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...... Despite credit and debit being basic accounting entries, what accounting really processes are numbers that interprets the financial condition or state of an entity. The entity described maybe a person, a business enterprise, or even a country. By presenting the financial viability of an entity, accounting actually supports organizational management to determine the overall financial health. In doing so, those in the accounting profession must and should uphold the highest ethical principles because they are entrusted with the responsibility and accountability of seeing that the finances of an entity is what it truly is. Over the years accountants have been put under obligation to paint a realistic picture for not only their business clients, but also to the government and to the public. Regulations and the current version of Generally Accepted Auditing Standards (GAAS) have been promulgated to provide the profession with uniform tools to verify the accuracy of financial statements of audited organizations. (Benton, 2005) Besides the GAAS, the International Accounting Standards (IAS) of the International Accounting Standards Board (IASB) has already been adopted by over 100 countries and its principal goal is the setting of the highest standards in business financial statements. Specifically, the IASBs primary goal

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