Code of Professional Ethics by American Institute of Certified Public Accountants.

Introduction

A code of professional ethics is a voluntary assertion of self discipline above and beyond the requirements of the law. The Code of respectable Conduct serves the highly practical purpose to notify the prevalent that the profession will protect the common interest (C atomic number 18y, Doherty: p 3). When batch need a doctor, a lawyer or a certified earth accountant, they seek someone whom they can cartel to do a good job, not for himself but for them. bulk assume that the hired professional is qualified since they cannot appraise him. They mustiness take it on faith that he is competent. That is why professionals be distinguished from businesses and why there is a need for ethical regulations.

The Code of Professional Ethics

The Code of Professional Ethics for public accountants was developed by the American Institute of Public controller and includes four disparate categories. The first, Concepts of Professional Ethics, establishes major requirements for CPAs in different areas of their day-to-day professional activities. The main parts of the Code are: Independence, Integrity and Objectivity in the practice of public report, competence and technical standards, Responsibilities to clients, Responsibilities to colleagues and Other responsibilities and Practices.

Independence has always been the fundamental concept to the accounting profession. In fact it is the most essential to the practice of all told professions.



The fiscal reports produced by CPAs would be of little value to the public unless CPAs maintain their independence. Independence has always been associated with integrity and objectivity. Since faults on financial statements may be the solution of either a downright mistake or a lack of integrity it is peremptory to associate the notion of independence with the objectivity and integrity.

As part of the requirements by the Code of ethics, CPA should avoid any relationships that may result in the...

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