“A code of ethics to guide members of the accounting profession is more important now than it ever was.”

“A code of ethics to guide members of the accounting profession is more important now than it ever was.”
A code of ethics is the defined moral and ethical principles and values which need to be followed by the members associated with it. The code of ethics is always important for the accounting profession in current scenarios of increasing fraud but it was never true that the code of ethics was not important earlier. The importance of the code of ethics to guide the accounting profession always exist because in the old era as well the accounting profession was having equal importance and the stakeholders were also expected to perform the accounting function diligently. In the old era, corruption was increasing to a significant extent and various accounting professionals were involved in wrongdoing due to which the requirement of ethical standards emerged and there was equally important a code of ethics for the accounting profession like the modern age. In the old era, professional accounting was followed similarly to the modern era and the accountants were equally responsible for their responsibilities and work performed for all stakeholders. The accountants were required to discharge their obligations without any biases and negligence in an old era as well and were supposed to maintain honesty in their work and a code of ethics was required for the accountant to achieve all these objectives. If there was no code of ethics existing in the old era then the chances of fraud and wrong accounting practices could have been higher old era. With time, only the nature and scope of accounting has been changed but the requirement of ethical practices is always existed and is equally important for all accounting professional in all eras. Thus, the statement is incorrect that there was the least important code of ethics in the accounting profession in the old era.
Professional accountants are having the least important role in the growth and...