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Understanding Accounting Ethics, Second Edition By Mark Cheffers and Michael Pakaluk Published by Allen David Press; August 2007; ISBN: 978-0-976-528029; 271 pages (hardcover); $49.95
Reviewed by Vincent J. Love
The authors of Understanding Accounting Ethics, Second Edition, take a different but complementary, approach to addressing ethics to that of Ethics for CPAs, a book I reviewed in the January 2003 CPA Journal. That book lays out all of the relevant rules contained in the various professional and regulatory codes of conduct. Understanding Accounting Ethics, on the other hand, equips readers with a framework to measure the ethical character of their actions outside and above the rules to determine if they are "doing the right thing." It does this by addressing the value of ethical behavior to the profession, discussing the broad concepts and then applying ethical principles to actual situations, and analyzing the actions of the parties from the perspective of ethical uriderpinnings. The result is a framework that can be used to appropriately handle any ethical dilemma one might encounter as a CPA These two excellent books on ethics are companion pieces that should be in every CPA's library.
Understanding Accounting Ethics, Second Edition, is structured along the framework for education recommended by the International Federation of Accountants: 1) gaining knowledge, 2) acquiring perceptiveness, 3) exercising judgment and 4) planning for continued growth in professionalism. This is accomplished through the structure of the book by formatting each chapter to assist in its use as an instructional tool, and more importandy, organizing the subject and discourse in conformity with each segment of the framework.
Each chapter begins with a summary of content, followed by a list of the learning objectives. Then each chapter delves into its subject matter in an organized, easily readable fashion, including relevant quotations from some of the giants of the profession. At the end of each chapter there is a section that lists the key ideas introduced, review questions, discussion points, suggested research topics, and further reading on the subject.
Pairs of chapters are directed toward fulfilling the requirements of each of the four segments of the framework. Chapters 1 and 2 address why...