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.
Financial Statement Paper P Agnes Pierre Louis ACC/280 September 26, 2011 Minh Truong Financial Statement Paper In today’s business world it is required to keep an accurate account for assets and liabilities of each company. Good and ethical accounting practices can build the base for a strong and profitable company if the information is used properly. The definition of accounting is obvious but one most know the purpose of accounting which will be covered in the following paragraphs. There are four financial statements that are prepared by companies in today’s society as a form of reporting accounting companies. Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows.
AICPA Code of Professional Conduct Certified public accountants (CPAs) perform a role that is essential to society. Because of the importance of that role, CPAs have responsibilities to anyone who employs their professional services. CPAs also have a responsibility to assist one another in enhancing the accounting profession, maintaining the public's confidence, and consistently fulfilling the profession's exclusive responsibilities. The voluntary association of CPAs, better known as the AICPA, has proposed a code of conduct that CPAs have chosen to adhere to. 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.
Ethics and Compliance FIN/370 Ethics and Compliance Ethics and compliance play an immense role in many organizations. The ethics and compliance within an organization depict the standards of legal, ethical, and professional behavior of the organizational culture. It also outlines a set of fundamental principles, which is used as a basis for operational requirements and prohibitions. Therefore, most organizations define their most important guiding values and formulate behavioral standards for employees to enforce those values to the roles and responsibilities that they hold within the organization. Starbucks is one of the companies that highly upholds business ethics and compliance.
To follow the code of ethics are the basic duties of the employees. For those reasons, to adopt the code of ethics in the County of San Diego is important to keep the county’s public good and goals. G.M Financial Corporation The main purpose of ethics in the G.M Financial Corp. guide principle of business conduct rule for employees with customers, vendors. The G.M’s ethics are basically all G.M employees and they follow the ethics for their business, behavior and conduct. According to the G.M Financial Corp.’s of code of ethics, GM Financial’s mission is to create value for our stakeholders by constantly improving our services, investing in innovative solutions and information-based strategies, and promoting a culture of teamwork, excellence and integrity
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.
Business ethics is the guiding principles on what is the “right” or appropriate way to behave in a situation (Jones & George, 2008). Many companies have code of ethics in their employee hand book that guide the employees about the ethical behavior and inform them about the ethical misconducts in the workplace. Even some organizations have ethical program training to train the employees to how to address and handle ethical issues in their daily tasks. But not all the employees have high commitment in ethical standards of the company, especially when they want to
2. Reliability: With moral principles clients are able to rely more on the Accountants. The nature of the work carried out by accountants and auditors requires a high level of ethics. Shareholders, potential shareholders, and other users of the financial statements rely heavily on the yearly financial statements of a company as they can use this information to make an informed decision about investment. They rely on the opinion of the accountants who prepared the statements, as well as the auditors that verified it, to present a true and fair view of the company.
The paper includes a list of all the actions executedby Goldman Sachs Inc which are defined in this paper as gray area practices. The paper alsopresents an ethical analysis of these gray area actions as well as all the parties that were affectedby the Goldman Sachs practices. Business Ethics The problem to be investigated is business ethics through the examination of ethicalpractices conducted by Goldman Sachs Inc and ethical gray areas which are situations and problems that don’ t fit neatly into any existing mode of ethical analysis within the business(Marshall, 2007). Business ethics are very important to inspire the employees and attract morewanting to work for the business. Business ethics are also important because if the business lacksgood ethics, this can damage the business reputation and make it less appealing to stakeholdersand that will lead to profit loss affect the whole business.
Accounting Principles & General Financial Ethical Standards Mark Bullock Acc/291 11-18-2013 John H Olarte Accounting Principles & General Financial Ethical Standards [pic] “Accounting and financial professionals must abide by ethical standards that regulate what kind of business they conduct, who they serve and how they use their skills. Ethical standards are determined largely by professional accounting and finance organizations and the Financial Accounting Standards Board. Small-business owners who plan to perform their own accounting services or hire accountants should be aware of accounting principles and general financial ethical standards so they can maintain a positive reputation for their businesses.” Ethics should always play a role in the businesses everyday life. Without ethics you really should think about closing your doors because it will eventually catch up with your company. Most companies live by the standards that G.A.A.P.