Code of Professional Ethics and Conduct

Undergraduate
Assignment
Finance & Accounting
Pages 3 (753 words)
Download 1
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…

Introduction

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. ...
Download paper
Not exactly what you need?

Related papers

Exploring Professional Ethics in Accounting
The accountants have evolved from their role as the “watchdog” employed by ownership in the 19th century British corporate model to their own multinational corporations themselves representing the independent audit and attestation role, the tax advocacy role, a management consultative role, as well as the provider of many primary accounting and reporting services for clients (Baker, 2005). The…
Code of Professional Ethics and Conduct
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…
Code of Professional Ethics and Conduct
This paper examines some of the ethical violations committed by members and the corresponding penalties and sanctions imposed on these erring accounting members. There is an urgent need to remind members how important it is to follow these rules in the performance of their assignments so that high ethical standards can be maintained and avoid controversies. In this connection, it is important for…
Code of Professional Ethics & Conduct (4)
Therefore, it institutes ethical requirements for the CPAs who are expected to comply with all parts of the code. However, a breach in one or several of the code requirements leads to disciplinary action administered by the relevant bodies (Crawford & Loyd, 2008). Rule 102: Integrity and Objectivity Paul T. Fink of the Eagan, Minnesota was suspected of a breach in Rule 102, the integrity, and…
Code of Professional Ethics and Conduct
This paper analyses the disciplinary actions due to violation of rule 102, 201, 202 and 501 of the AICPA code of professional ethics. Rule 102; integrity and objectivity Mr. Robert Bassman of Troy, Michigan violated the code of ethics of professional conduct of AICPA, together with Michigan Association of CPAs, when he gave consent to the entry of an order instituting public administrative…
The University's Code of Conduct
But CQU guarantees the environment that is free from bullied, unlawful discrimination or sexually harassment. Supervisors are not only responsible for this code of conduct but staff members are also responsible to maintain an environment free from bullied, unlawful discrimination or sexually harassment. To avoid harassment and unlawful discrimination in the institution, supervisor is aware of…
Ethics in Accounting Profession
The accountants should also be willing to uphold policies that have been set by the local government as well as the federal state. This paper will look at some of the efforts and commitment in fostering ethics in the accounting profession and importance of ethics in the accounting profession. Commitment to fostering ethics The accounting profession really values ethics; hence, workers in this…