Scribd Logo
Upload

Welcome to Scribd!

  • Week 9 Activity - Concepts On The CPS Exam Rebecca Miller Commercial Law LEG565 Professor Lori Baggot March 4, 2022

    Uploaded by

    Rebecca Miller Horne
    33 views3 pages
    This document discusses several topics for an accounting exam: 1. Ethics for accountants including following a code of conduct and six principles of integrity, objectivity, competence, confidentiality, behavior and independence. 2. Ensuring professional accountability through oversight, governance and empowering employees to exceed standards. 3. Different business structures like partnerships, corporations (C corps, S corps, B corps, close corps, non-profits), and limited liability companies that protect personal assets. 4. How to prevent personal liability such as not abusing employees, keeping conversations confidential, and not misusing company property. 5. Situations that require legal assistance such as employee terminations, contracts

    Original Description:

    Original Title

    LEG565_WK9_Activity_Rebecca_Miller

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document discusses several topics for an accounting exam: 1. Ethics for accountants including following a code of conduct and six principles of integrity, objectivity, competence, confidentiality, behavior and independence. 2. Ensuring professional accountability through oversight, governance and empowering employees to exceed standards. 3. Different business structures like partnerships, corporations (C corps, S corps, B corps, close corps, non-profits), and limited liability companies that protect personal assets. 4. How to prevent personal liability such as not abusing employees, keeping conversations confidential, and not misusing company property. 5. Situations that require legal assistance such as employee terminations, contracts

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    33 views3 pages

    Week 9 Activity - Concepts On The CPS Exam Rebecca Miller Commercial Law LEG565 Professor Lori Baggot March 4, 2022

    Uploaded by

    Rebecca Miller Horne
    This document discusses several topics for an accounting exam: 1. Ethics for accountants including following a code of conduct and six principles of integrity, objectivity, competence, confidentiality, behavior and independence. 2. Ensuring professional accountability through oversight, governance and empowering employees to exceed standards. 3. Different business structures like partnerships, corporations (C corps, S corps, B corps, close corps, non-profits), and limited liability companies that protect personal assets. 4. How to prevent personal liability such as not abusing employees, keeping conversations confidential, and not misusing company property. 5. Situations that require legal assistance such as employee terminations, contracts

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 3

    Week 9 Activity – Concepts on the CPS Exam

    Rebecca Miller
    Commercial Law LEG565
    Professor Lori Baggot
    March 4, 2022
    Ethics for an Accountant (code of conduct)

     A code of conduct provides a clear guide for not intentionally undermining the public’s trust
     Six Principles of IESBA
    1. Professional Competence and Due Care (disclose when you cannot complete a task
    and remain up to date on changing standards)
    2. Integrity (straightforward and honest)
    3. Objectivity (unbiased professional judgment)
    4. Confidentiality (protect information and disclose is only allowed when given
    permission)
    5. Professional Behavior
    6. Exercising Independence
    Professional Accountability

     Ensuring Accountability (Focus on corporate governance)


     Oversight for Accountability (Review policies, plans, and projects to ensure results, value, and
    standards)
     Accountability for Performance (More than just the numbers, culture builds performance,
    empowers employees to exceed expectations, fosters ownership and trust)
    Business Structures

     A partnership is when at least two people go into business together (Limited partnerships where
    one partner is responsible for all liabilities while others have limited liability and control; and
    Limited liability partnership where each partner has limited liability)
     Corporations (C corp. They are separate from the owners, and profits belong to the corporation,
    tax, and liable; S corp. Passes profits and losses on to shareholders; B corp. Exists for the public
    good; Close corp. They are owned by a small group of shareholders; and a Non-profit corp. are
    established for charity, education, religious, literary, or scientific work)
     A limited Liability Company is a combination of a partnership and a corporation. Personal assets
    are protected from bankruptcy or lawsuits made against them.
    Potential Personal Liability: How to Prevent It

     When held responsible for personal liability, one can be sued, fined, or even serve prison time
     To reduce personal liability, you cannot verbally or physically abuse the employees, no public
    drunkenness or alcohol consumption on the job, keep conversations confidential, or no
    unauthorized use of company property.
    When to Bring in a Legal Professional

     Legal professionals might be needed in a termination situation when an employee has


    access to trade secrets or susceptible information; if an employee has claims of
    discrimination; if an employee is terminated for excessive absences; if the employment
    contract limits right to terminate; if the employee has claims of workplace harassment; or
    if the employee has a potential for violence, vandalism, or erratic behavior
     Other situations for legal professionals are if an employee agreement needs reviewing;
    there is a question about how you handled a dismissal; it is unclear if a person is an
    employee or independent contractor, or employee names you in a complaint to a
    governmental agency

    You might also like