NPM : 2B216913
Kelas : 3EB18 (Transfer)
Tugas : Bahasa Inggris Bisnis # (Tugas 2)
A.
Code Of Accounting Profession: IFAC, AICPA, IAI
Code
of ethics in the form of principles or ethics prepared by each agency will be
different. In this case will be discussed about the standards and principles determined
by IFAC, AICPA, and IAI.
In
the Code of Professional Accountants Ethics 2001 made by the IFAC mentioned
that, with the existence of responsibility to the public then professionalism
must be owned because professionalism can form public trust.
·
IFAC Code OF Ethic
The
Fundamental Principles set out the obligations placed on all members, whether
or not they are in practice. The five principles are set out below:
1.
Integrity
Members shall be
‘straightforward and honest in all professional and business relationships.’
2.
Objectivity
Members shall not allow bias, conflicts of
interest or the undue influence of others to compromise their professional or
business judgement.
3.
Professional
competence and due care
Members
have a continuing duty ‘to maintain professional knowledge and skill at a level
required to ensure that clients or employers receive competent professional
service’. Members shall ‘act diligently in accordance with applicable technical
and professional standards when providing professional services’.
4.
Confidentiality
Members
shall respect the confidentiality of information ‘acquired as a result of
professional and business relationships’, and shall not disclose any such
information to third parties ‘without proper and specific authority or unless
there is a legal or professional right or duty to disclose’. Similarly,
confidential information acquired as a result of professional and business
relationships shall not be used to the personal advantage of members or third
parties.
5.
Professional
behaviour
Members
shall comply with relevant laws and regulations and shall avoid any action that
may discredit the profession.
·
Code
Of Professional Conduct AICPA
The code of ethics is
defined as a common grip that binds each member, as well as acting sutu pattern
that applies to every member of the profession. The main reason the need for a
high level of professional action by any profession is the need for public
confidence on the quality of services provided by the profession, regardless of
each – each individual who provides such services.
Ethics can be broadly defined as a set of moral principles or values. Every
organization has a set of values like that, even though we pay attention or do
not pay attention to it explicitly. The need for ethics in society is quite
important, so many common ethical values incorporated into the legislation.
Ethical behavior is the foundation of modern civilization underlines the
success of the functioning of virtually every aspect of society, from everyday
family life to law, medicine, and business. Ethics (ethically) refers to a
system or code of conduct based on moral obligations which shows how an
individual should behave in society.
Ethical behavior is also the foundation of modern professionalism.
Professionalism broadly defined, refers to the behavior, purpose, or qualities
that characterize or characterize members of a profession or professional
people. The entire profession perilakuyang set rules or code defines ethical behavior
for members of the profession. Professional code of conduct consists of:
Principles – principles, Code of Ethics, Interpretation of the Code of Ethics
and Code of Ethics.
- AICPA Code of Professional Conduct consists of
two parts: Principles of Professional Conduct (Principles of profesionnal
Conduct); declare acts – ideal behavior and conduct.
- Code of Conduct (Rules of Conduct); establish
minimum standards.
Six Principles of
Professional Conduct:
- Responsibilities
In carrying out their responsibilities as
professionals, members should exercise sensitive professional and moral judgments
in all their activities.
- Public
interest
Members
should accept the obligation to act in a way that will serve the public
interest, honor the public trust, and demonstrate a commitment to
professionalism
- Integrity
To
maintain and broaden public confidence, members should perform all professional
responsibilities with the highest sense of integrity.
- Objectivity
and independence
A
member should maintain objectivity and be free of conflicts of interest in
discharging professional responsibilities. A member in public practice should
be independent in fact and appearance when providing auditing and other
attestation services.
- Due
Care
A
member should observe the profession’s technical and ethical standards, strive
continually to improve competence and the quality of services, and discharge
professional responsibility to the best of the member’s ability
- The scope
and nature of the services
A member in public practice should
observe the Principles of the Code of Professional Conduct in determining the
scope and nature of services to be provided.
