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AICPA CODE OF CONDUCT (Business Ethics Midterm) – Questions And Answers
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AICPA CODE OF CONDUCT (Business Ethics Midterm) – Questions And Answers
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AICPA CODE OF CONDUCT (Business Ethics Midterm) –Questions And Answers
The AICPA Guide to Independence Correct Ans - -The Code of
Professional Conduct of the American Institute of Certified Public
Accountants
Overview:
-Adopted by the membership to provide guidance and rules to all members
(public, industry, government and education) in the performance of their
professional responsibilities
Compliance depends on:
-Primarily on members' understanding and voluntary actions
-Secondarily on reinforcement by peers and public opinion
-Ultimately on disciplinary proceedings against members who fail to
comply with the Rules
Council of AICPA:
-Authorized to designate bodies to make known/publishtechnical
standards under the Rules, and the bylaws require adherence to those
Rules and standards
Two Sections:
-Principles: provide the framework for the Rules
Rules
-Govern the performance of professional services by members
Other Guidance Correct Ans - Interpretations of Rules of Conduct:
-Interpretations which have been adopted to provide guidelines as to the
scope and application of the Rules
-However, they are not intended to limit such scope or application
Ethics Rulings:
-Formal rulings that summarize the application of Rules of Conduct and
Interpretations to a particular set of factual circumstances
-A member who departs from guidelines/rulings must provide justification
,What constitutes notice to members?
-Publication in The Journal of Accountancy
-Effective date is the last day of the month of the published pronouncement
in The Journal of Accountancy
-Time needed to comply with the pronouncement will be taken into
account
Members should also consult:
-Ethical standards of their state CPA society
-SEC
-Other governmental agencies
AICPA Mission Statement Correct Ans - -Powering the success of
global business, CPAs, CGMAs and specialty credentials by providing the
most relevant knowledge, resources and advocacy, and protecting the
evolving public interest.
ACTIVITIES:
-Advocacy - Protecting and promoting the profession's interests as the
national representative of CPAs before government, regulatory bodies and
other organizations
-Certification and Licensing - Seeking the highest possible level of uniform
certification and licensing standards and promoting and protecting the CPA
designation
-Communications - Promoting public awareness of and confidence in the
integrity, objectivity, competence and professionalism of CPAs and
incorporating the needs and views of CPAs into communications programs
-Recruitment and Education - Encouraging highly qualified individuals to
become CPAs and supporting the development of outstanding academic
programs
-Standards and Performance - Establishing professional standards;
assisting members in continually improving their professional conduct,
performance and expertise; and monitoring such performance to ensure
adherence to current standards and requirements
The Code Correct Ans - -Principles- framework for rules (Section
50)
-Bylaws & Definitions (Section 90)
, -Rules- standards (Sections 100-500)
-The AICPA Code of Professional Conduct consists of 2 major sections and
one subsection.
-The two major sections are the Principles and the Rules.
-The Principles provide the framework for the Rules and are listed in
section 50 of the code
-The rules are basically the specific standards established by the AICPA in
response to the Principles, which are detailed in sections 100-500.
-In Section 90 we have the Bylaws, which require adherence to the rules
and definitions of terms appearing in the code.
Six Principles of the Code of Conduct Correct Ans - -
Responsibilities
-Serve the Public Interest
-Integrity
-Objectivity & Independence
-Due Care
-Scope & Nature of Services
Rules Correct Ans - -Specific
-Applicable to members of AICPA & people under members control
-Violators are subject to disciplinary action by AICPA
Followed by:
-Interpretations
-Ethical Rulings
Five Sections of Rules of the Code of Conduct Correct Ans - -
Independence, Integrity, & Objectivity
-General Standards/ Accounting Principles
-Responsibility to Clients
-Responsibilities to Colleagues
-Other Responsibilities & Practices
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