Review

Author(s): Jo Lynne Koehn

Review by: Jo Lynne Koehn
Source: Business Ethics Quarterly, Vol. 15, No. 3 (Jul., 2005), pp. 521-529
Published by: Philosophy Documentation Center
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 REVIEWARTICLE

ACCOUNTING
ETHICS

Jo LynneKoehn

AccountingEthics

Ronald F. Duska and Brenda Shay Duska

Malden, Mass.: Blackwell Publishing,2003, 277 pp.

n onaldF. andBrendaShayDuska'sAccountingEthicsnarrowsthebroaderfield
lxof businessethics to focus on a subsetof thatfield, accountingethics.The nar-
rowedfocus allowsthe authorsto explorehow the verynatureof accountingandits
purposescreateuniqueethicalchallengesfor the profession.The authorspresenta
sequenceof chaptersthatbeginwiththe natureof accountingandits inherentethical
difficulties;moveto examiningethicsandethicaltheoryas theyapplyto accounting;
providea professionalorientationto accountingethics throughexaminationof the
principlesandrulesof theAICPA'sCodeof Ethics;andthenview ethics,functionally,
as they applyto auditing,managerialandfinancialaccounting,andtax accounting.
Theconcludingchapterexaminestheethicsof theaccountingfirmandtheprofession,
as it currentlyexists, in crisis.
The reviewerwelcomesthe authors'contribution to the fieldof accountingethics
and appreciatesthe book's approachand discussionof the ethicalissues currently
confrontingthe profession.Thus,this essay will follow the book's logical flow and
will consider,largelythrougha pedagogicallense, selected aspectsof the book's
frameworkandthe prominentissues advancedby the text.

TheNatareof Accounting
The Duskasoffer accountingas an essentialpracticebecauseeconomicsystems
cannotsurvivewithoutaccounting.Financialmarkettransactionsfail unless the fi-
nancialworthof a tradedentityis accuratelyreported.The mentalsocial constructs
of propertyrights,ownershipclaims,valuations,receivables,and debt must define

C)2005. Business Ethics Quarterly,Volume 15, Issue 3. ISSN 1052-1SOX. pp. 521-529

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522 BUSINESS ETHICSQUARTERLY

who owns whatandowes whatto whom. "Allof these constructsareidentifiedand

trackedby accountantsandbookkeepers"(3). This characterization of accounting's
naturefocuses on the transactionallevel but complementsthe broaderofferingof
KetzandMiller(1997) who characterizeaccountingas havinga "goal,an objective,
a telos financialaccountingreportsshouldpromotethe efficientperformanceof
nationaland internationaleconomies by providinginformationthat enhancesthe
likelihoodof efficientallocationsof resourcesin capitalmarkets."Eitherfocus al-
lows studentsto understandthataccountinghas a laudableandnoblepurposewhen
it helpsbusinessesfunction,butthe purposecan turnmaliciousanddo greatharmif
utilizedto serveharmfulor illegalpurposes.

