The best way to respond to these problems is not always clear. Yet, to sit back and ignore the problems is clearly the road to disaster. A code of ethics is a crucial element in forming a professional. The three major accounting professional organizations have an ethics code. Business persons will encounter novel situations in their jobs and will need ethical guidelines to handle them effectively.
Ethics codes are necessary to provide such guidance.
Ethics counselors offer confidential advice, solace, and comfort to management accountants who may have no other place to turn for help. When societal values are deteriorating, maintaining high ethical standards in accounting and business grows increasingly difficult. Exhibit 1 provides a poignant essay on the foolishness of measuring success by the accumulation of wealth or power. In 1923, a very important meeting was held at the Edgewater Beach Hotel in Chicago. Samuel Insull had died virtually penniless after spending some time as a fugitive from justice.