Potential conflicts faced by Finance and Accounting Professional


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Potential conflicts faced by Finance and Accounting Professional

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a)   A Finance  & accounting professional  working   as  consultant/auditors  in  public  practice should  take adequate care to identify situation that could pose a conflict of interest. If not

followed, they may give rise to threat to comply with the fundamental principles.

b)  A Finance & accounting professional working  as an employer has professional obligation to comply with the fundamental principles laid down by the organization. At the same time, he

should also follow the regulation of the law & should ensure that whatever he does complies

with ethical code of conduct. However, there are situations when superiors or the top level of management apply pressure on the employees to perform activities which are:

ü   Contrary to law or regulation.

ü   Contrary to technical or professional standards.

ü   Unethical or facilitate illegal earnings management strategies.

ü   Associated with issue of financial or non financial report that materially misrepresents the facts, including statements in connection with financial statements, tax compliance, legal compliance or reports required by security regulators.

 

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We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to contact@bms.co.in.

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