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Code of Professional Ethics and Conduct - Research Paper Example

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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 proceedings. Inherently, according to rule 102, of integrity and objectivity, an AICPA member is supposed to act at all times with integrity and objectivity while providing services to a client (Crawford & Loyd, 2008). The members is not supposed to knowingly misinterpret facts by making, permitting or directing another to make false as well as misleading entries in an entity’s record. Consequently, Bassman was suspended from appearing before SEC as an accountant, as well as from the membership of the Michigan association of CPAs and AICPA for two years. In addition, he was mandated to pay a disgorgement fee amounting to $35,000 (AICPA, n.d.). Mr. Bassman gave consent for the entry of an order instituting the public administrative proceedings, which indicates that he was aware of the situation. Subsequently, instituting the public administrative proceedings may translate to detrimental effects, which could be costly. Therefore, the disciplinary action adopted was worthwhile. Inherently, by AICPA instituting severe disciplinary measures to the members violating this rule will highly discourage the breach

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of the code of conduct (Fredrick, 2007). Rule 201; General standards Mr. Anding violated the AICPA code of conduct when he failed to exercise due professional care in his performance of professional services since he issued financial statements with his audit findings although they had inconsistencies in the net income statement. Moreover, in his opinion, he acknowledged that he audited 31st, December 1992 statements despite the fact that the statements indicated that they were not audited (AICPA, n.d.). The Code of Professional Conduct of the AICPA is required to comply with due professional care, as well as exercise due professional care while performing their professional services (Duska, 2011). This made his AICPA membership to be terminated after a denial of a request for review of decision by an ad hoc committee of joint trial board. Since Mr. Andings was also accused of violating rule 202, 203 and 501, then the disciplinary measure was right for him. His acts showed lack of professional ethics that can easily propagate gross mistakes. Therefore he deserved to be punished in that manner. However, AICPA should ensure that all its members are well informed of the existing professional code of conducts, applicable professional standards together with the possible disciplinary action to reduce such cases of general standards. Rule 202; Compliance with standards Mr. Beck was charged for violating the rules of the Codes of Professional Conduct of the AICPA since he failed to supervise the planning as well as the conduct of the engagement. That is did not only fail to participate in the initial planning meetings, but also he failed to plan audit staffing, neither did he determine audit procedures (AICPA, n.d.). In addition, Mr. Beck did not document details, together with audit procedure performed. The rules of the Co

Summary

Code of Professional Ethics and Conduct Name Institution’s name Introduction AICPA code of professional ethics describes a collection of statements that were issued by America Institute of Certified Public Accountants. More importantly, the code of professional conduct outlines the CPA’s ethical and professional responsibilities for the AICPA members…
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Code of Professional Ethics and Conduct essay example
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