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Importance of code of ethics in accounting
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1. Which of the six principles in the AICPA Code of Conduct is most related to Article 1.5 of the California Accountancy Act? Explain your conclusion. Due Care is most related to Article 1.5 of CA Accountancy Act. Article 1.5 is based on Continuing education for certified public accountants for public interest. Similarly, applying profession technical and ethical standards and striving to continuously improve once capability and the quality of service is known as Due Care. Both cases focus on the improvement of skills and services provided by the public accountant. 2. Section 5062 of the California Accountancy Act refers to professional standards. To which professional standards do you think they are referring? Section 5062 of CA Accountancy …show more content…
Which rule in the AICPA Code of Conduct is most related to Article 1.5 of the California Accountancy Act? Explain your conclusion. General Standards Rule is most related to Article 1.5 of CA Accountancy Act because general standards also have due professional care in it which is to observe the technical and ethical standards, strive continuously to improve capabilities and quality of services and exhibit professional responsibility to the best of that professional’s ability. 4. Which of the principles of AICPA Code of Conduct is most related section 5062.2 of the California Accountancy Act? Explain your conclusion. Objectivity and independence is most related to the section 5062.2 of CA Accountancy Act because both focus on maintaining objectivity and be free of conflicts of interest in making professional decision. In addition, section 5062.2 shows that a CPA should not accept employment with the Corporation that they audited within last 12 months. 5. Which of the rules of AICPA Code of Conduct is most related section 5062.2 of the California Accountancy Act? Explain your …show more content…
Why is section 5076 of the California Accountancy Act worthy of being included as a part of California Law. Section 5076 is worthy of being included as part of CA law because it is based on peer review is required for any services that are performed using professional guidelines defines by the Regulation Board. Those are worthy of being included because it improves the quality of service and remove any misinterpretation. 10. Section 5082 through 5095 of the California Accountancy Act establish the requirements to become a CPA. Which principle of the AICPA Code of Conduct is related to these requirements? Explain the relationship. Due Care is related to the section 5082 through 5095 because Due Care talks about how Accountants must do their best by striving to continuously increase their skills, and following all accounting and ethical skills. Similarly, section 5082-5095 talks about important requirements of becoming CPA. Both section essentially talks about how to be a good accountant and eventually become good CPA. 11. Which section of the California Accountancy Act enables the Board of Accountancy to discipline an applicant that cheated on the CPA exam, or help someone else cheat? Is helping someone else cheat is a serious cheating? Why is the Board of Accountancy concerned with this issue? Apply Kant’s theory of universalizing the principle to cheating on the CPA
Case 1: In this case. As a certified public accountant, Erickson oversaw and initiated an arbitrary adjustment to increase cash and decrease accounts receivable. Also, Erickson signed Form 10-K with full knowledge that the financial statements include therein incorporated entries misstating revenues. As we can see from this case, Erickson’s behavior not only violate the Business and Professions Code, Division 3, Chapter 1, § 5100(g) and (i), but also against the ethical theories.
The compliance plan should include a code of conduct. By establishing a code of conduct, the organization establishes a commitment to ethical and accurate coding practices that will follow all regulatory guidelines set forth.
This organization has been setting ethical standards and publishing the Code of Professional Conduct for the profession since the early 1900s. A Code of Professional Conduct is necessary for any profession to help maintain strict ethical standards. This organization is the basis of ethical reasoning in the accounting profession because of what the Code of Professional Conduct covers. The code is comprised of a preamble and six articles. The preamble and the six articles serve as a foundation to provide guidance and guidelines for accountants to overcome any emerging ethical issues with ease on a daily basis. The six articles’ purpose is to protect the public, investors, and creditors. The AICPA Code of Professional Conduct consists of: Responsibility, Public Interest, Integrity, Objectivity and Independence, Due Care, and Scope and Nature of
CQC (2009) Guidance about compliance. Summary of regulations, outcomes and judgement. Available at: http://www.cqc.org.uk/sites/default/files/media/documents/guidance_about_compliance_summary.pdf Accessed on: 21/03/2014
The PCAOB has the authorization to provide rules governing the following areas; ethics, independence, and quality control for any registered accounting firm...
