The American Institute of Certified Public Accountants is the rule-making and standard-setting body of the CPA profession. AICPA membership is not a requirement of the CPA profession, but it does help accounting professionals stand out by proving they’re being held to a higher professional and ethical standard. Membership also helps CPAs stay up to date with the most recent changes within the industry. Show
Like we said, becoming a member of the AICPA isn’t necessary, but it may be a great move for your career; members are connected to a network of over 400,000 other CPAs who help guide each other through current careers, career advancement, and career changes. If you’re a member or are considering membership, it’s good to be aware of the AICPA’a Code of Professional Conduct to ensure you’re holding yourself to the high ethical standards of the AICPA. Below, we’ll cover what you need to know about the AICPA’s Code of Professional Conduct. It’s Consistently Being Updated While the Code of Professional Conduct was last revised on December 15th, 2014, it includes new, revised, and pending interpretations and other guidance pertinent to more recent changes in the industry. The Code includes new and revised interpretations that include Information Systems Services, Hosting Services, and other guidance, while the pending interpretations also include Information System Services updates. These interpretations provide guidance for CPAs as the profession becomes more technologically dependent. CPAs should spend some time each year reviewing the updated interpretations and guidance to ensure they’re staying up to date on any relevant updates. It Consists of Six Main Principles The Principles of Professional Conduct are found in the Preface portion of the AICPA Code of Professional Conduct and are applicable to all AICPA members. Outside of the six main principles we’ll cover below, the AICPA Code of Conduct notes that these are the basic principles of professional conduct. Members should consistently be evaluating situations and going above and beyond the principles when it comes to ethical behavior.
It Covers Three Main Sections There are three parts of the AICPA Code of Professional Conduct that seek to cover all the roles a CPA may encounter in their profession. Members should consider which category they fall into and review and adhere to that category’s rules.
It Isn’t the Only Code to Consider The AICPA’a Code of Professional Conduct is meant to be a general framework, but there are several governing bodies that need to be considered when we approach the topic of ethics. The first ethical guidance members and all CPAs should look to is the ethical requirements of their state CPA society and/or state board of accountancy. After reviewing the ethical information provided by your state, the AICPA notes you should also consider the ethical regulations of the following governing bodies:
While membership in the AICPA is not required, those that are members need to ensure they’re holding themselves to the ethical standards mentioned above. You can review the AICPA Code of Professional Conduct in its entirety at the AICPA’s website. What are the principles 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 principle of the aicpa Code of Professional Conduct addresses conflicts of interest?Rule 102 [ET section 102.01] provides that the 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.
What are the three components of the aicpa code of conduct?COMPOSITION, APPLICABILITY, AND COMPLIANCE
The Principles provide the framework for the Rules, which govern the performance of professional services by members.
Which of the six principles in the aicpa Code of Professional Conduct is 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.
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