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Evolution of Ethics Regulation in Accounting
The purpose of ethics in business is to direct businessmen and women to abide by a code of conduct that encourages public confidence in their products and services. In the accounting field, the AICPA maintains and enforces a code of professional conduct for public accountants. Professional accounting organizations recognize the accounting professions responsibility to provide ethical guidelines to its members. The following is a summary of the many events that have led up to current ethics regulation in the accounting profession.
Accounting ethics regulation today is the product of a number of scandals throughout history. ... As a result of this, in 1976, Congressman John Moss of California issued a report advocating regulatory reform that called for:
· Uniformed accounting principles prescribed by the SEC
· Auditors should attest to the quality of internal controls
· Corporate Boards of Directors should have a majority of members that are unrelated to management.
Approximate Word count = 674
Approximate Pages = 2.7
(250 words per page double spaced)
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