Accounting Professional: Skills and Duties

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On Objectivity and Independence

The chosen accounting principle for the discussion is objectivity and independence. As I see it, objectivity is the internal ability of the accounting professional to remain unaffected by external factors when focused on performing job tasks. Objectivity is a moral and ethical duty to seek only the truth in the available data and present it to those who request it honestly, impartially, and comprehensively. Independence is a similar principle; it is the attribute, skill, and manner of the auditor’s approach to their company structures, work environment, all sorts of information, and the individuals with whom they work. It is the quality of being psychologically, emotionally, and professionally neutral in judgments and the ability to maintain and practice one’s autonomy within the job setting. By adhering to these principles of objectivity and independence, the accounting professional brings trust to their work culture, businesses, and the clients they work with. With trust, positive mental attributes such as confidence and competence come into the relationship of auditors and their partners and the organizations in which they coexist and operate.

Example of Difficult Situation

An example of an ethical dilemma for an auditing professional that involves the discussed principle is a situation when one of the employees in the struggling firm they are working with is a longtime friend. The accountant knows there is a big but not absolute chance that the firm will soon go bankrupt, and the company will most likely carry out massive layoffs to prevent its collapse, which will undoubtedly affect their friend. It is a situation where the objectivity and independence of a professional can be impacted by personal relationships leading to undermining the integrity of the information that will be presented to management. An ethical act will be the decision of the accountant to include a clause on the high probability of bankruptcy of the organization. However, compassion can compromise the neutrality of the decision-making process, and the specialist will not include an insolvency forecast, thereby saving a little time for their friend to continue receiving a salary.

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Accounting Professional: Skills and Duties

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