In order to become a Certified Public Accounting (CPA) one must take and pass the CPA exam issued by the American Institute of Certified Public Accountants (AICPA). In order to receive licensing, one must follow the guidelines of their respective state in order to obtain a license from that state’s Board of Accountancy to get into practice. With any practice there are rules and guidelines that a person must follow. The Code for CPAs is in place in order to ensure that licensees practice accounting without any problems or discrepancies. As we all know, with any law, rule, or guideline there are loopholes and people that try to work their way around the rules or blatantly not follow them. In the state of South Carolina, there are many people and firms that violate the Code. When the Code is violated, the state board will hold a hearing and decide on the matter and issue a penalty. The following explains a few of these violations made in the year 2008 and the penalties issued by the South Carolina State Board, along with an opinion on the decisions made.
Members not only agree to subscribe to the ethical codes to govern their conduct but also monitor other members of the profession to ensure conformity to them as well. Failure to conform may earn the individual a dismissal from the profession or
The role of CQC is ensure that all organisations are working in the best interest and wellbeing of service users. This organisation is an independent regulator of health and social care. It is also responsible for protecting the rights of people detained under the Mental Health Act, 1983. The CQC registers service providers in the care settings. Maintains standards quality. Registering new care units like care home, day centres and surgeries. Audit checking whenever it is due and regular inspections. The Care Quality Commissions also have the right to bring prosecution against any care provider in breach of health and Safety standards. (CareQualityCommision,
In today’s distinctly knowledgeable world, it is essential, as stated by Paine, Deshpande, Margolis & Bettcher (2005), for corporate companies to maintain certain codes of conduct. Paine et al (2005), continues to mention that organizations such as the European Commission have endeavored to endorse codes of conduct as the main drivers for corporate social responsibility. The principle aim of having codes is to assist companies effectively operate in diverse and varying cultural and geographic locations. This is especially important for exploration companies such as those involved in the mining industry. Although the Global Business Standard codex, as highlighted by Pain et al (2005), discusses eight underlying ethical principles, in this paper, our focus will be on only three of these which are listed as follows; reliability, dignity, and fairness principles. By analyzing each of these three principles, this paper will effectively evaluate business conduct in the mining industry.
In order to understand the ethics in tax preparation and AICPA Code(s) of Professional Conduct rules, the essay will answer 4 questions based on estate tax case study. The discussion below highlights some of the application of ethics and principles in practice.
2. There are 10 SRA Code of Conduct Principles, one being “Act in the best interest of each client.” As demonstrated by this example the Principles are requirements set for all legal service providers based on ethics and professionalism. They are mandatory and set out in the SRA Handbook.
This Code also contains guidelines to assist employees and directors in acting and making decisions on behalf of Knox consistent with these standards and avoiding conflicts of interests. No guidelines can be all-inclusive, however, responsibility for proper conduct rests with each Employee and Director. If you are faced with making a difficult decision or have questions about the applicability of the Code, you are encouraged to discuss the matter with your supervisor.
Code of ethics act as a promise to protect and support the safety of individuals in society, supports as a leading light it help the supporters of an occupation, resolve ethical problems and act as a protector the community. A code of ethics discloses and conserves the current viewpoint professionals on in what way to make ethical decisions. It stresses importance on obligation to moral values and vital beliefs. Application of a code of ethics helps us to guarantee that members of the profession will be accountable for their actions. It helps us to learn about the responsibility we have for ourselves, our colleagues and to the social structure of the profession. It is essential that the present and future psychologist should be aware of the formal ethical codes of practices in psychology. The American Psychological Association (APA) developed this formal Ethics Code which demonstrates the approaches to the psychologist about logical, educational, and clinical behaviors to be followed while working as a licensed person. By applying the ethical code a psychologist can identify ethical issues, interrelate with others professionally. This can inhibit and solve ethical dilemmas, and he /she will be able achieve their professional protagonists and responsibilities.
The Code of Ethics for professional accountants includes set of the rules and guidelines Mostly code of ethics can contain set of ideal professional conduct and acceptable behaviour as well as define unacceptable behaviour []. Main advantage of he code is that accountants can emphasis on the positive attitude and activities that may encourage an effective...
The Chartered Institute For It Trustee Board Regulations - Schedule 3 Code Of Conduct For BCS Members, BCS, accessed 12 November 2013, http://www.bcs.org/upload/pdf/conduct.pdf