Final answer:
The ethical responsibilities of an accountant and an independent auditor differ. Accountants are responsible for ensuring the accuracy and integrity of financial statements, while auditors must independently evaluate these statements and maintain objectivity. Both roles share common ethical principles but have distinct specific obligations.
Step-by-step explanation:
Yes, there are differences in the ethical responsibilities of an accountant and an independent auditor. Accountants are primarily responsible for the creation, maintenance, and reporting of financial records. They must ensure that the financial statements they prepare or contribute to adhere to the principles of accuracy, honesty, and integrity.
Independent auditors, on the other hand, are primarily tasked with examining the financial statements prepared by accountants to verify their accuracy and to ensure that they have been compiled in accordance with generally accepted accounting principles (GAAP). Auditors must maintain independence in both appearance and fact; this means they should avoid conflicts of interest and maintain objectivity to provide a fair and impartial audit report.
While both professions share common ethical principles such as confidentiality, integrity, and due care, the nature of their roles necessitates specific ethical obligations. An accountant's ethical responsibilities are intricately tied to the process of creating financial records, whereas an auditor's ethical responsibilities are associated with the impartial evaluation of those records.