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Code of Professional Ethics and Conduct - Assignment Example
Finance & Accounting
Pages 3 (753 words)
CODE OF PROFESSIONAL ETHICS AND CONDUCT Abstract Rule 102 – Integrity and Objectivity For instances occurring when he was Chief Financial Officer (CFO) of Chancellor Corporation, David Volpe from Stoughton, MA was charged with violating Rule 102 of AICPA’s Codes of Professional Conduct, subsequent to his being also charged with illegal activities by the US Securities and Exchange Commission…
In addition to settling with the SEC (as cited in SEC 2005), Volpe was expelled from the AICPA. It is a fair statement to say he was a very fortunate man, considering Andrew Fastow, his counterpart from the now infamous Enron, received six years in Federal prison for doing basically the same thing as Volpe, at roughly the same time (as cited in Saporito 2002). Permanently losing your professional license is of course probably a career ender but Fastow no doubt lost his license as well. Fair? It was to Volpe, for sure. Trying to make a business appear to be better off than it actually is has been in practice as long as money has been involved in transactions, and will continue to happen. The only real way to prevent that sort of illegal activity is to make the penalties harsh, which they are. To set an example of someone is not something people like to think about but judging people like Volpe and Fastow harshly is the only way to curb “cooking the books”. Rule 201 – Professional Competence During the summer of 2010 Mr. David Beck of Lexington Kentucky was the subject of an investigation by the AICPA and the Kentucky Society of CPA’s. That July Mr. ...
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