·
Code
Of Ethic IAI
The code of ethics is a system of norms, values and professional rules
written expressly stating what is right and good, and what is not right and not
good for the professionals. Indonesian Institute of Accountants Code of Conduct
is a code of conduct, ethical accountants in meeting their professional
responsibilities
IAI-KASP ethical rules contains seven basic principles of ethical behavior
of auditors and four other general guidelines with regard to the ethical
behavior. IAI seven core principles are:
- Integrity
Integrity relates to the profession of
auditors who can be trusted for upholding truth and honesty. Integrity is not
only a form of honesty but also trustworthiness, act fairly and based on the
actual situation. This is demonstrated by the auditor when it raises personal
excellence when providing professional services to the institution where the
auditors’ work and to auditannya.
- Objectivity
Auditor objective is an impartial auditor so that the independence of the
profession can be maintained. In taking a decision or action, he may not act on
the basis of prejudice or bias, conflict of interest, or the influence of
others. Objectivity is practiced when the auditor take decisions in its audit
activities. Auditor objective is the auditor who make decisions based on all
available evidence, and not because of the influence or based on opinions or personal
prejudice or pressure and influence of others.
- Competence
and Precautions
In order to provide quality audit services, the auditor must have and
maintain competence and diligence. For that auditors should always enhance the
knowledge and expertise of the profession to the extent necessary to ensure
that the institution where he works or audited can receive the benefits of the
service profession based development practices, rules-danteknik latest
techniques. Based on this basic principle, the auditor can only perform an
audit if he has the necessary competence or using the help of experts who are
competent to perform his duties satisfactorily.
- Secrecy
Auditors should be able to maintain the
confidentiality of information obtained in conducting the audit, although the
overall audit process may be conducted openly and transparently. The
information is the property of the audited, for the auditor must obtain special
approval if they want to express, unless their disclosure obligations for
legislation. This secrecy must be maintained until any time even when the
auditor has stopped working at the office. In principle, this confidentiality,
auditors are prohibited from using the information in its possession for their
own interests, for example, for financial gain.
- The
principle of confidentiality does not apply in the following situations:
Disclosure permitted by the authorities, such as audited and the
institution where she worked. In this disclosure, the auditor should consider
the interests of all parties, not only he, the audited, the institution, but
also including other parties who may be affected by the disclosure of this
information.
- Accuracy
of Acting
The auditor should be able to act consistent in maintaining the reputation
of the profession and public sector institutions accounting profession and
refrain from any actions that could discredit himself as a professional
institution or a professional auditor. Appropriate measures need to be promoted
through leadership and exemplary. If the auditor know of another auditor
perform actions that are not true, then the auditor must take the steps
necessary to protect the public, the profession, professional institutions, the
institution where she worked and members of other professions from the actions
of another auditor is not correct it.
- Technical
and professional standards
The auditor should conduct an audit in accordance with auditing standards
applicable, which includes technical and professional standards relevant. These
standards are set by the Indonesian Institute of Accountants and the Government
of the Republic of Indonesia. In the audit of public agencies, there are also
auditing standards they set and apply to auditors, including the rules of
conduct established by the agency where he works. In the event of any
discrepancy and / or conflict between the auditing standards and rules of the
profession with auditing standards and rules of the agency, then the problem is
returned to the respective institutions and the rule standard setter.
B.
Explain
About the Definition, Elements, and Examples of Accounting Systems !
Accounting
System is organized set of manual and computerized accounting methods,
procedures, and controls established to gather, record, classify, analyze,
summarize, interpret, and present accurate and timely financial data for
management decisions.
Generally
an accounting system has 5 (five) main elements ie.
1.
Forms
A form is a document used to
record / record a transaction event. In the form there are data transactions
that can be used as a basis in the recording.
2.
Journal
Journal is an accounting system
undertaken to record, group similar transactions, and summarize other financial
data. The results of the data summaries are then posted to the respective
accounts in the ledger. Commonly used Journals form are as follows:
-
Journal of Cash
Receipts, journals provided specifically for record transactions cash receipts.
-
Journal of Cash
Expenditures, special journals are provided to record all types of cash
expenditures.
-
Journal of
Purchase, the journal used to record purchases on credit. Cash purchases fit
into cash disbursement journals.
-
Sales Journal,
a journal provided specifically for recording sales transactions on credit.
Cash sales are included in the cash receipts journal.
-
The General
Journal is provided specifically for recording bookkeeping adjustments,
correction transactions and anything else that can not be recorded in special
journals.
3.
General
Ledger
A
general ledger is the set of all accounts where journal entries are posted. It
is the main database of accounting transactions and provides input for
preparation of a trial balance and eventually a complete set of financial
statements.
