From the course: Accounting Ethics
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Objectivity, transparency, and accountability
From the course: Accounting Ethics
Objectivity, transparency, and accountability
- Accountability, transparency and objectivity are three core non-negotiable ethical principles that guarantee ethical accounting. Let's review each one in more depth. First is objectivity, being truly objective is difficult. Even when you think you're objective, you're probably not. Subconscious influences shape how all of us value and perceive the world. But this raises the question, is it possible for accountants to be objective? The law requires them to, and while this requirement for objectivity only applies to professional obligations, accountants still have to be aware of how their personal biases could affect their accounting judgment. Here are two ways to maintain objectivity. First, know who needs the information. No one should ever have the opportunity to influence the outcomes of a decision, especially if they can profit from it. Knowing who you're working with helps you to manage expectations. And…
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