Accounting ethics in the digital age (A)

 Accounting ethics in the digital age:

Ethical Threats for Accountants in the Digital Age:

• Self-interest: Personal gain influences judgment.
• Familiarity: Close relationships compromise objectivity.
• Intimidation: Pressure hinders independent action.
• Self-review: Difficulty in evaluating prior judgments.
• Advocacy: Overly promoting client interests.

Digital Age Challenges:

• Cybersecurity: Data breaches, confidentiality violations.
• Platform-Based Businesses: Fairness to suppliers, employee rights.
• Big Data & AI: Bias, job displacement, ethical use.
• Distributed Ledger Technology: Data security, reliability.

Ethical Principles at Risk:

• Professional Competence: Lack of knowledge in digital technologies.
• Due Care: Inability to assess new risks and challenges.

Addressing Ethical Dilemmas:

1. Identify the dilemma.
2. Determine stakeholders.
3. Consider relevant frameworks.
4. Evaluate arguments for/against.
5. Formulate a just solution.
6. Implement and monitor.

Key Takeaway:

While the digital age presents new challenges, fundamental ethical principles remain crucial. Accountants must adapt and continuously learn to navigate the evolving ethical landscape.

Note: This is a simplified summary for revision purposes.

Best of luck for your next sitting.