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ISBN-10 ‏ : ‎ 9781118928332
ISBN-13 ‏ : ‎ 978-1118928332
Author: Gordon Klein

This book provides a comprehensive, authoritative, and thought-provoking examination of the ethical issues encountered by accountants working in the industry, public practice, nonprofit service, and government. Gordon Klein’s, Ethics in Accounting: A Decision-Making Approach, helps students understand all topics commonly prescribed by state Boards of Accountancy regarding ethics literacy. Ethics in Accounting can be utilized in either a one-term or two-term course in Accounting Ethics.

A contemporary focus immerses readers in real world ethical questions with recent trending topics such as celebrity privacy, basketball point-shaving, auditor inside trading, and online dating. Woven into chapters are tax-related issues that address fraud, cheating, confidentiality, contingent fees and auditor independence. Duties arising in more commonplace roles as internal auditors, external auditors, and tax practitioners are, of course, examined as well.

Table of Content:

Chapter 1 Introduction to Ethics
AM I ETHICAL?
WHAT IS ETHICS?
ETHICS AND ACCOUNTING
ETHICS IN OUR DAILY LIVES
ETHICS IN OUR PROFESSIONAL ENDEAVORS
The AICPA Code of Professional Conduct
The IFAC Code of Ethics for Professional Accountants
ETHICAL JUDGMENTS IN ACCOUNTING
Ethics in Financial Accounting
Ethics in Tax Reporting
Ethics in Internal Controls
Ethics in Management Accounting
Ethics in Governmental and Nonprofit Accounting
Ethics in Other Accounting Roles
COMMON ETHICAL RATIONALIZATIONS
“Everyone Does It”
“The Other Guy’s Worse”
“If It’s Not Illegal, It Can’t Be Wrong”
“No Harm, No Foul”
“They Made Me Do It”
ETHICS IN THIS BOOK
WHY SHOULD I BE ETHICAL?
SOLUTION TO “AM I ETHICAL?”
EXERCISES
Ethics in Everyday Life
The Regulatory Environment
General Ethics Issues
Common Ethical Rationalizations
Chapter 2 Ethical Principles and Reasoning
AM I ETHICAL?
DISTINGUISHING ETHICAL BEHAVIOR FROM LEGAL BEHAVIOR
THE UNIVERSALITY OF ETHICAL RULES
Ethical Absolutism
Ethical Relativism
Ethical Absolutism versus Relativism
AN INTRODUCTION TO THE AICPA CODE
An Overview
The Core Principles of Professional Conduct
THE DEVELOPMENT OF MORAL REASONING
Kohlberg’s Stages of Moral Development
MAKING ETHICAL DECISIONS
Rest’s Four-Component Model of Ethical Decision Making
The Accounting Profession’s Models of Ethical Decision Making
Is Ethical Decision Making Truly Rational?
SOLUTION TO “AM I ETHICAL?”
EXERCISES
Legality versus Ethicality
Ethical Absolutism and Relativism
Principles of Accounting Ethics
Applying Ethics to Accounting Problems
Kohlberg’s Stages of Moral Development
Comprehensive Problems
Chapter 3 The Core Philosophies
AM I ETHICAL?
THE CORE PHILOSOPHIES
Consequentialism
The Nature of Utilitarianism
Criticisms of Utilitarianism
Deontology
REVISITING CORE ETHICAL PRINCIPLES
Is Lying Ever Ethical?
Is Stealing Ever Ethical?
Is Discrimination Ever Acceptable?
NEUROBIOLOGY AND ETHICAL DECISIONS
A Self-Test
The Neuroscience of Deontology and Consequentialism
SOLUTION TO “AM I ETHICAL?”
EXERCISES
Core Principles
Lying, Stealing, and Cheating
Business Applications
The “Trolley” Problems
Comprehensive Problems
Chapter 4 Virtue, Justice, and Social Responsibility
AM I ETHICAL?
DISTRIBUTIVE JUSTICE
The Nature of Justice
Theories of Distributive Justice
The Neurobiology of Distributive Justice
VIRTUE ETHICS
EGOISM AND CONCERN FOR OTHERS
The Nature of Egoism
Proponents of Egoism
Critics of Egoism
CORPORATE SOCIAL RESPONSIBILITY
The Nature of Corporate Rights and Duties
Sustainability and Corporate Social Responsibility
SOLUTION TO “AM I ETHICAL?”
