Ethical Standards in Accounting for Organization - MyAssignmenthelp

Question: Write about theEthical Standards in Accounting for Organization. Answer: Introduction The essay aims to discuss the breaches associated to the ethical standards and the way it was taken into consideration on a serious note by the professional organization. The study further aims to explain the penalties which were seen to be imposed by referring to the APES 110 standards. The latter part of the study further aims to decide whether the implemented standards were seen to sufficient to resolve the issues associated to the breach in the ethical standard (Cpaaustralia.com.au. 2017).. Discussion Rationale for Imposing of Penalty The first case has been seen with Mr Craig West, who was found to breach Article B of Constitution on 16th March 2017. Mr Craig West was alleged to place into voluntary administration a surplus amount of $ 250000 to the ATO (Cpaaustralia.com.au. 2017). The second case has been related to Mr Raghwa N Prasad, who was held on account of breaching CPA Article 39(a)(ii)F. The adverse effect has been seen in terms of overturning a decision by Mortgage Financial Association of Australia in 2012, however the disciplinary action was taken in 2016 (Cpaaustralia.com.au. 2017). The third case was seen to be associated to Mr Tak Man Wong, who was found of breaching section 63 of the Police Force Ordinance and section 48(1)(a) for the road traffic regulations (Cpaaustralia.com.au. 2017). Referring to APES 110 Standards Based on the first case of Mr Craig West, section 291.135 is seen to be applicable in nature. As in this case the director of the firm has been seen to safeguard the tax concessions by exhibiting of surplus income. The main standard has been referred with APES section 291.115 under loans and guarantees. This standard has been seen to applicable by an individual who does not create threat to independence in case the loan or guarantee in made as per normal considerations. The main section applicable to the aforementioned case has been identified in form of the other considerations under APES section 291.33. This is seen to be related to occasions of inadvertent violations. In case of such incidence the firm employ appropriate quality control for the firms under APES 320. Rationale for the Sufficient Penalties The main decision to seize the Membership for a period of two years from the date of the hearing was seen to be appropriate decision. In addition to this, the rationale for the penalty amounting to $849.36 was also justifiable in nature (Cpaaustralia.com.au. 2017). The penalty associated to forfeiture of membership along non eligibility for readmission until 14th July and lowering of rank from FCPA to CPA has been seen to be a justifiable verdict by CPA. The main penalties associated to severe reprimand for each sections and fine costing $ 755.49 AUD was seen to be sufficient in nature. Conclusion The various discussions made in the study have been able to relate to different types of the penalty imposed on the individuals for the breach of the ethical standards. The main considerations for the ethical standards has been seen with breaching of tax, overturning a decision by Mortgage Financial Association and breaching Police Force Ordinance and road traffic regulations. Reference List Cpaaustralia.com.au. (2017). [online] Available at: https://www.cpaaustralia.com.au/~/media/corporate/allfiles/document/about/cpa_australia_constitution.pdf [Accessed 23 May 2017]. Cpaaustralia.com.au. (2017).Mr Craig West (New South Wales). [online] Available at: https://www.cpaaustralia.com.au/about-us/member-conduct-and-discipline/outcome-of-disciplinary-hearings/outcome-of-disciplinary-hearings-2017/mr-craig-west [Accessed 23 May 2017]. Cpaaustralia.com.au. (2017).Mr Tak Man Wong (Hong Kong). [online] Available at: https://www.cpaaustralia.com.au/about-us/member-conduct-and-discipline/outcome-of-disciplinary-hearings/outcome-of-disciplinary-hearings-2017/mr-tak-man-wong-hong-kong [Accessed 23 May 2017]. Cpaaustralia.com.au. (2017).Raghwa Prasad (New South Wales). [online] Available at: https://www.cpaaustralia.com.au/about-us/member-conduct-and-discipline/outcome-of-disciplinary-hearings/outcome-of-disciplinary-hearings-2016/ragwa-prasad-new-south-wales [Accessed 23 May 2017].