The purpose of the AICPA Code of Professional Conduct includes responsibilities, the public interest, integrity, objectivity, independence, due care and scope and nature of services. Although all of these are important principles to adhere, I think that the three most important principles are integrity, the public interest and due care. As a CPA principle conduct, integrity distinguishes that public trust is served by being honest. Honesty is an ethical value which means we should express the truth as we know it without deception. Full disclosure supports transparency and the accounting professional should disclose all information that investors, owners, creditors, and the government need to know to make informed decisions.
The AICPA is basically a community of accounting professionals and CPAs. Individual: AICPA Code of Professional Conduct The purpose of the AICPA is to have a precedent of set ethical standards for the accounting profession and auditing standards of companies that are private, nonprofit organizations, federal, state and local government. In having support for those in the accounting profession and to improve the profession as a whole. It is responsible for aiding in setting certain technical standards for those accounting professional who goes on to get their licenses to becoming CPAs. The AICPA have several publication that helps with guiding the accounting profession and to enhance the member’s technical and professional abilities.
These principles are strictly set in place to “represent the expectations for CPAs on the part of the public in performance of professional services” (Mintz & Morris, 2011.). After reading chapter one from Ethical Reasoning: Implications for Accounting, the three most important principles are responsibilities, public interest, and integrity. Responsibilities According to Eber (2004) This principle states that members need to exercise sensitive professional and moral judgments in all their activities, are responsible for cooperating with each other to improve the art of accounting and should maintain the public's confidence and enhance the traditions of the accounting profession (The AICPA Code of Professional Conduct, Responsibilities). Responsibilities are first out of the six principals for the AICPA Code and the third most important principle. This principal is what helps guide professional members in performance and to honor public trust.
Each of us has such a set of values, although we may or may not have consider them explicitly. Robert H. Montgomery, describing ethics in accounting is accountants and the accountancy profession exist as a means of public service; the distinction which separates a profession from a mere means of livelihood is that the profession is accountable to standards of the public interest, and beyond the compensation paid by clients. In section 100, Introduction and Fundamental Principal in IESBA Code of Ethic for Professional Accountants, state that a professional accountant shall comply with the following fundamental principles. The first principle is integrity. Integrity is under section 110.
Foundation of ethical reasoning in accounting The AICPA is considered the foundation of ethical reasoning in accounting because its principles are a guide to members for how they are expected to perform their professional responsibilities. As an organization their aim is to instill in its membership according to ET Section 51- Preamble “The principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage (AICPA.org 2006-2014). The principles are simple and direct. The principles of the AICPA are responsibilities to the public interest, integrity, objectivity and independence (independence applies to CPAs in public practice), due care, and scope and nature of services--revised May 15, 2000 (AICPA.org, 2006-2014). These principles are exemplary ideals for the accounting profession in the performance of their professional responsibilities.
Moreover, The costs and benefits to an organization when they behave ethically. Lastly, I will choose one component from Svensson & Woods's model from "A Model of Business Ethics" and discuss how it is relevant for Anglo-American. Ethical Business Behavior Ethical business behavior refers to an organization actions and policies that are synergetic with "doing the right thing" (Sethi, 2003). In order for an organization to function ethically they must establish principles and set boundaries for employees and the other companies that they are involved in business with. Society as a whole is responsible to conduct business ethically.
These standards go into detail about particular issues that come up in psychological work. Beneficence and nonmalficence is the first principle in the code of ethics. This principle outlines psychologists doing good for the people they work with, as well as not doing harm to anyone. The second principle is fidelity and responsibility. This principle is about a psychologists responsibility to the communities they work in, to society as a whole, and to their colleagues.
AICPA Code of Professional Conduct ETH/376 May 31, 2014 University of Phoenix AICPA Code of Conduct The AICPA is better known as the American Institute of Certified Public Accountants. The phrase Certified Public Accountants is better known as CPAs. The AICPA has a code of conduct which is used to determine the ethical duties or obligations of the CPAs. (Accounting @ suite 101) The foundation of ethical reasoning and the maintaining of the Code of Professional Conduct is done by the AICPA. One of the most important purposes of the code of conduct is to maintain an honest and trustworthy relationship with the public and their interests.
But it is Ethic to help other isn’t it ? Ethics are moral principles that guide the way a behaves. It issued by a business is a particular kind of policy statement. A code of ethic issued by a company is some kind of policy statement. A properly framed code is, in effect, a form of binding legislation within the company for its employees, specific sanctions for breaches of the code.
W.I.L.L’s policies and procedures are built around these legislations and code of practice, which in turns defines my job description. 1.2 Explain expectations about own work role as expressed in relevant standards. I refer to the GSCC code of practise which states: Protect the rights and promote the interests of the people we support. Strive to establish and maintain the trust and confidence of people we support. Promote independence of people we support which protecting them as far as possible from danger or harm.