scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 1,133
Code of Professional Ethics by American Institute of Certified PublicAccountantsIntroductionA code of professional ethics is a voluntary assumption of self disciplineabove and beyond the requirements of the law The Code of Ethical Conductserves the highly practical purpose to notify the public that the professionwill protect the public interest Carey Doherty p 3 When people needa doctor a lawyer or a certified public accountant they seek someone whomthey can trust to do a good job not for himself but for them People assumethat the hired professional is qualified since they cannot appraise himThey must take it on faith that he is competent That is why professionalsare distinguished from businesses and why there is a need for ethicalregulations The Code of Professional EthicsThe Code of Professional Ethics for public accountants was developed by theAmerican Institute of Public Accountant and includes four different categoriesThe first Concepts of Professional Ethics establishes major requirementsfor CPAs in different areas of their day-to-day professional activitiesThe main parts of the Code are Independence Integrity and Objectivity inthe practice of public accounting Competence and technical standardsResponsibilities to clients Responsibilities to colleagues and Otherresponsibilities and PracticesIndependence has always been the fundamental concept to the accountingprofession In fact it is the most essential to the practice of all professionsThe financial reports produced by CPAs would be of little value to the publicunless CPAs maintain their independence Independence has always been associatedwith integrity and objectivity Since faults on financial statements maybe the result of either a honest mistake or a lack of integrity it is imperativeto associate the notion of independence with the objectivity and integrityAs part of the requirements by the Code of ethics CPA should avoid anyrelationships that may result in the CPAs becoming dependent on theparticular client Such relationships include financial interests and clientmanagement It is very important that the opinion of the CPA reflects theresults of operating decisions taken by the client and not any underlyingideas which may be the case if a
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA