Reflection Memo

The first moral standard is utility which refers to the net benefit realized from the actions or the services offered by the professional. This is attained through combined efforts of the principles which contributes towards quality of professional work completed by the accounting. The ability of the codes in assuring utility creates competence in accounting. Utility is relative and might be interpreted differently by different parties. Therefore, there is a need to provide a new framework showing ways in which accountants should perform their duties in meeting maximum utility.

The code of conduct for the professional accountants also ensures the rights of the clients are maintained. This is used in describing the well-being and freedom of choice and well-being of the clients. This is contributed through the principle of professional competence and integrity. Accountants focus at being fair in ensuring they provide the best accounting services for the clients. The code of ethics used in guiding the professional conduct of accountants has not been keen in addressing what specific rights of a client are. This can be addressed through providing a formal list to show the specific rights of aa customer or stakeholder.

The third moral standard is justice which refers to how burden or benefits are distributed among the people. This is attained through the principle of objectivity where the accountants act according to the principles and protocols laid in the profession. This makes accounting a reliable profession particularly in determining the performance of a business or company. An improvement should be made on code of ethics particularly in defining the scope of justice.

The fifth moral standard attained is care which refers to the moral task to follow impartial processes to avoid harm on others. This moral standard is addressed through the principle of due care which refers to the efforts made by a prudent individual or a reasonable party in effort to avoid harm to others including clients. This makes accounting reliable in preventing various stakeholders such as shareholders and managers from incurring losses. However, there is a need to improve the code of ethics in meeting the standards of care by putting in place specific protocols to be used in preventing harm to indirect stakeholders who rely on financial statements prepared by accountants.

In conclusion, the code of ethics for professional accountants have been keen in meeting the basic rights of moral standards. However, there is a need to maintain an agile approach in which adjustments are made over time to enhance the effectiveness of the code.