What you need to know about ethics in accounting

Working with an accountant or CPA can be an extremely personal experience, especially in that this person will be given access to your personal identifying information (such as your address, social security number, and your driver’s license number, among others), your personal financial information, and your bank account information. Suffice to say, working with someone who understands the importance of ethics in accounting and tax preparation is paramount.

According to the International Ethics Standards Board for Accountants® (IESBA®), all professional accountants should ensure compliance with five fundamental principles. Their website notes these principles of accounting ethics include the following:

  •  Integrity.  A professional accountant should be straightforward and honest in all professional and business relationships.
  • Objectivity. A professional accountant should not allow bias, conflict of interest or undue influence of others
  • Professional Competence and Due Care. A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services.
  • Confidentiality.A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional accountant or third parties.
  •   Professional Behavior.  A professional accountant should comply with the relevant laws and regulations and should avoid any action that discredits the profession.

About our company

The professionals at Hughes, Snell, and Co., P.C., have decades of experience in helping individuals and business owners throughout the region with a wide variety of accounting, tax preparation, and tax planning services.

We value the trust that each of our clients place in us. Not only do we pride ourselves on our commitment to ethical behavior, we understand the importance of client confidentiality.

If you need help with tax planning, estate planning, accounting, or tax preparation services, our team of highly-trained CPAs is here to help. For more information on our company, our experience, or the services we offer, call our office today to get started.