EXERCISES
Issues of Distributive Justice
Virtue Ethics
Social Responsibility
Social Responsibility and Religion
Comprehensive Problems
Chapter 5 Why We Cheat
AM I ETHICAL?
CHEATING
THE RATIONAL MODEL OF CHEATING
The Becker Rational Model
Flaws in the Becker Rational Model
A PSYCHOLOGICAL MODEL OF CHEATING
The Importance of Self-Image
The Influence of Self-Image on Cheating
Implications of the Self-Image Maintenance Trade-Off
HOW THE INTENSITY OF A MORAL ISSUE AFFECTS BEHAVIOR
The Magnitude of Consequences
Social Consensus
Probability of Effect
Temporal Immediacy
Proximity
Concentration of Effect
OTHER INFLUENCES ON ETHICAL BEHAVIOR
Gender Differences
The Overconfidence Bias
Lessened Adherence to Social Norms
Cultural Differences
Cheating in the Animal Kingdom
SOLVING THE CHEATING PROBLEM
SOLUTON TO “AM I ETHICAL?”
EXERCISES
The Becker Rational Model of Cheating
The Consequences of Cheating
Cheating versus Fair Competition
The Psychology of Cheating
Rationalization and Self-Image
Moral Intensity
Comprehensive Problems
Chapter 6 Greed, Corruption, and Collusion
AM I ETHICAL?
THE INSTINCTIVE URGE OF GREED
The Nature of Greed
The Biological Origins of Greed
BRIBERY
The Nature of Bribery
Identifying Bribes
Maintaining Accurate Accounting Records
Bribery and the Accounting Profession
Detecting Bribes
Whistleblower Protections
KICKBACKS, COLLUSION, AND RELATED ARRANGEMENTS
Commissions
Referral Fees
Contingent Fees
Gifts and Entertainment
INSIDER TRADING
The Ethics of Insider Trading
The Legal Issues
SOLUTION TO “AM I ETHICAL?”
EXERCISES
Bribery
Referral Fees and Kickbacks
Gifts
Contingent Fees
Insider Trading
Comprehensive Problems
Chapter 7 Fraud and Earnings Management
AM I ETHICAL?
FINANCIAL FRAUD
The Fraud Triangle
The Enron Scandal
Common Fraud Techniques
COSO and Fraud
TAX FRAUD
The Rational Model of Tax Cheating
Flaws in the Rational Model of Tax Cheating
Psychological Factors That Influence Taxpayer Honesty
Manipulating Income Tax Reporting
Detecting Tax Fraud
SOLUTION TO “AM I ETHICAL?”
EXERCISES
General Principles
Fraud Techniques
Tax Fraud
Comprehensive Problems
Chapter 8 Discreditable Acts: Discrimination, Deceit, and Disclosure
AM I ETHICAL?
DISCREDITABLE ACTS UNDER THE CODE OF CONDUCT
Specific Acts That Are Discreditable
The Discreditable to the Profession Standard
The Duty to Report Others’ Misconduct
DISCREDITABLE ACTS IN TAX PRACTICE
THE DUTY TO POSSESS SOUND MORAL CHARACTER
The Nature of Moral Character
THE ETHICS OF FULL DISCLOSURE
The Duty to Present Material Facts
The Duty to Not Obscure Important Information
The Duty to Place Facts in Context
The Duty to Apply GAAP
The Duty to Disregard GAAP Rules
Duties Concerning Nonfactual Presentations
SOLUTION TO “AM I ETHICAL?”
EXERCISES
General Principles
Discrimination
Disclosures of CPA Exam Questions
Record Retention
Moral Character
Accounting Disclosures
Reporting Based on “Nonfacts”
Comprehensive Problems
Chapter 9 Confidentiality
AM I ETHICAL?
