The Code of Professional Ethics and Conduct provides certain specific guidelines for accounting practitioners in their professional career. It is based on these guidelines they are supposed to fulfill obligations of their clients thereby keep up the standards of the Apex Body…
Each and every member of AICPA should be aware of the Interpretations, disciplinary actions and code of conduct thereby providing framework to work and provide desired results without affecting the ethical codes. This paper discusses in detail specific rules related to CPA Code of Ethics and Conduct focusing on : Section 102 – Integrity and Objectivity Section 201- Professional Competence Section 202 – Compliance with Standards Section 501 – Acts Discreditable Each section dscusses a separate cases on the expectation of code and its violation, the disciplinary action involved, prospects for AICPA to prevent breach in the above codes and personal viewpoints on disciplinary actions taken. 2. Case for Section 102 – Integrity and Objectivity (James W. Kingery of Lubbock, Texas) ...
Discussion The decision taken by AICPA is apt according to the disciplinary procedures as upon misrepresentation of facts and figures of a company, it is the welfare of the end consumer. i.e. the Investor which is being questioned. The investors take their major investment decisions based on the financial statements and other details provided by the company, and this being misrepresented can lead to negative results for the investor thereby leading to huge losses or even closure of funds. Simultaneously, the same situation can arise for the company as it can lead to cooking up books and creating a bubble which can burst at any given point of time creating losses for end number of institutional and retail investors. Hence, a professional CPA appointed by the company has to comply with the standards and norms and it is his responsibility to educate the management about the consequences of misrepresentation of facts, which unfortunately Mr.Kingery failed to implement. Hence, the decision taken by AICPA stands to be apt for the unethical behavior of the member. Prospects for AICPA to prevent misrepresentation of facts Create database of companies who have hired CPA’s and perform second line audit activities on a regular basis to ascertain deviations by keeping the CPA framework . A post mortem review by Apex body would be advisable thereby limiting the liability of CPA and minimize the chances of fraudulent practices to arise in the organization. (Mortimer, 2003) 3. Case for Section 201- Professional Competence (Bruno A Fedele, Jenkintown, Pennsylvania) Professional Competence is the ability to perform professional services that is based on professional standards through application of knowledge and skill with proper diligence (Mele, 2005). A CPA member is ...
Cite this document
(“Code of Professional Ethics and Conduct Essay Example | Topics and Well Written Essays - 2000 words”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/43968-code-of-professional-ethics-and-conduct
(Code of Professional Ethics and Conduct Essay Example | Topics and Well Written Essays - 2000 Words)
“Code of Professional Ethics and Conduct Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.net/finance-accounting/43968-code-of-professional-ethics-and-conduct.
Numerous analysts and researchers have made their proposals on the need to incorporate ethics in the business organizations. However, it is imperative to note that the codes of conduct have had massive impacts on the leaders of various organizations today.
Healthcare is one of the major pillars of the society. Owing to its importance, it has been accorded high attention and various medical practitioners have been trained to ensure quality service. Medical professionals include doctors, pharmacists, laboratory specialists, physiotherapists and nurses among others.
In this regard, this body is tasked to form its rules and regulations that govern all members in good standing. Accountants have been under fire recently due to some corporate scandals caused by the actions of some of its members who use creative, imaginative and aggressive accounting techniques in contravention of its standards.
These sections are set to administer the performances of professional services by the certified public accountants (CPAs) and other members. The members include individuals in public practice, industries, parastatals and in education during the execution of their professional responsibilities.
With regards to my particular field of study, graphic design, I must closely examine the PRSA as well as the GDC professional code of ethics. It is also important to recognize other ethical codes that we so far learned in this semester and apply them to our professional codes.
A code of ethics for the Accounting professionals is important in regulating the conduct of the Accounting professionals. The code of conduct guides the professionals and therefore make sure that all ethical dilemmas can be resolved amicably. The code of ethics is useful in making sure that the values of the professionals are in agreement with the expectations of the society.