RecentFailuresSpotlightAccounting's InherentEthicalDiJ%iculties
Ethicalissues within the field of accounting"havebeen simmeringfor over a
quarterof a century"(2). Theauthorsprefacethe textwithannotatedchronologiesof
theEnronandWorldComcase developmentsas reportedin TheWallStreetJournalto
illustratehow ethicalquestionshave,however,eruptedin recentyears.Accountants
can no longeravoidgrapplingmoredirectlywith the ethicalchallengesinherentin
accounting.
For as the Enron,Worldcomandotherfailuresabundantlyshow,financialstate-
mentsmustbe accurateandusablein ourmarketsystemto allowinformation-reliant
rationaldecision-making. Increasingly,companiesdistortnumbersto produceexpected
or smoothedresults(StallworthandDigregorio2004).Justrecently,regulatorscharge
thatFannieMae distortedaccountingrecordsto smoothearningsgrowth.The cor-
poratecultureat FannieMae "emphasizedstableearningsat the expenseof accurate
financialdisclosures"(Hagerty,McKinnon,andKopecki2004).TheDuskasidentify
this trendtowarddistortionas raisingchief ethicaldifficultiesfor accountantsin the
areasof truth-tellinganddisclosure.Infact,theygo so faras to label"truedisclosure"
as accounting'schiefethicaldifficulty.Thisis a boldstatementandidentification.One
mightquestionwhethertruedisclosureis thechiefdifficultyor whetherthedisclosure
challengemanifestsdue to otherunderlyingissues. For instance,at FannieMae, at
leastone accountingimpropriety, thedelayingof expenses,was allegedlyperpetrated
to allow managersto hit theirbonus targets.Does not the distortion(in this case,
smoothedearnings)resultfromaccountingnumbersbeingused contractuallyin the
attemptto alignmanagers'incentiveswith owners?Opportunism, withoutsufficient
monitoring,thenmayresultin distortion.However,opportunismandfailedmonitor-
ing-not truedisclosure arethe rootsof the ethicaldifficulty.
Regardlessof how the root cause is identifiedor characterized,studentsandac-
countantsarechallengedto question:
* "Why,andto whatextent,is the accountantethicallyobligedto disclosea
truepicture?"( 13)
* "Howmuch does one need to disclose and to what extentcan failureto
disclosebe construedas marketmisconduct?"(16)

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 REVIEWOF ACCOUNTINGETHICS 523

The readergainsinsightinto the firstquestionby consideringthatthe purposeof

accountingis to developinformationthatwill be useful.In an ideal markettransac-
tion,forinstance,two peopleexchangegoodsin thehopethattheywill becomebetter
off. Nothingnew is producedbutperfectinformation,acteduponin ourfree-market
system,can leadto enhancementof the traders'situations.If deceptionis introduced
into the trade,thenone partyis receivingsomethingdifferentandless valuablethan
expected.The traderreceivingpartialinformationhas a reducedabilityto makean
informeddecision.TheDuskasemphasizethat"anyactionof deliberatelywithhold-
ing information,orcoloringinformationto get othersto actcontraryto theywaythey
wouldif theyhadtrueinformation,hasthe samedeceptivestructureandconsequence
as the overtlie. It doesn'tallow an informedchoice"(15).
Giventhatthelackof disclosureby auditorsis morallyandstructurally equivalent
to the act of lying, auditorsmustcontinuallygaugetheirpositionon the disclosure
continuum.At whatlevel does the amountof disclosureemergefromthe "lacking
range"to an "adequaterange"?The authorsproposethatthe accountantoughtto ac-
cept,as a minimumstandard,"thedisclosurerequirements of governingauthorities"
(SEC and FASB: 16). While the authorsnote thatit is also ethicallyimperativeto
createreportsthatfulfillthe needs andpurposesof anticipatedusers,the discussion
of adequatedisclosurefalls short.The manyrecent scandalsthathave rockedthe
professionindicatethatpreviousdisclosurerequirementshave proveninadequate.
In fact, the Sarbanes-Oxley Act's (Lander2004) manyprescriptionsandprovisions
aretakingethicsanddisclosurerequirements to a new level. The book'spublication
(2003) was fairly concurrentwith the Sarbanes-OxleyAct's passage (July 2002).
While the timeframemighthave been tight to deal extensivelywith regulatoryre-
sponsesto recentaccountingscandalssome discussionof the need to transformthe
worldof corporatedisclosureandthependinglegislativethreatsto do so wouldhave
enhancedthe text by furtheraccentuatingthe criticalnatureof the disclosureissue
for the profession.

