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Journal of Business Ethics

Erschienen in:

13.10.2015

Virtuous Professionalism in Accountants to Avoid Fraud and to Restore Financial Reporting

verfasst von: Bradley Lail, Jason MacGregor, James Marcum, Martin Stuebs

Erschienen in: Journal of Business Ethics | Ausgabe 4/2017

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Abstract

Over the past decade, a number of accounting and financial reporting frauds have led to lost stock wealth, destroyed public trust, and a worldwide recession that called for necessary reform. Regulatory responses and systemic reforms quickly followed, and we show that, while necessary, these reforms are insufficient. The purpose of this paper is to forward virtuous professionalism as a necessary path toward restoring financial reporting systems. We take the position of external observer and analyze the accounting profession over time to assess what has transpired within our financial reporting systems. Our analysis reveals that the combined influence of commercialism and regulatory response has led to a systemic decline in accounting’s professional ideals and, as a result, an erosion of public trust. We then propose virtuous professionalism as a necessary process for restoring financial reporting systems based on sociological, professional, and philosophical theories. We argue that virtuous professionalism is necessary for restoring the public servant identity of the accounting professional. We conclude that efforts to restore financial reporting systems should begin with reforms that restore professional identity shaped by virtues.

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Titel: Virtuous Professionalism in Accountants to Avoid Fraud and to Restore Financial Reporting
verfasst von: Bradley Lail
Jason MacGregor
James Marcum
Martin Stuebs
Publikationsdatum: 13.10.2015
Verlag: Springer Netherlands
Erschienen in: Journal of Business Ethics / Ausgabe 4/2017
Print ISSN: 0167-4544
Elektronische ISSN: 1573-0697
DOI: https://doi.org/10.1007/s10551-015-2875-y

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