Illinois Accounting Code
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Code of Ethics Paper
Perform an Internet search for your state's accounting code of ethics. Prepare an evaluation of the code. Answer the following questions in your evaluation:
a. Does your state(Illinois) provide for accountant client privilege?
b. What is your state's position on accounting work product?
c. What are at least three code violations that may result in criminal and/or civil accountant liabilities?
d. How has the Sarbanes-Oxley Act impacted the professional and ethical standards of accountants? Explain.
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Abstract
This paper will discuss the State of Illinois code that relates to accountant client privilege. The paper will also discuss the State's position on accounting work product, will provide three code violations that can result in criminal and/or civil accountant liabilities and how the Sarbanes-Oxley Act has impacted the professional and ethical standards of accounts.
State of Illinois Code
In United States Court of Appeals Case, Pepsi Co. vs. Baird, the ruling stated "Illinois law declares that "[a] public accountant shall not be required by any Court to divulge information or evidence which has been obtained by him in his confidential capacity as a public accountant." 225 Ill. Comp. Stat. § 450/27. The magistrate judge found that BKD's quality control assessments were not protected because they were not within the scope of services provided in BKD's capacity as a public accountant. Illinois defines a public accountant as a person in the profession or business of giving "any report expressing or disclaiming an opinion on a financial statement based on an audit or examination of that statement, or expressing assurance on a financial statement." 225 Ill. Comp. Stat. § 450/8. The magistrate judge concluded that BKD's assessments were not opinions on financial statements and were nonfinancial consulting services unprotected by the accountant-client privilege." (US Court of Appeals 2002)
This case is significant as it ...
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