McHugh(Borrayo), Tontanisha Scott ECO/376 8-25-2014 Professor Dan Jensen Weekly Reflection – Week 3 Ellen Foskey AICPA Code of Professional Conduct from week one talked about the purpose of the AICPA Code of Professional conduct. Our text also detailed how it represents responsibilities, the public interest (which is by itself one of the main purposes). Furthermore, AICPA has a few more purposes: integrity (also very, very important) which was what was at the bottom of the WorldCom Scandal
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legal liability, Securities & Exchange Commission practice, professional ethics and using technology in auditing. Catalog Description Prerequisites: Sophomore standing; minimum grade of "C-" in ACCT 311. Topics include: audit and other reports, statistical sampling in auditing, attestation standards, reporting on future-oriented information, accountant's legal liability, Securities & Exchange Commission practice, professional ethics and using technology in auditing. Course Overview
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230 as well as the AICPA Code of Professional Conduct provides proper guidelines for explaining why the omission of this income would be unethical. Both sources also explain what is expected of a tax preparer (practitioner) in a situation such as this. Section 10.21 of Circular 230 states that if a practitioner knows a client has not complied with the revenue laws of the United States, that practitioner must then advise the client of the consequences as provided under the Code and regulations of
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impaired (AICPA, 2011). • In reading The AICPA’s Code of Professional Conduct, in order for Moore to evaluate his position, he should consider his capability to perform independently and if a third party that knew all the facts would consider Moore’s and Scott’s relationship to be the same as a married couple. A third party could assume that Moore would be involved and concerned over Scott’s finances and could end of being a conflict since Scott has investment is linked to audit clients (AICPA, 2011)
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Accounting Ethics Accounting ethics is primarily a field of professional ethics, the study of moral values and judgements which are applied to the accountancy. “Accounting ethics can be defined as a set of distinct guidelines for a business to maintain clean balance sheets, accounting for their profits, losses and expenses incurred and prevent it from mishandling financial reports and statements” (Buzzle 2011). The nature of the work carried out by accountants and auditors requires a high level
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violate laws and the AICPA Code of Conduct. Excello Legal Issues The failure to meet earnings estimates are of significant concern for the organization where it will prompt questionable decisions by executives. Excello Telecommunications must adhere to accounting practices and regulations in the organization’s activities to ensure financial reporting is accurate. The SOX Act of 2002, Generally Acceptable Accounting Principles (GAAP), and the AICPA Code of Professional Conduct are some guidelines
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Ethics Made Easier: How to use the revised AICPA Code of Professional Conduct By: Ellen Goria, CPA, CGMA June 2014 This article mainly introduces the new website http://pub.aicpa.org/codeofconduct and explains how to use the online version of revised AICPA Code of Professional Conduct. PART 1: Background The whole article is an analogy. You, an auditor, whose job is to perform an ethics and independence check. Your client is a holding company that owns a small privately held bank
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Ethics 376 Phoenix University Unethical Practices are forbidden in every industry but at the same time they are also performed. Unethical practices occur when a business does “not conform to approved standards of social or professional behavior”. ("The free dictionary,") There are many situations that can lead to unethical practices and behaviors within the accounting profession. The Sarbanes Oxley Act of 2002 was put into effect to prevent a lot of these unethical practices
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Sets requirements for maintaining member’s professional competence. Licensed CPAs are subject to regulation by their respective state boards of accountancy and strict professional ethics rules adopted by the boards to protect the public against fraud, incompetence and conflicts of interest. In addition, members of the American Institute of CPAs have to adhere to the AICPA Code of Professional Conduct, which sets forth certain standards of professional conduct. The Statement on Responsibilities in
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Behavior 1. Explain why the public expects all professionals to act ethically. The reason the public expects all professionals to act ethically is because they, the professionals, are able to carry out their duties because of public confidence. Public confidence is the trust the general public has in a person, group or profession. This public confidence is what adds value to the work the professional does. If the professional acts unethically, the professional has misused the confidence the public has
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