Now it is time to discuss the purpose for AICPA’s code, why it is considered the foundation of ethical reasoning, and its most important purposes. The purpose of the AICPA Code of Professional Conduct is to, “represent the expectations for CPAs on the part of the public in performance of professional services,” (Mintz, S. & Morris, R. 2011. p. 14). Currently the majority of CPAs belong to the AICPA; so the fact that the code of professional conduct has been established and accepted by the members themselves, it is considered as the foundation of ethical reasoning in accounting. Principles of the Code reflect the member’s recognition and understanding of its responsibilities to the public, clients and other CPAs. They are used to keep members focused on
Include an abstract. A running head is optional. Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments. ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client.
AICPA Code of Professional Conduct ETH/376 November 26, 2012 AICPA Code of Professional Conduct The American Institute of Certified Public Accountants is a professional, but voluntary, association that provides memberships to Certified Public Accountants. It outlines a CPA’s ethical and professional responsibilities through its Code of Conduct (Vitez, 2012). It is considered the foundation of ethical reasoning in accounting because of the principles that it outlines and it links professional conduct to moral judgment. The AICPA outlines six principles of conduct that accountants and CPAs can follow to remain professional in their dealings with their own clients or companies that they work for. These principles include Responsibilities, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of Services.
It emphasizes to employees that the trustworthiness, honesty and reliability is important to work in the county. G.M In the document, G.M Financial code of ethics is for customer, company, community and employees. The main principle is similar as County of San Diego. The customer has right to know about G.M Financial. Employees should instruct to the customers that rights about fair dealing and competition.
Both approaches to accounting theory are valuable measures and when used aptly can combine to give a comprehensive understanding of a given situation. In essence, positive accounting theory is concerned with the reality of practices while normative accounting theory is concerned with strict guidelines for how practices should occur in an ideal environment. While a normative approach provides structure and a basis for how accounting practices should occur, reality involves individuals and therefore behaviour must be considered. The positive accounting theory allows for understanding of how behaviour impacts practices and the decision making process. Positive accounting practice is explanatory and reflective and hence can provide an insight into the reality of accounting practices.
Professional integrity involves being an ethical person. An ethical person acts in a manner that is fair and responsible. Your dress code, for example, is an important part of professional integrity. Professional values and ethics are essential in business and play a vital role if you want to be successful. Academic Integrity is a set of codes and ethics created to prevent students from being dishonest.
A code of conduct is a one of the major key factors in keeping a business in good ethical standing. Ever company should have a code laid out for all employees to view and understand. Code of Conduct: I. The success of our company is built on trust and credibility that we obtain by following through with commitments, and showing integrity and honesty. II.
Internal auditors guarantee that the internal controls are sufficient and calculate the company’s financial and information systems for accurateness. A series of audits such as financial statements, fraud, compliance, and operational can be made with the hiring of an internal auditor. The most beneficial audit for Whitfields Company would be an operational audit. Operational Audits can be done if upper-level management thinks that there is a need for operational improvements. It is a review of management and how operating procedures work.
To protect the Starbucks brand, culture, and reputation, each employee is responsible for adhering to the company’s core values. This includes complying with the law, in addition to demonstrating ethical conduct. The ethical culture of Starbucks determines the quality of decisions made by employees. If the employees are working in an ethical environment, they will be compelled to make ethical decisions. Employees are expected to make good decisions using their values, knowledge, and previous experiences.
Code of Professional Conduct The American Institute of Certified Public Accountants (AICPA) was founded in 1887 with an unwavering purpose “to provide guidance and rules to all members – those in public practice, industry, government, and education – in the performance of their professional responsibilities” (American Institute of CPAs, 2012, para. 2). Membership to the AICPA is voluntary; however “the vast majority of certified public accountants (CPA’s) belong to the association” (Mintz & Morris, 2011, p. 14). Given the large number of members spanning across over a hundred different countries the AICPA code of professional conduct is considered the foundation of ethical reasoning in accounting. Although the code of conduct contains six principles, three of those stand out with a stronger purpose.