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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body because it believed that the private sector had the appropriate resources and talent to achieve this daunting task. AICPA The AICPA's mission is to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients. CAP At the urging of the SEC, the AICPA appointed the Committee on Accounting Procedure in 1939. The Committee on Accounting Procedure (CAP) composed of practicing
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Audit, Attestation, and Assurance Services ACC491 Kimberly Johnson December 14, 2015 Audits, assurance services, and attest services are all work that could be performed by an auditor. Each category offers a range of services that could be beneficial to many companies, and all help in regulating a company’s financial documents. Audit Services There are 3 different types of audits, financial statement audit, compliance audit, and operational audit. A financial statement audit involves obtaining
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Opinions; and AICPA Accounting Research Bulletins (Kiesco, Weygandt, & Warfield, Chap. 1, 2007). Chapter one describes this bottom portion of the hierarchy of GAAP as Category (A), being the most authoritative. When a specific accounting transaction occurs that these documents do not cover, companies go to the next level, which according to Kiesco, Weygandt, and Warfield’s (2007) illustration are Category B being FASB Technical Bulletins (which are no longer issued); AICPA Industry Audit
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2009 Information came to the attention of the Ethics Charging Authority (“ECA”) (comprised of the AICPA Professional Ethics Executive Committee and the New York State Society of CPAs Professional Ethics Committee) alleging a potential disciplinary matter with respect to David G. Friehling. Mr. Friehling advised that he would be willing to sign a settlement agreement charging him with violating AICPA Bylaw Section 7.4.6 and Rule 506 of the New York State Society of CPA’s Code of Professional Conduct
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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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involving WorldCom, where assets were inflated, which eventually lead to the internal auditing department uncovering fraud (para. 17). These cases display why a code of conduct is essential in the business environment. The American Society of CPA’s (AICPA) has a professional code of conduct that Certified Public Accountants (CPA) must abide by while engaging in their practice. The code of conduct consists of rules a CPA should adhere by when engaging in services with their respective client(s). It also
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Breaking the 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
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2012 Re: Changes in Statement of Accounting Standards No. 115 (SAS No. 115) As key clients to Team B, we would like to take this opportunity to inform you of the current changes in the Statement of Accounting Standards. On October 2008, the AICPA Standards Board issued a new standard called Communicating Internal Control Related Matters Identified in an Audit (SAS No. 115). This policy was created to guide external auditors on how they should communicate with internal controls on deficiencies
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The request being asked by the general manger is this scenario would be considered unethical within proper accounting standards, as well as against tax law. Both IRS Circular 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
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