendation In general, all companies differs from one and another in terms of functional operations, its legal systems, institutional base works and cultures, therefore it is critical that every organization must have good corporate governance for survival. Hence corporate governance is another way to enhance the independence of auditors besides having Code of Ethics. The objectives are to make sure that companys management is organized care and certain requirements that auditors and accountants must comply. Other than that, corporate governance systems are to make sure that threats to independence do not happen. (ICAEW, 2001) [Online] As audit committee are parts of the corporate governance, it is important for them to monitor the external auditors work by checking the financial report. By doing so, external auditors assurance will be improved. Besides this, audit committee can give some opinions to external auditor especially when problems occur. (ACCA, 2009).Therefore, with the help of audit committee, financial report would be more reliable. Moreover, audit committee can also review the timing and nature of reports as well as the findings of the external auditors. (ACCA, 2009) Hence, this will be able to enhance the independence of auditors Besides this, Continuing Professional Development (CPD) is another good substitute besides Code of Ethics. This program is great to ensure auditors and accountants are updated with the market developments and changes affecting the accountancy profession and the auditors. Further, it helps the auditors to maintain and raise standards to professional judgments thus this will give auditors to be more up to date in the Guide of Professional Ethics. Through CPD, auditors will have the advantage to improve the capacity to exercise the highest standards of professional judgement. (ICAEW, 2010) [Online] CPD also provides information, support and guidance towards the auditor thus auditors are more confident in making a good decision without affecting the financial report. (ICAEW, 2010) [Online] By adopting this new approach, auditors will be able to follow up with current issue, which can affect their professional works, and to be committed in the job as they are responsible to the clients, stakeholders and the employers. (MIA, 2006) [Online].Finally, CPD will help them to be more knowledgeable and will enhance them to develop higher level of quality standards (MIA, 2007) [Online] 3.0 Conclusion Overall, it is important that IFACs Code of Ethics is revised every few years to make auditors and accountants are able to adapt with the changes made in the Code of Ethic. Ethical code is needed for the auditors and accountants as the public rely on them to perform the audit work efficient and effectively. Due to this, maintaining a principle-based is in need for every auditors and accountants as it is more flexible and thus it is globally used. However, there are still some negative aspects of ethical code, which auditor finds it difficult to comply with but somehow they manage to resolve it. As such, it is important that auditor and accountants knows when to apply the ethical code and not just understanding the principle only. Nevertheless, by having a good judgment, auditors will be able to make a good decision without getting influence. Therefore, with a strong ethical behaviour, auditors will be able to give a reliable and credible financial report and as a result, independence of auditors can be enhanced.Apart from this, it is essential, that every country will be able to adopt the IFACs Code of Ethics, as it will give high quality standards in the financial statement. Ethical Code cannot guarantee ethical behavior or resolve all dispute ethical behavior should result from a personal commitment to engage in ethical practice. Audit committee and CPD can also help to enhance the independence of auditors. Lastly, Ethical Code is an essential element of the surroundings in which auditors work and it is important that proper guidance to be given to them.

