Ethical dilemmas in the accounting profession

INDIVIDUALS, more times than they care to admit, face ethical dilemmas and problems of the weakness of will. Accountants as professionals are no different. In their working life, they encounter various situations where they may be tempted to choose between right and wrong.

Ethics, as a branch of knowledge and philosophy, deals with moral principles. In the context of accounting and the accounting profession, ethics are associated with the moral values and standards that provide guidance to ensure the quality of work produced. Previous studies have argued that accounting ethics have a significant relationship with financial reporting quality. The findings of a study made by Enofe, et.al of the University of Benin, Nigeria concluded that high ethical standards are fundamental in achieving an objective, reliable and transparent financial report.