The Aicpa Code Of Professional Conduct - 1268 Words

The introduction to the old AICPA Code of Professional Conduct of the American Institute of Certified Public Accountants provides guidance and rules for all members as it explains the composition of the code, application of standards and compliance enforcement procedures. The code consists of two sections principles and rules. The Principles provide a general framework for the Rules which CPAs have to adhere to the rules of the AICPA Code when practicing. The AICPA Code of Conduct consists of three levels: Principles of professional of conduct, Rules and interpretations and rulings. If a member violates the Code rules, disciplinary actions would be taken. The Principles of Professional Conduct (Sec 50) explains the responsibilities, public interest, integrity, objectivity and independence, due care and scope and nature of services for professional accountants. The rules of the AICPA Code are (Sec 90) Applicability and Definitions, (Sec 100) Independence, Integrity and Objectivity, (S ec 200) General Standards and accounting principles, (Sec 300) Responsibilities to clients, (sec 400) Responsibilities to colleagues and (sec 500) Other responsibilities. Section 50 - Principles of Professional Conduct consists of 6 articles: Responsibilities, The Public Interest, Integrity, Objectivity and Independence, Due Care and Scope and Nature of Service. The ACIPA sets higher ethical principles and rules that CPAs who voluntary become a member in it, are obligated to abide and adhere. TheShow MoreRelatedAicpa Code Of Professional Conduct Essay1096 Words   |  5 Pagesthat contributes to the country’s economy. Introduction of AICPA Code of Professional Conduct helps in controlling the business operation especially in the accounting and management departments. Accounting and management fraud have been experienced whereby through corruption or other means, entrusted managers and accountants tend to be selfish in undertaking their duties. These factors are well addressed by the AICPA Code of Professional Conduct principles. Therefore, the study seeks to introduce twoRead MoreThe Code of Professional Conduct of the AICPA888 Words   |   4 PagesThe Code of Professional Conduct of the AICPA consists of two sections: The Principles that provide the framework for the Rules, The Rules that govern the performance of professional services by members. The Principles (Section One) guide members in their professional responsibilities. They are categorized in 6 Articles/ precepts: Article 1 Responsibilities Members should work collaboratively to assist each other in carrying out their accounting responsibilities and should do so in a moralRead MoreAicpa Code Of Professional Conduct843 Words   |  4 PagesIntroduction AICPA Code of Professional Conduct is the code of conduct that required each member of the organization to follow rigorously and act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the client any commission or referral fees, and serve the public interest when providing financial services. Accountants are relied upon to be trustworthy and maintainRead MoreAicpa Code Of Professional Conduct1589 Words   |  7 PagesAICPA Code of Professional Conduct: AICPA’s Principles on Ethics Abstract Life is all about making decisions. Every day we are faced with situations that lead us to making decisions. At times those decisions might be wrong, sometimes right. When facing a dilemma it’s easy to make a decision, but it’s even more difficult to make a right and ethical decision. Any person can make a decision, but they won’t always make the right decision. Decision making gets tougher when it comes to making the rightRead MoreAicpa Code of Professional Conduct4984 Words   |  20 PagesAICPA Code of Professional Conduct Composition, Applicability and Compliance The Code of Professional Conduct of the American Institute of Certified Public Accountants consists of two sections—(1) the Principles and (2) the Rules. The Principles provide the framework for the Rules, which govern the performance of professional services by members. The Council of the American Institute of CPAs is authorized to designate bodies to promulgate technical standards under the Rules, and the BylawsRead MoreAmerican Institute Of Certified Public Accountants1179 Words   |  5 PagesIntroduction American Institute of Certified Public Accountants The non-profit professional organization, American Institute Certified of Public Accountants (AICPA), was founded in the United States of America. The professional organization was founded in 1887, to help ensure that the accounting profession will gain the same respect as the other prestigious occupations have received from the public. The accounting profession, similar to the medical, legal, and engineering profession, is characterizedRead MoreStandard Issues: Aicpa993 Words   |  4 PagesStandard Issues: AICPA The American Institute of Certified Public Accountants has created a code of professional conduct that all certified public accountants must follow. This code of conduct lists the responsibilities CPAs have when working with a company s financial information. The AICPA also includes information regarding the integrity, objectivity, independence and due care that CPAs must use when working in the accounting industry. The AICPA offers an ethics course for accountants to refreshRead MoreA Brief Note On The Due Care Section925 Words   |  4 Pagesremainder of the AICPA 0.300.060 Due Care section. The due care section now emphasizes â€Å"competence,† where a member’s ability is based on the competence of that member in the particular subject matter. Due Care section .03 states â€Å"competence is derived from a synthesis of education and experience. It begins with a mastery of the common body of knowledge required for designation as a certified public accountant. The maintenance of competence requires a commitment to learning and professional improvementRead MoreUnethical Business Practices Of Multinational Companies1512 Words   |  7 Pagesstandards has become paramount over the last decade. Through my extensive review and research of literature, there appears to be an ongoing need for convergence. The study concludes that through cooperative efforts, between governing bodies such as AICPA and IFAC, we are on the right track in terms of acceptability. â€Æ' Global Set of Accounting Standards The need for a single set of accounting standards on a global basis has become increasingly important over the years due to comparability issuesRead MoreWhat Is Business Ethics? Essay1117 Words   |  5 Pageshas to be made with an informed awareness of the specific situation and then act according to some sort of system of principals, which is Business Ethics. What is Business Ethics? . Business ethics is a form of applied , and that knowethics or professional which analyse ethical principales and moral which means the ethical problem that arise in business environment. it is examining what is wrong and right. â€Å" Then doing the right thing, but the right thing is not as straightforward as explained