WHY CONFIDENTIAL INFORMATION IS PROTECTED
WHEN INFORMATION IS CONFIDENTIAL
The General Nature of Confidential Information
Specific Issues Concerning Confidentiality
WHEN DISCLOSURE OCCURS
Internal Disclosures
External Disclosures
CLIENT CONSENT
The Nature of Specific Consent
Situations in Which Disclosure Is Required Without Client Consent
Situations in Which Disclosure Is Permitted Without Client Consent
IDENTIFYING WHO IS A CLIENT
Current Clients
Prospective and Past Clients
THE ACCOUNTANT–CLIENT PRIVILEGE
States That Treat Client Communications as Privileged
Federal Rules That Treat Client Communications as Privileged
CONFIDENTIALITY IN TAX PRACTICE
Taxpayer Self-Disclosure
Preparer Disclosure of Client Tax Information
IRS Disclosure of Taxpayer Information
SOLUTION TO “AM I ETHICAL?”
EXERCISES
Identifying Confidential Information
Required Disclosures
Accountant–Client Privilege
Tax Return Disclosure
Comprehensive Problems
Chapter 10 Independence and Moral Seduction
AM I ETHICAL?
WHEN INDEPENDENCE IS REQUIRED
HOW THE INDEPENDENCE RULE IS SATISFIED
What Conduct Achieves Independence?
Who Must Be Independent?
During What Time Period Is Independence Required?
THE SEVEN THREATS TO INDEPENDENCE
The Familiarity Threat
The Adverse Interest Threat
The Advocacy Threat
The Undue Influence Threat
The Self-Review Threat
The Management Participation Threat
The Self-Interest Threat
MORAL SEDUCTION AND OTHER BEHAVIORAL BIASES
Self-Serving Bias
Confirmation Bias
The Cooperation Preference
The Desire to Please
Discounting
Moral Seduction
SAFEGUARDS THAT COUNTERBALANCE THREATS TO INDEPENDENCE
Safeguards Created by Regulatory and Legislative Bodies
Safeguards Created by Attest Clients
Safeguards Created by Auditors
REQUIRED ACTIONS WHEN INDEPENDENCE IS IMPAIRED
THE IMPACT OF THE INDEPENDENCE RULE ON OTHER ENDEAVORS
Independence in Tax Practice
Independence in Consulting and Outsourced Internal Audit Services
Independence in Trust and Estate Administration
OTHER SOURCES OF INDEPENDENCE RULES
SOLUTION TO “AM I ETHICAL?”
EXERCISES
When Independence Is Required and Satisfied
Covered Members
The Familiarity Threat
Adverse Interest and Advocacy Threat
Adverse Interest Threat
Undue Influence Threat
Self-Review Threat
Management Participation Threat
Self-Interest Threat
Behavioral Aspects of Auditing
Comprehensive Problems
Chapter 11 Conflicts of Interest
AM I ETHICAL?
IDENTIFYING CONFLICTS OF INTEREST
CONFLICTS OF INTEREST IN THE ACCOUNTING PROFESSION
THE BROAD PROHIBITION AGAINST CONFLICTS OF INTEREST
Whose Interests Are Protected?
When Does a Conflict Exist?
What Is an Interest?
CLIENT WAIVERS OF CONFLICTS OF INTEREST
Actual Consent
Implied Consent
When Client Consent Is Not Permitted
BEHAVIORAL ASPECTS OF CONFLICT OF INTEREST DISCLOSURES
RESISTING TEMPTATION
CONFLICTS OF INTEREST VERSUS THE DUTY OF CONFIDENTIALITY
The Fund of Funds Case
The Consolidata Services Case
MANAGING CONFLICTS OF INTEREST
CONFLICTS OF INTEREST IN TAX PRACTICE
SOLUTION TO “AM I ETHICAL?”
EXERCISES
Identifying Conflicts of Interest
Appearances of a Conflict
Anticipated Adverse Client Interests
Imputed Conflicts of Interest
Conflicts of Interest in Management Accounting
Conflict of Interest in Nonprofit Organizations
Behavioral Issues Involving Conflict of Interest Disclosures
Conflicts of Interest in Tax Practice
Conflicts Involving Confidentiality Duties
Comprehensive Problems
Chapter 12 Duties as a Whistleblower
AM I ETHICAL?
WHAT IS WHISTLEBLOWING?
