1. Explain Ethical standards of public vs. private accountants. Then explain the following dilemma: At the...

1. Explain Ethical standards of public vs. private accountants. Then explain the following dilemma:

At the completion of a financial statement analysis, a government official was told the analysis resulted in highly irregular and suspicious ratios and trends. What unique ethical issues would the government official face, that a corporate officer would not?

Expert Solution

first start with meaning of Private & Public Accountant

Private Accountant means accountant who provide accounting services exclusively to one client. he may be employee or operate as independent accountant.

Public Accountant means Accountant who provide audit, tax, Adivsory and other Consultancies services like big 4( EY, Deloitte, KPMG etc). they deals with variety of Client unlike Private Accountants.

Ethical Standards are set of standard which ensure that accountants should act honesty, integrity, avoid the conflict of interest in personal & professional relationships.

Ethical Standards for Public Accountant, while doing audit, giving adivsory service & other consultancies should maintain the Ingerity, Comply with all applicable standards on Audits, regulation , etc.

Ethical standard for Private Accountant, they should work with honesty for his employer. they should not cheat him for sake of some additional Money.

ekkarill92 answered 1 year ago

1.what is Pension accounting issues in the private vs. public sector 2. what is the Accounting...

1.what is Pension accounting issues in the private vs. public sector 2. what is the Accounting for works of art and historical treasures in fund and government-wide statements when purchased and received as gifts 3. what is the Depreciation rules for works of art and historical treasures 4.what is Accounting for infrastructure assets in fund and government-wide financial statements 5. what is Depreciation rules for infrastructure assets

The American Institute of Certified Public Accountants (AICPA) issued the Statement on Standards for Attestation Engagement...

The American Institute of Certified Public Accountants (AICPA) issued the Statement on Standards for Attestation Engagement (SSAE) No. 10 (AT Sec. 301) “Financial Forecasts and Projections”. Visit the AICPA website (www.aicpa.org) and write a report to summarize the auditors’ responsibilities regarding prospective financial statements and the key requirements of the SSAE No. 10. Your report should include the following: Explanation of the uses of the prospective financial statements. Discussion of the auditor’s compilation of the prospective financial statements. Discussion of...

Unit 8 10. Explain the ethical dilemma faced by whistleblowing.

Know the main players and the impact of the public vs private sector differences

what is the ethical dilemma between choosing greater public access and protecting consumer privacy

Total Demand for Private Goods vs Public Goods. Consider the following individual demand functions: Q1 =...

Total Demand for Private Goods vs Public Goods. Consider the following individual demand functions: Q1 = 10 – P Q2 = 8 – P Q3 = 7 - P Rival & Excludable Complete the following table assuming the product is rival and excludable: Price ($) WTP Q1 Q2 Q3 Total Demand $10 9 8 7 6 5 4 3 2 1 0 WTP= willing to pay Nonrival & Nonexcludable If the above product becomes a public good, calculate the total...

Name the four areas in which standards of ethical conduct exist for management accountants in the United States. What organization sets forth these standards?

Name the four areas in which standards of ethical conduct exist for management accountants in the United States. What organization sets forth these standards?A.(1) Honesty, (2) Fairness, (3) Objectivity, and (4) Responsibility. These standards are set by the Institute of Management Accountants (IMA).B.(1) Competence, (2) Confidentiality, (3) Honesty, and (4) Fairness. These standards are set by Generally Accepted Auditing Standards (GAAS).C.(1) Competence, (2) Confidentiality, (3) Integrity, and (4) Credibility. These standards are set by the Institute of Management Accountants (IMA).D.(1)...

Explain the ethical standards of auditing in the U.S. and why it is so important to...

Explain the ethical standards of auditing in the U.S. and why it is so important to have strong global standards also. Discuss the ethical guidelines you consider to be absolutely essential as part of International Auditing Standards.

1.Distinguish between public and private funding of debt. (Be specific.) Public funding of debt is? Private...

1.Distinguish between public and private funding of debt. (Be specific.) Public funding of debt is? Private funding of debt is? 3.Restrictions placed on a borrowing company by lenders are known as: (Do not abbreviate.) 4. Are corporate bonds (or car loans, or some other type of financing arrangement) most commonly structured as (1) periodic payment debt, as (2) lump-sum payment debt, or as (3) combined periodic payment and lump-sum payment debt? 15. What are callable bonds? 17. Consider accounting for...

Explain how motivation can impact leadership. Explain how high ethical standards and ethical leadership apply to...

Explain how motivation can impact leadership. Explain how high ethical standards and ethical leadership apply to organizations on a global level.

Question