EthicalTheoryand Behaviorin Accounting

Afterexpositionof thenatureof accountingandits chiefethicalissuesthe authors
carefullyconsiderfourethicaltheoriesemphasizinghowtheymightapplyto account-
ing. The discussionis well-tailoredfor thoseunschooledin ethicalfundamentals(as
manyoftoday'saccountingstudents,andevensomeaccountingacademics,mightbe!).
The Duskasinitiatethis sectionby definingan ethicaltheoryas one that"prescribes
a principlethatprovidesthe overridingjustifyingreasonfor pursuingany courseof
action"(45). In turn,theyconsiderwhetheranyof the offeredclassicalethicaltheo-
ries (Egoism,Utilitarianism,Kantand Deontology,andVirtueEthics)are actually
sufficientto guideaccountants'navigationof today'sethicalchallenges.
* Egoism Egoism's generalprincipleis that "one ought always to act in
one's own interest"(46). An accountingprofessionalcouldnot alwaysbe-
haveas an egoist, as actingin self-interestwouldoftencauseconflictwith
the profession'schargeto "actin a way thatwill servethe publicinterest."

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524 BUSINESS ETHICSQUARTERLY

Business situationsthat cause an accountantto act as an advisormight

conceivablyyield instanceswherethe advicewouldhurtthe advisor.Also
an accountantmightbe askedto give adviceor provideserviceswhenex-
pertiseis not possessed.Clearly,whenaccountantsserveclientstheymust
protectthe clients long-termself interestandnot theirown. Examination
of only a few accountingapplicationsof egoism revealsthategoism fails
as a sufficientethicaltheoryfor accountants.
* Utilitarianism JohnStuartMill maintains:"Actionsare rightin propor-
tion as they tendto promotehappiness,wrongas they tendto producethe
reverseof happiness"(51). Oftenthis principleis rephrasedas supportfor
the actionthatbringsthe greatestgood to the greatestnumberof people.
Does utilitarianism,with its starkcontrastto egoism, servethe accounting
profession(al)any better?The Duskas also take issue with accountants'
relianceon utilitarianism,althoughtheynotethatit does hold some appeal
since accountantsoften approachproblemsusing cost-benefitanalyses
However7 accountantsapplyingutilitarianism in valuationdilemmaswould
be challengedto be ableto clearlydeterminewhatcountsas value.People
do not valueuniformlyand,often, "oneperson'sgood is anotherperson's
poison"(55).Accountantsmayalsobe challengedin findingthebestoverall
good giventhatoutcomesoftendependon futureeventsthattheaccountant
cannotfullypredict."Shouldutilitarians do whattheythinkwill bringabout
good or shouldtheydo whattheyactuallyknowwill bringaboutgood, and
how arethey to know?"(55)
* Kant and Deontology.Kant'sdeontologicalphilosophyrecognizes that
humans'decisionsto act shouldbe made not only to fulfill intentionsor
desiresbut shouldbe basedon a moralchoice andduty.One problemfor
accountantsrelying on deontologyis how to handlea conflictof duties.
If bothdutiesareequallycompellinghow to adjudicatebetweenthe two?
Ultimately,it seemsevena deontologistmustconsiderconsequenceswhich
causesa defaultbackto the problemsof the egoist or utilitarian.
* VirtueEthics Theethicsof virtueorcharacter deemphasizeactionordoing
to favorwhata personshouldbe or become.Thisethicaltheoryrequiresan
accountantto wrestlewithquestionssuchas "Whatmakesa goodbusiness-
man,or whatmakesa good person?Are thesethe sameor comparable?Or
is loyaltya virtuean accountantshoulddevelop?'(63). If loyaltyis indeed
a desirablevirtuefor anaccountantto possess,thenanimmediatedifficulty
arisesin consideringthe incompatibilitythatloyalty mighthave with the
independentmindsetrequiredof a hard-nosedauditor.However,virtue
ethics shouldnot be entirelydismissedas they do havea placein account-
ing. TheAICPAdid rely on the idea of "virtues"in constructingthe code
of professionalconduct.The code includesbothrulesandpnncipleswith
the principlesbeingidealisticin nature describing"virtues"for CPAsto
possess (Ketz and Miller 1997). The placementof virtuesin the code as

