Code Of Professional Ethics By American Institute Of...

Code of Professional Ethics by American Institute of Certified Public Accountants Introduction quot;A code of professional ethics is a voluntary assumption of self discipline above and beyond the requirements of the law. The Code of Ethical Conduct serves the highly practical purpose to notify the public that the profession will protect the public interestquot; (Carey, Doherty: p 3). When people need a doctor, a lawyer or a certified public accountant, they seek someone whom they can trust to do a good job, not for himself but for them. People assume that the hired professional is qualified since they cannot appraise him. They must take it on faith that he is competent. That is why professionals are distinguished from businesses and†¦show more content†¦Within this topic, the code mentions continuing improvement of the competence of CPAs in all areas in which they engage. In fact, the requirements of competence are established by law. If a man renders a service he is not familiar with, he commits a fraud on the public (However, CPAs are supposed in a reasonable manner to carry this principle beyond). The code of ethics assumes that in situations where CPAs face a problem he/she is not familiar with, they may ask other practitioners for help. A CPA may drop the case only when his/her efforts prove to be futile. From the other standpoint, there are always unknowns in every profession. Thus, to assume that every practitioner is completely knowledgeable would be inaccurate. Responsibilities to Clients include CPAs maintaining their independence, integrity and objectivity regardless of any personal interest that previously exists. CPAs should hold in confidence, all the information about their clients which they acquire during engagements. However the Code states that CPAs should insist on disclosing in financial reports, all information necessary for the fair presentation of the clients affairs. The accountancy laws in some states of the USA contain provisions which do not require disclosing information obtained during engagement by accountant in any court. These clauses directly interfere with federal jurisdiction. FederalShow MoreRelatedWhy The Aicpa Is Becoming More Popular1408 Words   |  6 Pagesreaching this gratitude may be difficult for some. In most cases, one must become a Certified Public Accountant (CPA) or a Certified Management Accountant (CMA). To becoming certified, you must pass the exams the American Institute of Certified Public Accountants (AICPA) and the Institute of Management Accountants (IMA) give respectively while following the ethical standards the issuing bodies present to a newly certified accountant. The AICPA was founded in 1887. The AICPA provides educational materialsRead MoreRules of Professionals4058 Words   |  17 PagesRules of Professional 1 Rules of Professional Ethics and Conduct Kay M. 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