Cadetship

Is a grim struggle of winning supremacy over oneself. What is a parrot? Of all the queer birds i ever did see, the parrot is the one that has no secrecy. He talks to much about his life In the hut, that is why one day he was finally shot, so that a cadet without secrecy and discipline will someday meet the parrots end. What is an upperclassman? An upperclassman is a simple handshake of recognition that gives him a title of an immaculate.He Is a fully developed animal that has gone through the dim world of plebe hood. After asking the question, what is the reason of ll the sufferings under his superiors? He has endured pain, gave sweat, and came near the end of his temperament. Now, he Is the king of all kings, the master of all things, the roaring thunder of the corps. He has the strength of a bull and the growling voice of the Ilon, the fury of a tiger, the cruelty of the beast and the penetrating stare of an eagle that scrutinizes even the slightest error of a dumb guard.But these are the mere roles they have to play in the analysis of their real character, an upperclassman is a good brother, a best friend and a refined Individual who will soon become an officer and an a entleman What Is a combat Shoes? A combat shoe is but a rear extension wrapped around my foot that adds discomfort while doing the duck walk sirl Hows your wife? My wife is the simplest and the most beautiful to live with but the most complex to understand. My wife, Sir, needs constant love and care. Every day, I have to wipe her face, her breast, her body and everything below her.Often sir, I have to undress and dissect her into parts in order to ensure everything is spic and span. That is my wife sir, my wife is Cal. 5. 56, Cal 7. 62, Cal 45 and Cal. 38 Sir! What Is a Kiss? A kiss when all Is said what Is a kiss? It Is an oath of allegiance taken at a close proximity, a promise more precise a seal upon confession, a rose read upon a letter † I † In loving of an instant eternity, murmuring like a bee, a balmy communion with a flavor of a flower, a secret which elects the mouth from the ear of position or Inhaling each others heart and tasting the brink of each others lips.That Is a kiss sirl What is a coffe? A coffee is from a little branch of a humble tree that comes from a reddish bristle, shape Ilke a heart, dried under the radiating heat of the sun on the month of May Sirl I OF3 What is a Rose? Legend has it that a rose grow thorn at the same time with Venus, the goddess of sea and Jealous earth we broth forth our fairest creation. Looking at the beticali and birth of Venus, see the rose around. Rose is romance rearrange its letters and it reads Eros, the goddess of love. Hows the animal? The animal at this stage is still lost and needs more guidance from his upperclassman.But if given a few more days of a week of rapid growth and development, the animal will turn into a pony Sir! How long is eternity? If it takes a bird from outer space traveling at th e speed of a urtle and taking its time, picks a grain of sand from the earth and brings it back to the place where it came from then deposits it there and repeats the process once in a million years taking all the minute grain of sand from the earth and depositing it to the banks of galaxies of heaven and bringing them back to their proper places, eternity has Just began.I hope the lazy dumb guard will travel forth and by chinning in double timing will come shorter than the beginning of eternity sir! What is a buckle? A buckle is a piece of metal that is placed on my forehead which dds discomfort while eating at the mess hall sir! How the weather? The cold weather breeze from the majestic Laguna de Bay rolling continuously unto the enchanted slopes of Mt. Makiling as it breathes the last dew unto the portals of the academy and its exciting sight for the day long fght sir! Why rattle?The nervous system of the cadet is not yet fixed due to the confused responses from the feeble brain that was brought about by the sudden impact of the many forces uncontrolled by the vulnerable defenses of the still weak and sluggard cadet. In a addition sir, there is a sudden metamorphosis Just upon seeing the hadow of an upperclassman wherein the cadets reaction is determined whether it be right or wrong sir. Profession of Arms? Men who adopt the profession of arms submit on their own freewill to a law of perpetual constraint of their own accord.They reject their right to live where they choose, to say what they think and dress as they like. From the moment they became soldiers it needs but an order to settle them from this place to move them to that, to separate them from their families, and to dislocate their normal lives. I the word of command they must rise, they must march, they must run, endure bad eather, go without food, go without sleep, be isolated on some distant post, work until they drop, they have ceases to become the master of their own fate. If they drop on their own tracks.If their ashes are scattered to the four winds, that is all part and parcel of their Job Sir! Go placidly amidst the noise and haste and remember what peace there may be in silence. As far as possible without surrender, be on good terms with all persons. Speak your thought quietly and clearly; and listen to others, even the dull and ignorant; they too have their own story. Avoid loud and aggressive person; they are exations to the spirit. If you compare yourself to others, you may become vain and bitter; for always there will be greater and lesser person than yourself.Enjoy your achievements as well as your plans. Keep interested in your career, however humble; it is a real possession of the changing fortune of time. Exercise caution in