Code of Conduct
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Write a memo discussing the importance of ethics in auditing in general, and of compliance with Rule 501 of the AICPA's code of professional ethics in particular.
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Solution Summary
This solution is a discussion of the AICPA's Code of Professional conduct concerning Rule 501.
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The AICPA Rule 501 is about acts that are discreditable to the profession. Of course the profession tends to find itself in hot water and then dig itself out. There are some acts that are specifically mentioned in one of the paragraphs and they are listed in the memo.
The memo discusses the latest big scandal of Enron, but in the teaching and testing the rules on SEC reporting usually reference many times that something was not tested or thought about. So, as new ideas come up and are tested some are found to be useful in terms of financial statements, others are discarded because they are distorting.
Memo
The basic reason for an entity of any kind to have an audit is to assure that the financial statements are reasonably accurate. Accuracy can only be reasonably assured if those who are responsible for reporting on the accuracy of the financial statements are capable of understanding the information being presented and reasonably trustworthy. The attainment of a certification is a measure of understanding. The trustworthy is measured objectively in terms of acts that have been adjudicated or run afoul of authorities. Trust is difficult to achieve in the first ...
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