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 REVIEWOF ACCOUNTING
ETHICS 525

ideals, ratherthanenforceablerules,underscoresthe difficultyof relying

on virtueethicsto navigateethicaldilemmas.
Each ethicaltheorysingularlyfails to sufficientlyguide the accountingprofes-
sionalin everyethicalsituation.Collectivelytheyprovidea menuof approachesthat
accountantscan and shouldconsiderwhen facing ethicaldilemmas.However,the
Duskasbelievethatethicaldecision-making in actualpracticefindsaccountantsoften
relyingmoreon "feelings,orintuitionortheirguts"(64) ratherthansupportingdeci-
sions throughreflectionon ethicaltheory.Suchinclinationspointto the needfor the
organizationalstructureof a professionandfor disciplinableprofessionalstandards
anda code of ethicsto be partof thatstructure.

Accountingas a Profession
The Duskasapplyfournecessarycharacteristics
of a profession(Huebner1915)
to determinewhetheraccountingconforms:
1) Theprofessionalis involvedin a vocationusefulandnobleenoughto inspire
love andenthusiasmon the partof the practitioner.
2) The professional'svocationin its practicerequiresan expert'sknowledge.
3) Inapplyingthatknowledgethepractitioner shouldabandonthestnctlyselfish
commercialview andeverkeepin mindthe advantageof the client.
4) Thepractitionershouldpossess a spiritof loyaltyto fellow practitioners,
of
helpfulnessto the commoncausetheyall profess,andshouldnot allowany
unprofessionalactsto bringshameuponthe entireprofession.(66)
Accountingmeetscharacteristicsone andtwo if accountingprofessionalsembrace
thataccountingservesa usefulandnoblepurposeby facilitatingtheorderlyfunctioning
of commerceandthatspecializedtrainingandexpertiseis required.Characteristics
threeandfour call for abandoningthe strictlyselfishcommercialview of pursuing
self-interestwithno limitsandforeschewingactsthatmightdiscredittheprofession.
Languagein the AICPACode of Ethic'sacknowledgesthe importanceof 3) and4)
to accounting:
Those who rely on certifiedpublicaccountantsexpectthemto dischargetheir
responsibilitieswithintegrity,objectivity,dueprofessionalcare,anda genuine
interestin servingthe public.They are expectedto providequalityservices,
enterinto fee arrangements, andoffer a rangeof services all in mannerthat
demonstratesa level of professionalismconsistentwith thesePrinciplesof the
Codeof ProfessionalConduct."(AICPACodeof Conduct2003)
Whataretheconsequencesof failingto fulfilltheserequirements of a profession?
Costello(1999) believesthatCPA'smustobservethe requirements of the profession
citing thatif CPA'sarenot careful"theywon't be consideredprofessionalandthey
won't be trusted."In Costello'sview, barriersto professionalismincludeaccepting
workwhennot competentto perform,focusingon short-termprofits,andnotpaying
sufficientattentionto the traditionaltenetsof whatit meansto be a professional.
Despitethe profession'schallenges,suchas thosementionedby Costello,the au-
thorsconcludethatit seemsclearthatallCPAsstilldomeetthecriteriaof professionals

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 BT TCT12TEO O ETT^O NT T A
526 UJllNLDJ L 1 H1tJ vUth1 T)TEnT
LAL1

