Ethics and Standards in Accounting Exist to Protect the Public - Case Study - Arts & Humanities Assignment Help

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SCENARIO

Ethics and standards in accounting exist to protect the public from unscrupulous corporations and accountants who hide or misrepresent information. Certainly, not all accountants are unethical, but when proper ethics are breached, the consequences can be disastrous. In 2017, the widely publicised allegations raised with respect to auditing firm KPMG South Africa's work on behalf of the Gupta family and work performed in 2014 to 2015 on the “Report on Allegations of Irregularities and Misconduct”, which KPMG South Africa produced for the South African Revenue Service, left the organisation's reputation in tatters. This had widespread implications for the organisation's business prospects, turnover and the job security of its employees. Therefore, it is evident that ethics continue to play an important role in the field of accounting. In view of these developments in the industry, AccounTrust Incorporated (Inc) wishes to embark on an ethics training programme for its accounting department. The training session will be conducted in collaboration with the South African Institute of Chartered Accountants (SAICA) and will take place on the weekend of 18 to 20 June 2021 at Summer Place in Sandton, Johannesburg.

From the Friday morning to the Sunday afternoon, employees will be trained on a range of ethics-related topics. This training session will be facilitated by a group of 10 to 12 specially selected industry experts and academics who specialise in the field of ethics in accounting. The training will be divided into the following different sections: On Friday, a range of topics from accounting legislation, the SAICA ethics charter, company policies and procedures, as well as ethical communication will be covered.

- Saturday will involve practical exercises where delegates will apply the content covered on Friday through case studies, scenarios and financial reporting
- Finally, on Sunday morning there will be a recap and evaluation session before delegates leave.

The training programme will be interactive in nature and employees will be grouped into teams to encourage teamwork and promote interpersonal communication. It is important for employees to attend so that all members will be equipped with the skills and knowledge needed to function ethically in the accounting department team.

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