While
the general journal records debit and credit effects of accounting
transactions, the general ledger presents the cumulative view of those journal
entries on the balance in each account
4.
Subsidiary
Ledger
Since general ledger hold all the historical journal entries,
some key general ledger accounts become so complex that a separate ledger is
needed to keep track of its transactions. For example, a company’s general ledger
might include only one accounts receivable account yet the company may have
thousands of customers. In such a situation, it is necessary to create a
subsidiary ledger to hold each customer account and include the grand total of
that ledger in the general ledger.
5.
Report
The report is the end result of
the accounting process, in the form of balance sheet, income statement, capital
change report, marketing cost report, production cost report, cost of goods
sold report, debt list, inventory balance list.
Examples of Accounting Sytems
Accounting systems track the income and expenses of an
organization or company. However, the accounting methods are modified to fit
the specific accounting needs of a company. Accounting for a construction firm
is vastly different from the accounting system for a retailer. A manager has to
define the specific accounting needs of his company and industry and select a
system that meets these requirements. Some businesses require robust inventory
tracking while other companies need detailed reports of accounts receivable and
work-in-progress.
A good accounting system should provide managerial reports,
financial statements, reports prepared for outsiders and adequate information
to file tax returns.
1.
Manufacturers
Manufacturers make and assemble products, so their
accounting systems should have information on inventory, labor hours, overhead
expenses and sales commissions. A manufacturer can have three types of
inventory: raw materials, products in production and finished products. A
manufacturer also needs to know how many man-hours are used to make each
product.
Payroll systems need to track at least three types of
personnel: manufacturing labor by the hour, administrative staff by salary, and
salespeople who are paid by commission. Overhead expenses have to be allocated
to manufacturing expenses to determine the individual costs to make each
product.
2.
Retailers
The business of a retailer consists of buying and
selling products. A retailer's accounting system contains a detailed reporting
of inventory. These details should include the level of inventory, the annual
turnover rate, the profit of each product and reorder points. Since most
retailers buy many different products, their accounting system needs extensive
information on the status of accounts payable, delivery times and available
discounts.
Retailers sell for cash, so they need reports on their
bank accounts and credit card processing times and fees. Point-of-sale
equipment should be connected directly to the accounting software for real-time
reports.
3.
Distributors
The accounting systems for distributors are similar to
the ones for retailers, but distributors typically sell on credit terms to
their customers, so they need beefier reports on their accounts receivable.
More than likely, several people in the office need access to accounts
receivable reports so they can contact customers and follow up on late
payments.
Like retailers, distributors need detailed information
on their inventory: the cost of each item, sales per product and the profit of
each product.
4.
Construction
Contractors have different needs from their accounting
systems. They need the ability to track the costs and progress of their
building projects. The accounting system for contractors should report the
material costs of products going into each project, how many labor man-hours
are being consumed and what is the percentage-of-completion of the project.
Contractors usually finance the costs of their
projects with bank lines of credit. So, their liabilities should have
information about the amounts drawn down on the lines of credit and the due
dates of loans.
5.
Nonprofits
Nonprofit organizations need to keep track of their
donors to identify who is giving them money. An NPO is obligated to send
end-of-year statements of their donations to the donors for use with tax
filings.
The accounting systems for nonprofits should be able
to produce income and expense reports for presentations to a board of
directors, major donors and the government. Nonprofit managers need reports
that track contributions to individual programs versus the budgeted amounts.
Accounting systems come in a variety of forms that are
modified for the distinct needs of an industry. While the main purpose of an
accounting system is to track income and expenses, there are many different
ways to do that. Business managers have to step back and identify their exact
needs to design accounting programs for their company. Managers need internal
reports modified for decision-making purposes, financial statements for
presentation to investors and creditors, and accurate data for tax returns.
SOURCE:
https://www.aicpa.org/research/standards/codeofconduct.html
https://www.ifac.org/system/files/publications/files/ifac-code-of-ethics-for.pdf
https://nirmalla.wordpress.com/
http://www.businessdictionary.com/definition/accounting-system.html
https://accountingexplained.com/financial/introduction/subsidiary-ledgers
http://smallbusiness.chron.com/examples-accounting-systems-25408.html
https://www.jurnal.id/id/blog/2017/pengertian-unsur-dan-contoh-sistem-akuntansi
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