PRINCIPLES OF PROFESSIONAL ETHICS ETHICS ACCORDING TO IFAC, ACIPA, IAI AND UNDERSTANDING, ELEMENTS AND EXAMPLES OF ACCOUNTING SYSTEMS
Principles of professional ethics Ethics according to IFAC, ACIPA, IAI
According to IFAC
1. Integrity
A professional accountant must be firm and honest in all his involvement with professional and business relations.
2. Objectivity
A professional accountant may not allow prejudices, conflicts of interest or excessive influence of others to exclude professional or business judgments.
3. Professional competence and sincerity
A professional accountant must act diligently and comply with the applicable technical and professional standards for providing professional services.
4. Confidentiality
A professional accountant must respect the confidentiality of information obtained as a result of business relationships and business professionals will not disclose such information to third parties without a proper and specific authority unless there is a legal or professional right or obligation to publish.
5. Professional behavior
A professional accountant must be obedient to relevant laws and regulations and must avoid actions that may bring the profession into disrepute.
According to AICPA
1. Responsibility
In performing their responsibilities as professionals, members apply sensitive professional and moral judgments in all their activities.
2. General interest
Members must accept their duty to act in a way that serves the public interest, respect for public trust, and show commitment to professionalism.
3. Integrity
In order to maintain and expand the public's trust, members must perform all professional responsibilities with the highest integrity.
4. Objectivity and independence
A member must remain objective and free from conflicts of interest in the performance of professional responsibilities, and must be independent in the presentation of facts and beliefs in the provision of audit services and other attestation services.
5. Care
A member must meet the technical and ethical standards of the profession, continually strive to improve competence and service in the performance of the professional responsibilities with the best membership.
6. Nature and service coverage
A member in public practice must comply with the Principles of the Professional Code when determining the scope and nature of the services to be provided.
According to IAI
1. Professional responsibility
In the principle of professional responsibility, each member is obliged to use moral and professional considerations for each activity.
2. Public interest
Each member is obliged to always act in the context of public service, respect for the trust of the public and to demonstrate a commitment to professionalism.
3. Integrity
Integrity is a unit that underlies the emergence of professional recognition. Integrity is a quality that underlies the trust of the public and is a norm for members when testing all decisions that it makes.
4. Objectivity
The principle of objectivity requires members to be fair, impartial, honest, intellectual, unbiased or biased and free from conflicts of interests or under the influence of others.
5. Confidentiality
Each member respects the confidentiality of information obtained during the professional service and will not use or disclose such information without permission.
6. Professional behavior
The obligation to avoid acts or behaviors that can reduce the level of the profession is fulfilled by the member as the realization of his responsibilities towards the recipients of services, third parties, other members, personnel, employers and the general public.
7. Technical standards
Technical standards and professional standards that members must adhere to are the standards set by the IAI, the International Federation of Accountants, regulatory authorities and relevant legislation.
Understanding, Elements and Examples of Accounting Systems
Accounting System
An accounting system is a method and procedure for collecting, clarifying, summarizing and reporting business (operational) and financial information of a company. Warren, Reeve, Fees (2005: 234)
The accounting system is a form, record and report that is coordinated in such a way that it can be used to provide the information that management needs. Baridwan (2000: 6)
An accounting system is a method and procedure for collecting, clarifying, summarizing and reporting business (operational) and financial information of a company. Warren, Reeve, Fees (2005: 234)
The accounting system is a form, record and report that is coordinated in such a way that it can be used to provide the information that management needs. Baridwan (2000: 6)
Accounting system elements
Generally, an accounting system has 5 (five) key elements, that is to say.
1. Forms
A form is a document that is used to record / record a transaction. In the form there are data transactions that can be used as a basis for the recording.
2. Journal
Journal is an accounting system used to record similar transactions, to group and to summarize other financial data. The results of the data summaries are then posted to the respective accounts in the general ledger. Commonly used journals are as follows:
a. Journal of Cash Receipts
b. Journal of Cash expenses
c. Purchase diary
d. Sales journal
e. General diary
3. General Ledger
The general ledger consists of a set of accounts that serve to summarize the financial data previously recorded in the journal. The general ledger account is also considered as a place for the classification of financial data for the presentation of financial statements.
4. Subsidized ledger
The help book contains help calculations for detailing financial data, such as grouping the types of transactions that occur in one company.
5. Reports
The report is the final result of the accounting process, in the form of a balance sheet, profit and loss account, capital change report, marketing costs report, production cost report, sales report costs, list of debts, stock balance list.
Examples of accounting systems
1. Management Accounting
The purpose of management accounting is to provide accounting information to managers with a view to planning, managing and managing business activities.
2. Stock Accounting
Stock accounting systems are used to plan and track inventory levels and related inventory activities. A common inventory system is the tracking of barcodes, where each item is marked with a barcode item.
3. Non-profit Accounting
It is an accounting system for non-profit organizations with specific characteristics of reporting obligations. For example about the fund tracking system, so it is known that donations have been channeled correctly for a certain purpose. The software should also be able to generate reports of total donations donated by individual donors.
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