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Code of Professional Ethics and Conduct - Assignment Example


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Code of Professional Ethics and Conduct

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. ...
Although the details are vague it is obvious that this is a very serious charge, dealing with the accountant’s very abilities. Dealing with Rule 201, along with being suspended from both professional organizations for two years, Beck agreed to undergo forty hours of specialized education courses as related to the Generally Accepted Accounting

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Principles (GAAP). Additionally he had to complete the AICPA’s self study ethics course (eight hours), of which he had to score at least 90%. Given that it was quite evident that Beck did not possess the proper training to properly do the job, making the man go through the proper schooling before he was allowed to operate as a CPA once more seems more than reasonable. Although he didn’t admit responsibility, the requirement for ethics education also is a worthwhile disciplinary measure, as it was evident that he would have probably been found guilty. In reading several cases where Rule 201 has been violated, the only real way for the AICPA to prevent its recurrence would be to ensure that the licensing tests and standards are more stringent, so that only the most competent individuals possess the organization’s license in the first place. Rule 202 – Compliance with Standards After a review by the AICPA and the Illinois CPA Society, in August 2010, Harry G. Doyle, Jr. of Waukegan, Illinois was allowed to agree to stipulations of violating several of the associations’ rules, one of which was Rule 202. The rule’s intent is to ensure certain professional standards are put into practice. During fiscal year 2007, Doyle allowed a financial statement report to be published and failed to recall and reissue the report, even after it was brought to his attention that it contained several factual


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…
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