being reported. These three important components of accounting go hand and hand when to come down to enforcing laws are the Sarbanes-Oxley act, the AICPA Code of Conduct and the Generally Accepted Accounting Principles. Sarbanes- Oxley was created to protect investors from Corporations that may try to do fraudulent accounting activities. AICPA Code of Conduct sets standards for the professionalism and auditing for private companies, non-profit organizations, federal, state and local governments (“American
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consider the Code of Conduct to be used as a platform of rules, or values, for CPAs while engaged in all types of assurance, non-assurance services, and should apply to all auditing functions in any given business environment, including government and non-for-profit companies. Furthermore, I feel the three key elements of the code that all CPAs should adhere to are the Integrity and Objectivity Rule, General Standards, and Acts Discreditable Rule. As a final point, could these codes of conducts also correlate
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Violence to AICPA ET Section 91 Applicability: Paragraph .01 says the bylaws of the AICPA require members to comply with the Code of Professional Conduct. The introduction reads, "A member who departs from interpretations or rulings shall have the burden of justifying such departure in any disciplinary hearing." Paragraph .01 .2: Requirement: CPAs will not knowingly ask or allow anyone they have authority or control over to carry out on the CPA's behalf, paid or not, any act that would be prohibited
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INTRODUCTION In this memorandum, I will address the incentives that Michael Joseph and the E&Y audit team had in the AIG case. Joseph and the audit team violated the AICPA Code of Conduct, particularly for section 90 and section 101. In addition, Joseph violated the AICPA section 50 pretending that he had not talked to the audit team. INCENTIVES According to SEC, Michael Joseph should have know that PNC’s SPE (Special Purpose Entities) transactions were not in compliance with GAAP. Also, Joseph’s
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is to at the end follow the AICPA Code of Professional Conduct. Following special rules inside the code of conduct can permit Kolb into avoiding and getting into the issue of judgement around the whole unethical practices occurring in the hospital environmental workforce. Considering the Certified Public Accounting section in the AICPA Code of Professional Conduct, inside the rule 102 it is proven that there should be a high recommendation for in this case Kolb to conduct the report of the specific
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law is not an option for the accounting department, so the decision needs to be evaluated carefully. Some of the laws that needs to be adhered to are Sarbanes-Oxley Act of 2012 (SOX), Generally Accepted Accounting Principles (GAAP), and the AICPA Code of Conduct. Marty and the accounting team have to come up with an ethical and legal solution for the shareholders. The SOX legislation was derived from such scandals as Worldcom, Tyco, and Enron. Senator Paul Sarbanes and Representative Mark Oxley
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type of taxes will have to pay and when will have to pay them? • What expenses can be claimed? • Is there any need to set up a business bank account and what happens if the company doesn’t? • Does the company need public liability insurance or Professional indemnity? What could be at risk if the company has a problem in a client’s office? • How do the track of money coming in and going
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confidence, stock prices and the yearly bonuses for management. Being back into a corner, the companies CFO, Terry Reed, has decided to book the 1.2 million in sales regardless of the laws and requirements provided by GAAP, SOX, and The AICPA Professional Code of Conduct. If Terry Reed does not comply with all laws and requirements of these accounting authorities, the company could face large enough penalties that will shut down the business for good such as Enron and WorldCom. 2001 marks a big year
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Ethics in Accounting Tonya Thompson Carlene Wilson Immediate Accounting ACC305 November 17, 2010 What is Ethics? Business ethics are moral values and principles that determine our conduct in the business world. Commercial ethics standards activities are needed; whether you have a single client or several business organizations. Ethics Standards can be applied to all aspects of business, from generation of an idea the sell of the particular
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Independence is perhaps one of the most important attributes of the public accountant. Before pursuing a course of action to resolve ethical dilemmas, a CPA may want to consult with legal counsel, applicable professional bodies, and appropriate firm or employer personnel. The AICPA[1] provides an ethics hotline to assist members in this and other ethics issues. Going through the case, one can see that there are a few breaches of some accounting rules and there is a dilemma about what exactly
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