AICPA Code The purpose of the AICPA Code of Professional Conduct (“Code”) and why it is considered the foundation of ethical reasoning in accounting is that it is a code that has been established and agreed to by members of the AICPA. This is important in that is establishes a foundation of ethical reasoning in that a regulatory body isn’t issuing rules, the Code was established and agreed to voluntarily by CPAs who are members of the AICPA. I believe the three most important purposes of the
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Assignment Week 4 Code of Ethics Name Devry University Accounting 525 Veliota Drakopoulou, PhD 01/30/2016 Abstract The American Institute of Certified Public Accountants (AICPA) has made a Code of Professional Conduct that establish an ethical standard for public accountants in the US. The Generally Accepted Accounting Principles (US. GAAP) wants to collaborate with IFAC in order to resettle the principle accounting standards, but the rules and the ethics for professional and the financial
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three elements of ability, benevolence, and integrity. The three elements will be defined and explained using support from peer-reviewed articles. The report will also discuss the ways in which the elements are incorporated in the AICPA’s Code of Professional Conduct. The elements will be examined to learn the ways in which they help to promote trust in the accounting profession and finally, suggestions will be proposed to help improve public trust in the accounting profession. Introduction An
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A code of professional conduct is an essential factor that contributes to an effective business environment, and overall business success. In accounting, a code of conduct is vital due to the sensitivity and exposure of confidential information. When there’s a lack of compliance to the code of ethics, there is a greater chance/opportunity for crimes to begin to engage. Some examples of the biggest crimes in regards to businesses involve the Enron case, a case concerning an energy company declaring
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Accounting professionals are obliged to comply with certain standards in an effort to protect shareholders and the general public. When one joins any of the accounting professional organizations, such as the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA) or the Institute of Management Accountants (IMA), one is agreeing to adopt the ethical code. This professional code is a positive set of statements and guidelines for CPAs with explicit rules
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Ethical Professional Practice For accountants that work in industry or management accounting roles, the Institute for Management Accountants requires that its constituents follow the IMA Statement of Ethical Professional Practice including Honesty, Fairness, Objectivity, and responsibility. It’s similar to the AIPCA Code of Professional Conduct, but the AIPCA Code of Professional Conduct emphasizes independence, integrity, and objectivity. And the independence is the backbone of the AICPA profession
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Date: Re: Professional Responsibilities of a Certified Public Accountant (CPA), and the differences between an audit and a review “Accountants, as professionals, are expected to maintain a level of ethical conduct that goes beyond society’s laws” (Schroeder, Clark & Cathey, 2005, p. 563). Therefore, the American Institute of CPAs (AICPA) established a Code of Professional Conduct to ensure public confidence in the quality of
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(AIPCA) stress the need for their members to follow a code of ethics. The AICPA code is the primary source of guidance for those that practice public accounting while the IMA is concerned with a broader role for accounts and financial professionals that work inside the companies. There are likenesses and there are variances between the two but the main objective is to set professional standards for all types of accounting. The IMA and AICPA codes have a few similarities. Both discuss the importance
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Accountants (AICPA) enables an organization to follow appropriate guidelines and regulations that govern ethical accounting practices. Organizations conforming to the practices of the AICPA can ensure healthy accounting practices conducted in their organization. American Institute of Certified Public Accountants The AICPA is considered the foundation of ethical reasoning in accounting because According to Mintz and Morris (2011), the principles guide members in the performance of their professional responsibilities
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INTRODUCTION For more than a decade now, there has been a movement around the world to develop a common set of high-quality accounting standards that can be applied globally. Comparable accounting around the world, if high standards are instilled and application was consistent, would make markets more efficient by letting investors compare companies from different countries. In particular, the issue of American adoption of International Financial Reporting Standards (IFRS) is of importance because
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