How to Define Accounting Ethics

Video Transcript

"This is financial advisor, Patrick Munro, talking about how to define accounting ethics. Ethics are an important cornerstone of every successful business, and accounting is no exception. The ethics that an accountant is looking at is the ethical management of money, resources and people. And as those come together in an accounting practice or in, in fact, a business, the CFO can feel good about what they have done relative to ethics. It's easy to fall off the ethical pathway in a business by cutting corners and cooking the books, as it's known, fudging the numbers. And this can create massive problems down the road resulting in fines, imprisonment, in fact, for the owners of the company. So maleficence is not something that someone wants to get involved in, and ethics is very, very important when it comes to accounting. This is financial advisor, Patrick Munro, talking about how to define accounting ethics."