THE TYPES OF WHISTLEBLOWERS
Internal Whistleblowers
External Whistleblowing
WHISTLEBLOWER MOTIVATIONS
Revenge
Reputation Preservation
Altruism
Collecting Financial Rewards
ADVERSITIES FACED BY WHISTLEBLOWERS
The Downside of Whistleblowing
Whistleblower Protections
Employer Manipulation of the Antiretaliation Rules
Employee Manipulation of the Antiretaliation Rules
OUTSIDE AUDITORS AS WHISTLEBLOWERS
Divulging Client Improprieties
Divulging Audit Firm Improprieties
WHISTLEBLOWING IN TAX PRACTICE
The American View
The International View
CULTURAL ASPECTS OF WHISTLEBLOWING
BIOLOGICAL ASPECTS OF WHISTLEBLOWING
ENCOURAGING AN ETHICAL ORGANIZATIONAL CULTURE
DECIDING WHETHER TO BECOME A WHISTLEBLOWER
SOLUTION TO “AM I ETHICAL?”
EXERCISES
General Principles
Statutory Incentives for Whistleblowers
Internal Whistleblowing
External Whistleblowing
Retaliation
Whistleblowing in Tax Practice
Comprehensive Problems
Chapter 13 Duties of Public-Company Auditors: The Sarbanes-Oxley Act
AM I ETHICAL?
HOW SOX AFFECTS PUBLICLY TRADED CORPORATIONS
Audit Committees
Establishing a Code of Conduct
Establishing a Document Retention Policy
HOW SOX AFFECTS COMPANY MANAGEMENT
The Certification Requirement
The Disallowance of Incentive-Based Compensation
The Disallowance of Company-Provided Loans
Prohibitions against Coercion
Prohibitions against Whistleblower Retaliation
THE IMPACT OF SOX ON AUDITORS
PCAOB Regulatory Oversight
Independence Rules
Document Retention
THE IMPACT OF SOX ON TAX PRACTITIONERS
THE IMPACT OF SOX ON NONPROFIT AND PRIVATE ORGANIZATIONS
SOLUTION TO “AM I ETHICAL?”
EXERCISES
The Audit Committee
Duties of Managerial Employees
Duties of Auditors
SOX and Tax Practitioners
Nonprofit Organizations and SOX
Comprehensive Problems
Chapter 14 Duties of Tax Professionals
AM I ETHICAL?
PROFESSIONAL RESPONSIBILITIES IN TAX PRACTICE
The Governing Sources of Guidance
The SSTS Framework
DUTIES AS A TAX RETURN PREPARER
Obtaining Client Information
Filling in Information Gaps
Formulating Tax Return Positions
Evaluating Uncertain Tax Positions
Completing a Tax Return
Correcting Past Tax Returns
Completing the Client Engagement
DUTIES AS A TAXPAYER ADVOCATE
DUTIES AS A TAX PLANNER
GENERAL PROFESSIONAL DUTIES
THE TAXPAYER’S DUTIES
THE IMPORTANCE OF TRUTHFUL TAX REPORTING
SOLUTION TO “AM I ETHICAL?”
EXERCISES
The Scope of Tax Standards
Tax Return Preparer’s Duties
The Use of Estimates
Tax Reporting Standards
Completing the Reporting Process
Duties as a Tax Planner
Taxpayer’s Duties
Comprehensive Problems
Chapter 15 Duties of Fiduciaries: Financial Planners, Trustees, and Executors
AM I ETHICAL?
FIDUCIARY RELATIONSHIPS
The Nature of Fiduciary Relationships
The Legal Consequences of Being a Fiduciary
PERSONAL FINANCIAL PLANNERS AND ASSET MANAGERS
Applicable Professional Standards
Specific Duties Associated with Custody of Assets
How to Avoid Creating a Fiduciary Relationship
TRUSTS AND TRUSTEES
The Structure of a Trust
Advantages of Trusts
Special Kinds of Trusts
Accountants in Trust Practice
The Specific Duties of a Trustee
EXECUTORS AND ADMINISTRATORS
The Structure of an Estate
Accountants in Estate Practice
FIDUCIARY ISSUES IN TAX PRACTICE
Negotiating Tax Refunds
Resolving Conflicts of Interest
AUDITOR INDEPENDENCE REQUIREMENTS FOR TRUSTEES AND EXECUTORS
The Ethical Dilemma
The Independence Rules
SOLUTION TO “AM I ETHICAL?”
EXERCISES
General Fiduciary Duties
Trusts and Trustee Duties
Wills and Executor Duties
Executors and the Estate Tax
Independence and Conflicts of Interest
Conflicts of Interest
Comprehensive Problems
Subject Index
EULA