AICPA and Ethics Main Objectives
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What are the main objectives of the AICPA code of professional conduct and how does the code relate to protecting the public? Be specific.
A bookkeeper makes a significant posting error, which she later discovers and corrects. In fear of losing her job, she does not report the mistake to her supervisor. How should she have handled this situation and what should her supervisor do when the situation is disclosed?
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his CEO and the company. The CFO will receive no financial incentive for this misstatement. In fact, he risks losing his job by doing this. Is this an ethical violation for the CFO? Why or why not?
How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your answer.
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Solution Summary
AICPA and ethics main objectives are examined. The code of professional conduct is examined
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AICPA and Ethics:
The code of professional conduct which is made available to the American Institute of Certified Accountants consists of two major sections that are; the principles and the rules. The two sections are related in that a framework is provided for the rules by the principles. The framework assists in governing the member's professional services performance.
The code of professional conduct was adopted by membership to aid in the act of guidance provision regarding the rules that the members had to follow whether they were based in the public practice, in the industry or in the government and education. For individuals to comply with the code of professional conduct just like with all standards in the open society, the members should first have a clear understanding and voluntary actions, which are reinforced secondarily by peers and public opinion and ultimately on a disciplinary proceedings whenever deemed necessary against the individuals who fail to comply with certain rules (American Institute of CPAs, 2011).
What are the main objectives of the AICPA code of professional conduct and how does the code relate to protecting the public?
The AICPA code of conduct objectives are stated in ...
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