What are the rules of the AICPA Code of Professional Conduct?
Additionally, all AICPA members are required to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the …
Which item is covered by the general standards rule of the AICPA Code of Professional Conduct?
General Standards Rule (AICPA) Undertake only those professional services that the member or the member’s firm can reasonably expect to be completed with professional competence. (b) Due Professional Care. Exercise due professional care in the performance of professional services. (c) Planning and Supervision.
What is the integrity and objectivity rule?
Rule 102 – Integrity and objectivity. In the performance of any professional service, a member shall maintain objectivity and integrity, shall be free of conflicts of interest, and shall not knowingly misrepresent facts or subordinate his or her judgment to others.
Who does the aicpa code of conduct apply to?
Bylaw section 230 explains that the Code applies to all individuals that are members of the American Institute of Certified Public Accountants. In addition, certain state CPA societies and state boards of accountancy have incorporated all, or parts, of the Code into their own rules of conduct.
What are the four parts of the AICPA Code of Professional Conduct?
The structure of the new Code is divided into separate parts: a preface that is applicable to all members, including structure, principles, definitions, non-authoritative guidance, and new, revised and pending interpretations of the new code; part one, which are standards applicable to public practice members; part two …
Which rule in the aicpa code of conduct is most related to Article 1.5 of the California Accountancy Act Explain your conclusion?
General Standards Rule is most related to Article 1.5 of CA Accountancy Act because general standards also have due professional care in it which is to observe the technical and ethical standards, strive continuously to improve capabilities and quality of services and exhibit professional responsibility to the best of …
Which of the following rules of the AICPA Code of Professional Conduct must be observed only by a member who is in public practice?
A CPA in public practice providing auditing and other attestation services. Which of the following rules of the AICPA Code of Professional Conduct must be observed only by a member who is in public practice? Independence.
Which of the following is prohibited by the AICPA Code of Professional Conduct?
The Code of Professional Conduct prohibits CPAs from establishing fixed fees for an engagement. Advertising fees for services is an acceptable form of advertising under the AICPA Code of Professional Conduct. Engaging in discriminatory employment practices is considered to be an act discreditable to the profession.
What part of the AICPA Code of Professional Conduct do you believe to be the most important?
Integrity- Integrity means being honest and candid while also maintaining client confidentiality. This principle notes members should perform all professional responsibilities with the highest sense of integrity, which is the best course of action to maintain the public trust.
Why is the AICPA Code of Professional Conduct important?
Uniform ethical standards make it easier for CPAs to comply with regulations, thereby protecting the public and promoting sound business practices. Using a “threats and safeguards” approach, the AICPA Code provides CPAs a means to identify, evaluate and address threats to compliance with ethical standards.
What is the primary difference between Parts 1 and 2 of the AICPA Code of Professional Conduct?
Part 1 applies to members in public accounting, and part 2 applies to members in business (industry or government). Part 3 applies to other members who are neither employed in public accounting nor in business. This primarily applies to CPAs who are not currently working because they are between jobs or retired.