your business affairs, for the world is full of treachery and deceit. But let this not blind you to what virtue there is. Many person strive for high ideals and everywhere, life is full of heroism. Be yourself, especially do not feign aff ection; neither be cynical about love, for in the ace of all aridity and disenchantment, it is as perennial as the grass. Take kindly the counsel of the years, gracefully surrendering the things of youth.Nurture strength of spirit to shield you in the sudden misfortunes. But do not distress yourself with imaginings. Many fears are born of fatigue and loneliness. Beyond a wholesome discipline, be gentle with yourself. You are the child of the universe, no less than the trees and stars. You have the right to be there. And whether or not it is clear to you, no doubt that the universe is unfolding as it should. Therefore, be at peace with God, whatever you conceive Him to be, and whatever your abor and aspirations, in the noisy and confusion of life, keep peace with your soul.With all its shame, drudgery and broken dreams, it is still a beautiful world. Be careful. Strive to be happy. Do you have a sister? That urging question has been languishing in myself totally and mentally pollutin g my mind. ‘ became your untaxable property and evil might besiege my family. Its sparkle will be lost to demon whom I would like to run from head unto feet after asking the question with a ten peso balance on your checking account. We might be on the same boat. Sir! , so I pose the same question, do you have a sister or aughter Sir?Hows the Cade? Sir, Cadet is a symbol of all that is bold and daring with the grand posture of a dashing gentleman with a warm and tender lips, a kiss of a great lover with the majestic smile of a victorious soldier. The masculine built of an Olympian god with the courage of a thousand warriors. He talks with the strength of a lion and gentleness of the morning winds. His personality mocks and kicks the rushing waves of the shore. His eyes are clear and tantalizing as the rays of the setting sun, in short and simple language Cdt handsome sir! is very

Why I Want to Study at Duke University School of Medicine Free Essay Example, 1500 words

At High School, my plans for the future centered on my becoming a practising doctor, with the skill of healing patients. I must admit that I had to overcome the disadvantage of a relatively weak foundation in Science, as a result of my Middle School curriculum in China, which did not include Biology. The language barrier also proved difficult to break during the initial years of my arrival in the USA, and my focus then was on mastering English and Mathematics and understanding American culture. The scientific terms in Biology were difficult to come to grips with! However, my determination to enter the field of Medicine kept me going. The same determination is now my tool in my effort to overcome any shortcomings in my academic career. I am very aware that my GRE writing score of 3 could have been higher, and am determined to identify and address this through repeated practice of writing skills. A career in medicine continued to be my goal as I stood on the threshold of my freshman y ear at the University of California, Davis. However, the first Molecular Cellular Biology class I attended at the UC Davis, discussing gene therapy, proved to be a revelation to me: I had discovered the interest of my life! We will write a custom essay sample on Why I Want to Study at Duke University School of Medicine or any topic specifically for you Only $17.96 $11.86/page Gene association studies and single-nucleotide polymorphism (SNP) detection can be used in disease prediction, thus potentially preventing disease formation. Genetics is the cutting-edge of health-care research and personalized medicine. The next step in my academic evolution was my realization of the power of technology. As the only child of immigrant parents who was focused on earning a living, the computer has been a good friend of mine, right from the age of twelve, when I moved to the USA.

The Haitian Revolution And African Americans - 1562 Words

Although the Haitian Revolution inspired many revolts made from African Americans, African American themselves were not significantly responsible for slavery’s end. However, different regions had different circumstances that caused African Americans to either have an abundance amount of influence to slavery’s end or little to no influence. The reason being is due to the level of resistance that varied depending on the location of the slaves. Many of the slaves had to depend on the number of supporters that they had to work with because without enough support, the revolts would not go well, which then would not lead to the end of slavery. â€Å"Rebellion began at the initial point of capture within Africa itself, continuing down to the barracoons, and it often erupted into mutiny aboard the slavers† (Gomez 110). This quote signifies that rebellion has always been there through each suffering; it was just never prominent enough at the moment because African America ns could handle it at the time since the torments just began. Yet, as time goes by, their ability to endure decreases having to deal with the tortures and sufferings weekly if not daily. Slavery’s end sparked when the debate over the future of slavery began. The dispute then led to secession in which it brought about a war in which the Northern and Western states and territories fought to preserve the Union, while the South fought to establish Southern independence as a new confederation of states under its ownShow MoreRelatedThe African Descent Essay1228 Words   |  5 Pagesin Latin America. They are the result of various mixtures between people of Spanish, Indian and African heritage. They constituted the bottom of society before and even long after independence was achieved in the majority of the nations in South and Central America. 