Sample Paper on Code of Ethics in Business

Business is an extensive discipline that contains different sectors. Accounting is a significant segment that involves recording the financial transaction of the operations of firms. Code of ethics needs to be observed to ensure that the financial statements showcase the true and fair value of the dealings. One of the most important codes of ethics in the field of accounting is Integrity. The code is a significant component since it emphasizes on honesty when reporting and recording different things in the financial statement (Hess et al.126). Notably, accountants are required to exercise a high level of transparency when dealing with any transaction of the company and to refrain from any behaviors that might in the long run limit transparency in the profession. Financial professionals have to be truthful since it gives an accurate picture of the ability of the organization to service its debts and capitalize on available opportunities.

Integrity is highly valued as it guides accountants in presenting the correct information. Although individuals could be having the skill and knowledge in the field of accounting, without integrity there is no value in work presented (Hess et al.130). Since financial statement can be easily manipulated, integrity aids in ensuring that every operation is captured and any available error or manipulation correctly explained.

Integrity can be improved through fostering communication and collaboration among the staff to determine the best cause of action when handling finances. Good relationships enhance accountability such that any missing figures can be traced. In all professional matters, objectivity and honesty are required. Adhering to the provisions of integrity evades self-interest towards the finances of the firm. Honesty provides the courage for accountants to record losses by business instead of giving wrong results for purposes of pleasing the beneficiaries of the firm — strict moral guidelines elaborate integrity as observing truth in all disciplines (Hess et al.135). The ambiguity in integrity includes the creation of quality in character that determines if people will have respect for one. Therefore, most fields consider integrity important since the information delivered can be relied upon easily. However, it results in the development of trust that provides a good portfolio for recording actual transactions.

 

Work Cited

Hess, Megan Flohr, Paul Simko, and Andrew C Wicks. “An Integrity Approach to Accounting Discretion.” Academy of Management Proceedings 2018.1 (2018): 124- 135.