The ethics shall be necessarily applied in the field of accounting because it increases the opportunities aimed at detection of frauds. According to several professionals ethics has been regarded as the primary tool for fraud detection through replication and peer review. The profession of accounting is extremely delicate, and slight manipulation of records can be responsible for the magnanimous nature of fraud, and irreparable loss for the individual or company. In the financial sciences, 'the debate over ethics has focused on the philosophical underpinning of the world view of the accountants as being as much of a problem as the actual behaviors of the accountants. The key areas for accounting are divided into the gathering financial data and reporting and interpretation of the data. Before launching into a philosophical discourse on the underpinnings of the world view of accountants, replete with the discussion of epistemological concerns, hermeneutics, ontology, paradigms, and the political environment, it has been suggested that it is important to open p the dialogue and have meaningful exchanges. The professionals have made appeal for the meaningful knowledge creation: "financial development has evolved from the considerably more situational and inter-subjectively responsive skill of coming to know how to engage in exchange, to know when, why, how much to give in terms of the others' claims and needs and one's own, when all involved are deserving and all have a future together, invariably interacting and mutually needful and committed to each other which requires more inventiveness, fluidity, and flexibility are required in economic dialogues and resolutions' (Edward, 2006).
             The money-laundering phenomenon has motivated many accountants towards unethical and immoral behavior, where the focus of the accountant is to fetch money irrespective of the fact that the secured money has been obtained through legal channels, with approp...