given standardsof qualificationandthe rigorousCPA

examination.This conclusion
favorsHuebner'sfirstandsecondcharacteristics of a professionwhilede-emphasizing
threeandfour.The Duskas'conclusionmightbe reworded
to emphasizethatCPAs
potentiallymeetthe criteriaof a professionalif they can indeed
eschew self-interest
andremaintrueto maintainingthe public'strust.
An omissionfromthe[)uskas'discussionof accountingas a
professionis thelack
of emphasisof the fundamentalimportanceof
self-regulationto a profession While
muchattentionis givento the standardsof the profession,the
discussionfails to ad-
dresshow a professionmustidentifyand addressfailuresto
live up to the adopted
standards.After all, a professionevolves successfullyby maintenance
of integrity
andthe public'strustwhile continuingto provide
demandedservices.Colin Boyd
hasdrawnthis soberingconclusion:
All theevidencesuggeststhatthemodernevolutionof the
accountingprofession
has been downa one-waystreet,andthata voluntary
reversalof this evolution
backtowardaneraof greaterprofessionalintegritywould
appearhardto effect.
Thefutureevolutionof theprofessionwouldappearto lie in
thehandsof external
regulatorsandlegislators,implyingthatthe fundamentof any
profession,self-
regulation,is foreverlost to the accountingprofession.(Boyd 2004:
393)
After considerationof accountingas a profession,the
authorsdo spendseveral
chapters
detailinganddiscussingtheprinciplesandrulesof theAICPA
Codeof Ethics.
Thediscussionis very familiar readinglike the ethics
chapterof any introductory
auditing
textbook.A greatercontribution
is in thefollowingfunctionalareadiscussions
considering
the uniqueethicalconcernsfacingauditorsandmanagerial
accountants.

Ethicsin Auditing
Auditingbecomesa uselessfunctionunlessthepublictruststhe
auditor'sattestation
tothe fairnessof the financialstatements.If the public
suspectsthatan auditoris not
fullyindependentof the client,trustcanbe eroded.Eventhe
appearanceof honesty
and integrityof accountantsbecomesimportant(113). Factors
affectingperceived
independence may includeimpedimentssuchas familialties, opinion
shopping,the
firm'scompensation,financialrelationshipswiththeclient,andthetimeit
truly takesto be
skepticalwhenfirmsareon suchtightauditbudgets.The auditing
acommendable chapter does
job of balancingauditorresponsibilitieswith threatsto
ofthose responsibilitiesand will contributeto students' fulfillment
understandings of the dif-
ficulties
auditorsface in tryingto performthe attestfunctionwhile also
maintaining
profitability
in theirpractices.However,the auditingchapterwouldbe
byan expandeddiscussionof the how the professionwill strengthened
resolve the challengeof
maintaining "independencein fact7'and "independencein appearance"
needfor profitsandsurvival.Onepossibleway to extendthe despitethe
discussionwouldbe to
incorporateReiterandWilliams's(2004) analysisof the changing
characterof the
auditorfromProfessionalManto EconomicMan.Theauditor
independenceconcept
associatedwith ProfessionalManis the conceptof independencein
fact. Economic
man,on the otherhand,is a self-interestedindividual,who
cannotcrediblymaintain

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 REVIEWOF ACCOUNTINGETHICS 527

thathe is independentevenin appearance. Toallowtheauditorto sharecharacteristics

withthe EconomicManthe definitionof "auditorindependence" has evolvedto one
of "audit"independence.Independenceis now oftenviewedas a characteristic of an
auditratherthanas anaspectof the auditor-client relationship(Kinney1999:71). The
relationof an auditorto the informationof an auditcan be regulatedwhile integrity
andobjectivity,personalcharacteristics of an auditor,cannotbe (70). ReiterandWil-
liamsclaimthatthe professionis callingfor a returnto the characterof Professional
Man to restoretrustin auditsand the financialmarkets.However,as Gaa (2004:
350) notes "itwill be interestingto see how the [independence]metaphordevelops
in the future,in view of the fact thatthe Sarbanes-Oxley Act in the U.S. has taken
responsibilityfor settingprofessionalstandards(includingthe standardsgoverning
the relationshipbetweenauditorsandclients)out of the handof the professionand
placedit in thehandsof a quasi-governmental body(thePublicCompaniesAccount-
ing OversightBoard)."