3. reinos and peninsulares: European natives who lived in Latin America. Before independence was obtained in the various South American countries, they were at the top of society, and subjugated both the creoles and the mestizos. InRead MoreEssay On The Causes Of The French And American Revolution1061 Words   |  5 PagesThe American, French, Haitian, and Mexican revolutions are epitomes of responsible citizens advocating for social and political upheaval in hopes of saving and furthering their states. These revolutions, more than others, exemplify nations that rebelled against governments which maliciously abused their power. The American Revolution focused on achieving independence from Britain, as Britain abused their power by unfairly taxing colonists. The Mexican Revolution concentrated on eliminating dictatorshipRead MoreThe Young Lords Movement Of The United States1292 Words   |  6 Pagesslaves just like the African Americans and wanted it to end immediately. The Young Lo rds consisted of both women and men. 3. Black nationalism supports a racial definition of national identity. Blacks wanted independence from European society. The purpose of this movement was to gain economic power and infuse a sense of community among African Americans. Black nationalists wanted to maintain their separate identity as a people. They wanted to invoke a sense of pride in African Americans in the United StatesRead MoreThe Spanish Slave Trade Between 1500 And 1866 Essay1019 Words   |  5 PagesAztecs, the Incas, and other indigenous groups, underwent a massive global transformation that began in the late 1400s. The European invasion of the Americas in the late 15th century, the Transatlantic Slave Trade between 1500 and 1866, and the Haitian revolution that characterized the late 18th to early 19th century introduced diversity, economic growth and class equality to the native soils. This left a significant mark not only in the Americas but also in global history. In 1492, Christopher ColumbusRead MoreThe Expansion Of A Early 16th Century Traveler Essay1056 Words   |  5 PagesAztecs, the Incas, and other indigenous groups, underwent a massive global transformation that began in the late 1400s. The European invasion in the early late 15th century, the Transatlantic slave trade between 1500 and 1866, and the monumental revolutions that characterized the early 18th century to mid 19th century introduced diversity, economic growth and class equality to the native soils. This left a significant mark not only in America, but also in global history. In 1492, Christopher ColumbusRead MoreWhat Did The Haitian Revolution Do For End Racial Slavery And How Successful Was It?1381 Words   |  6 PagesAnneliese Carrascoso 3/2/17 What did the Haitian Revolution do to end racial slavery and how successful was it in doing so? The Haitian Revolution was the first ever ‘successful’ slave rebellion, which took place from 1791-1804. This was followed by the Independence of Haiti, Racial Slavery is the forced labor of individuals and discrimination based on race, in which racism and hatred are the core. Racial slavery leads to the dehumanization of the slave. One of the greatest instancesRead MoreThe Haitian Revolution Essays1384 Words   |  6 Pages The Haitian revolution became the pedestal of slave or black rebellion across many nations in the world. Slaves around the world were seeking to be recognized as equals to their conquerors or colonizers and therefore uprisings began to develop after the orchestration of the first black uprising known as the Haitian revolution. A distinguished black leader Toussaint L’ouverture was one of the prominent leaders of the Haitian revolution. He advocated for equality, fraternity and libertyRead MoreThe Haitian Revolution And Latin American History1278 Words   |  6 Pages The Haitian Revolution was one of the most important slave revolts in Latin American history. It started a succession of other revolutionary wars in Latin America and ended both colonialism and imperialism in the Americas. The Haitian Revolution affected people from all social castes in Haiti including the indigenous natives, mestizos, mulattos and the Afro-Latin. The idea of starting a rebellion against France began with the colony’s white elite class seeking a capitalist market. These elites inRead MoreThe Importance Of The Declaration Of Independence1147 Words   |  5 Pagesbuilding support for that framework is even more difficult. In the case of our nation, the United States declared their independence with a national doc ument, ratifying the Declaration of Independence on July 4th, 1776 and announcing the thirteen American colonies as sovereign states. The Declaration of Independence received wide-spread support as it asserted the people’s natural and legal rights. Perhaps the most profound and powerful sentence of the declaration deals with human rights and that AmericaRead MoreThe French Revolution And The American Revolution1137 Words   |  5 PagesAltogether, the American, French, and Haitian revolutions in some way all made radical changes to varying degrees, however the French revolution was the most radical of the three. The American revolution revolved around American gaining independence from Britain and ensured its citizens’ natural rights. The French revolution involved the strong institution of law focused on Enlightenment ideas. Social reform is what the Haitians’ focus was in changing the governing of its people. The revolutions of each