Key Concepts in the Accountability Profession

• Public vs. personal interests

• Recognizing the difference between the floor (e.g., law, accounting standards) and the ceiling (e.g., principles, values)

• Doing what is right vs. what is acceptable

• Economic substance vs. legal form

• Being concerned with both fact and appearance (e.g., independence)

• Using judgment vs. completing checklists

• Recognizing that continuing improvement in today’s rapidly changing world is essential

• Trust is hard to earn, but easy to lose