AN ASSESSMENT OF PROFESSIONAL ETHICS AND INDEPENDENCE IN PUBLIC ACCOUNTING ENGAGEMENTS
The objectives of this study are to: 1) Assess the current state of professional ethics and independence among public accountants, 2) Identify factors influencing ethical behavior and independence, and 3) Propose measures to strengthen ethical standards in public accounting engagements. The research design is a survey, justified for its capacity to collect detailed quantitative data from a wide range of public accounting professionals. The sample size, calculated using Taro Yamane’s formula, is 340, ensuring a 95% confidence level and a 5% margin of error. Lagos is chosen as the case study due to its diverse professional accounting community. The reliability coefficient score of the survey is 0.89, indicating high consistency. Findings reveal that while professional ethics and independence are generally upheld, factors such as pressure from clients and organizational culture can compromise these standards. The study recommends that accounting firms strengthen their ethics training programs, enforce strict independence policies, and establish robust whistleblowing mechanisms to maintain high ethical standards in public accounting engagements.
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