EVALUATION ON ETHICAL STANDARDS OF ACCOUNTING IN PRIVATE COMPANIES
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AbstractEvery business needs an accountant. The success of the company generally lies in the hands of the accountant whose duties do not only pertain to the preparation of financial reports but also to perform their obligation in conformity with the ethical standards as provided in the Code of Ethics for professional accountants. This study uses the descriptive-quantitative method employing questionnaires as a tool in gathering data in the top 20 corporate taxpayers in Cebu whether the five fundamental principles which pertain to the objectivity, professional behavior, and professional competence and due care, confidentiality and integrity are applied in all accounting activities. The compliance of these ethical standards is the key to determine how accountants give value to their profession. Through this, it will be easy for them to maintain the confidence of the clients as well as to gain public trust. The completion of this study would be beneficial not just for accountants but to other relevant fields of study.