AICPA Rules of Professional Conduct

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// In many countries of the world the work of accounting professionals serving the public interest or their clients are bound to adhere to laid down code of conduct by professional bodies like the American Institute of Certified Public Accountants (AICPA) and The Institute of Management Accountants (IMA). Through this paper attention is brought to the purpose and major elements of both codes and comparison between the two//.

AICPA Code of Professional Conduct

In the United States, one of the major codes for accounting profession is the Code of Professional Conduct of the American Institute of Certified Public Accountants (AICPA). The AICPA Code of Professional Conduct consists of two sections; one section is dedicated to the principles, and another section is formulated for the rules. The interpretation of these rules results in ethical guidelines, which govern the specific activities and other similar behavior of professionals. The purpose of the AICPA Code is to provide guidance and rules to all the members for the performance of their professional duties. Its members encompass all certified public accountants including those in public practice, industry, education and the government (Gramling, Johnstone & Rittenberg, 2012).

As per the code, accountants have an ethical responsibility towards public, clients, and colleagues, although, the responsibility towards the public is of paramount importance. The accountant's first responsibility is towards the public that is entitled to view the company's financial statements, and this responsibility overrides his/her obligation towards clients. The six principles of the code are given below (Gramling, Johnstone & ...