Legal Profession Ethics & Morality Essay Example | Topics and Well Written Essays - 500 words

Legal Profession Ethics & Morality - Essay Example Thus, the legal profession has well-developed and strictly imposed codes of ethics and standards of professional practice. That means a lawyer who is acting in accordance with the standards automatically become ethical. Here one has to understand the fact that the legal profession has a number of basic paradoxes to face unlike other professions. First of all, lawyers are considered as officers of the court. Thus they possess the obligation to help the court in the administration of justice. Secondly, the lawyer has the responsibility to act in the best interests of his client. Thirdly, a lawyer is lured by the fact of his own financial gains. Evidently, it requires a lot of ethics to manage all these affairs to retain people’s faith in the system. In fact, in order to ensure smooth functioning of the judiciary, there are extensive ethical codes for the legal profession. They cover issues like conflicts of interest, acting for both parties, business relations with the clients, opposing a former client, and confidentiality of the information   From the discussion, it becomes evident that the legal profession is different from other professions in the fact that while all other professions have the primary aim of making pecuniary gain, the legal profession has earning only as a subservient function. Thus, one can also reach the conclusion that the profession deserves a higher regard due to these basic differences. Unlike many other professions, a lawyer is an asset to the whole society.

Possible Inherent Conflicts Between the Public Auditor and the CFO on Case Study

Possible Inherent Conflicts Between the Public Auditor and the CFO on Internal Controls - Case Study Example The public auditor, whose primary job is to give an opinion on the financial statements of the company after necessary examination of the statements, also places his reliance on the internal controls established by the management of the company to prevent, detect and mitigate the events of frauds and errors which may lead to erroneous financial reporting and deception of the shareholders. This is the reason that the auditor lays great emphasis on the establishment of strong and well defined internal controls where the occurrence of material misstatements can be prevented, and if not, then properly detected and appropriate actions be taken to mitigate the same from occurring again. In the course of the audit, the strong emphasis laid by the auditors on establishment of the internal control department may create conflicts between the auditor and the management of the company, specially the Chief Financial Officer. The auditor and the CFO initially have their roles clearly defined as to the extent of their jobs and are required to work independently with clear objectivity without interference in each other’s work. The auditor’s responsibility is to report on the financial statements prepared by the management whether they are free from material misstatements and give a true and fair view. The auditor also has to report on the internal controls established by the management if they are organized enough to prevent and detect the frauds and errors. The auditor has to ultimately report to the shareholders on the safeguards established by the management to safeguard their rights. Conventionally, the role of the CFO is understood to be in the position of manager and regulator concerning the implementation of principles of accounting. Further, the post of the CFO also includes the preparation of the financial statements and related reports along with the supervision of the capital structure of the