Ethicsof ManagementAccounting
ManagerialreadersconsiderSaulW.Gellerman's(1986)fourrationalizations
that
managersuse to justify suspectbehavior:
* A belief thatan activityis withinreasonableethicalandlegal limits.
* A beliefthatthe activityis in theindividual'sorcorporation's
bestinterest-
thatthe individualwouldsomehowbe expectedto undertakethe activity.
* A belief that the activityis "safe"becauseit will neverbe found out or
publicized.
* A belief thatthe activityhelps the company,the companywill condoneit
andeven protectthe personwho engagesin it. (14549)
Thesefourguidelinesareusefulandcouldhelp developstudents'(futuremanag-
ers) insightsinto practicedrationalizations
by managersandmay help detercurrent
managersfromfinancialstatementmisstatements.Of course,managersalsohavethe
new powerfuldeterrentof the certificationrequirementsof the Sarbanes-Oxley
Act
to supplementthese foregoinghelpfulguidelines(Waxman2004).

Final PedagogicalIssues
KetzandMiller(1998)ruethatthereareno suitable,adoptablebooksin accounting
ethics, since extanttexts fail to grapplewithreal issues andfocus insteadon ethical
theoryandsociology.Conversely,texts sometimesdeal exclusivelywith real issues
(in the form of cases), but then do not provideethicalfoundationmaterial(Knapp
2004). Therearefew comprehensivetextswith an exclusiveaccountingethicsfocus
thatone couldenvisionbuildinganentireaccountingethicscoursearound.However,
the needis addressedwiththe Duskas'contribution. TheDuskabookprovidesa bal-
ancedapproach.Ethicaltheoriesandprinciplesare given as foundationsbutnot in
isolation.Each theoryandprincipleis appliedto the accountingenvironment.The
uniquedemandsof the accountingprofession,andits particularethicaldifficulties,

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528 BUSINESS ETHICSQUARTERLY

are the clearfocus of the book. The book is well-written,thorough,and can easily
serveas a stand-alonetext for an accountingethicscourse(undergraduate or gradu-
ate) or as a companionvolumefor an upper-levelclass thataddressesethicalissues
(intermediateseriesor auditing).
Now thata suitabletextis availableto supporta comprehensiveaccountingethics
course,the otherbarrierto effectiveethicseducationneedsto be acknowledged: Will
academicsstepupto thedemandandneedfortheaccountingethicstraining?Certainly
numerouscalls havebeen madeto includemoreemphasison ethicsin the account-
ing curriculumandas a continuingeducationrequirement(Sack 1991). Despitethe
climatethatclamorsfor an increasedpedagogicemphasison ethics for accounting
students,a strongreluctanceto teachethics persists.A recentsurveyby Kovarand
Fisher(2004) gathersdataregardingaccountingacademics'perceptionsregarding
ethicseducation.Respondentsconsiderthe followingreasonswhy accountingethics
shouldnot be taught.
* Professorsclaimthat"Accountingethicscannotbe taught."
* Veryfew accountingfacultyarequalifiedto teachethics.
* Veryfew accountingfacultyarewilling to teachethics.
* Thecurrentdemandsof the accountingcurriculumleavelittleor no timeto
teachethics.
* Demandsforteachingethicsin thecurriculumaremerelya publicrelations
responseto recentaccountingscandals.
* Ethicaltrainingin the classroomcannotadequatelypreparestudentsfor
'realworld'dilemmas.
* Accountingcurriculumis the wrongvenuefor ethicalinstruction.
* Learningethicalvaluesshouldbe left to family,church,etc.
Preliminarysurveyresultsshow thatfacultyreluctancefor teachingaccounting
ethicsstemsfromunwillingnessandtheperceivedlackof qualificationsfor teaching
ethics. Therefore,the Duskas'fine text may languishuntil these base issues of ac-
countingethicseducationareaddressed.

Note
I wish to thank Carol Benton, CentralMissouri State University,for her insights and assistance
with this review.

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 REVIEWOF ACCOUNTINGETHICS 529

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