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AICPA Ethical Standards

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Abstract: Number of companies having business in the international platform is drastically increasing. There are various factors that have to be understood and analyzed by an investor before making any investment decision. There is increasing complexity in reporting and accounting system of the companies due to various reasons. AICPA and IFAC are working in establishing accounting and auditing standards for these international companies to meet their requirements. Accounting standards differs from one country to another, which brings more difficulties in understanding about the financial statement and condition of the company. Ethical standards were developed by this independent board is to resolve the challenges associated with the accounting …show more content…

AICPA was found in the year 1887 that represents the CPA profession nationally for rulemaking and standard setting. They serve as an advocate before the public interest groups, legislative bodies and other professional organization (AICPA, n.d.). Mission: Their mission focus in providing their members with resource of information and leadership that will enable them in providing for valuable services in a professional manner which will benefit public, companies and the clients (AICPA, n.d.). They are the premier national association in US, and mainly work for public interest. This board ensures about the quality of service provided and act with highest ethical behavior and performing service with integrity. AICPA consists of groups that are volunteer and staffs are working together in order to achieve the objective of Institute. Committees assist in presenting the interest, requirements and attitudes of the membership and this in turn enable in maintaining a higher standard of profession practices. It promotes the interest of CPA by providing appropriate service according to the requirement (AICPA, n.d.). FASB Codification: FASB stands for Financial Accounting Standards Board (FASB, …show more content…

2). Once the codification project was completed then all these level will be eradicated, and these structures will be incorporated only in two levels that are both authoritative and non-authoritative literature. Codification Structure: Following are the four topics which are being discussed under the codification: 1. Principles and objectives. 2. Overall presentation and display matters. 3. Transactional guidance. 4. Industry- specific standards. These codifications have a direct impact on the daily work of CPA who involves in research and teaching with accordance to the US GAAP (Pounder, 2008). Important objectives include, those database organizations will present GAAP in such a way that it will facilitate the relevant rules of locations, hierarchical authority for diversifying the information of GAAP, and it must fit with the principles that are based on the conceptual framework (Widelski, 2010). Their main objective is in reducing the conflicts that are industry specific, and they have a similar structure to

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Under a research concerning the incorporation of public accounting, researchers have found articles related to it. AICPA once opposed in the incorporation of public accounting in reasons that it may fall under the management of non-accountants. (The CPA Journal Online) When Rule 505 of Code of professional Conduct was already existing (Practice of Professional Corporation), issues arises about the protection of an accountant as shareholder in the corporation. On October 1990, the Council of the AICPA amend Rule 505 of the AICPA Code of Professional Ethics to make it possible for CPAs to practice as "limited liability corporations.

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The FASB Accounting Standards Codification (FASB Codification) is the only source of authoritative GAAP apart from SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update to inform people about changes to the FASB Codification, which includes changes to non-authoritative SEC content. In relation to International Financial Reporting Standards (IFRS), after a new IFRS Standard is issued and before it becomes effective, the International Accounting Standards Board (IASB) helps stakeholders to understand the new Standard's principles very well. The activities of the board promote greater consistency in stakeholders' understanding of new Standards as the practice develops, which supports

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Due to this reason many of these companies begin to expose financial fraud. The government believed that the impact of these actions was not going to be corrected by the free market economy. Therefore, the government did the necessary to impose legislation and to establish a consistent ethical standard across the country. The major changes of the act can be summarized in the first title of the act with “the creation of the Public Company Accounting Oversight Board, also known as the PCAOB”

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Both the AICPA and PCAOB standards require auditors to use written communication as an expression of their understanding with the client on the nature of the services that an audit engagement will provide. The AICPA standards mandate auditors get a written agreement before starting an audit engagement, but they do not have to obtain this agreement if laws and regulations have detailed prescriptions of the terms of audit engagements. When audits are recurring, the AICPA standards require auditors to examine the need to revise the terms of engagement, but the PCAOB standards do not have this requirement. On quality control, both the AICPA and PCAOB require the maintenance of a robust system, but PCAOB leaves auditors a wide discretion to decide

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According to the conclusions, In order to expand and thrive globally CPAs have got to preserve their acquaintance with issues and trends of international business. To take hold of the extraordinary opportunities that globalization offers, the profession have got to position the U.S. CPA as the unsurpassed designation of the secretarial and finance profession all the way through the world. Even though this will stay put a foundation stone of the profession, what CPAs study and how they learn it will alter. To keep hold of their roles as trust advisers, CPAs will have to make wider their indulgence in a variety of areas, including financial, political and know-how trends here and

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Since the issue with Sara deals with sexual abuse, I will not disclose to officers her sexuality, her grades in school, or any impertinent information. The other codes involved in Sara’s case are the ACA 2014 Code of Ethics Standard B.5.a, ACA 2014 Code of Ethics Standard B.5.b, and ACA 2014 Code of Ethics Standard B.5.c which state that confidentiality of minors must be protected in any form that information is received, and inform parents and guardians of client’s rights and confidentiality with respect to cultural diversity of families and state laws, and to involve the client’s parents along with the client in the decision making process(ACA Governing Council, p. 7). This implies that Sara’s mother is informed of the abuse as long as she

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The purpose is to ensure the charter remains consistent with the Committee’s authority, objectives and responsibilities and confirm all activities listed in this charter have been addressed. The objective of the Committee is to assist the Board in fulfilling its responsibilities for: Financial Reporting Review the statutory financial report of the group and group’s subsidiaries to ensure the Committee is satisfied the reports provide a true and fair view of the financial affairs of the Group with the external auditor and the recommend the approval. Financial Risk Management and Internal Control Discuss with the management and the external auditors, the accounting and financial controls to assess monitor and supervise financial risk in order to make recommendations to the Board on significant accounting and financial policy changes. Review the applicable company accounting policies and any changes that have been adopted to ensure they are in accordance with financial reporting framework. To ensure that the Committee is satisfied that accounting records are properly maintained in accordance with

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The American Institute of Certified Public Accountants (AICPA) is known as a professional accounting organization who members are all certified public accounting (CPA). The task of the AICPA is ever changing to cover more in accounting. For example in the 1930s, the AICPA had set up a special committee to work with the New York Stock Exchange on matters that show common interest. Due to this special committee, in 1939, two standing committees, the Committee on Accounting Procedures and the Committee on Accounting Terminology was establish. These committees were active for 20 years and in that time issued 51 Accounting Research Bulletins (ARBs).

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The ethical standards for the American Counseling Association began in the 1960’s. School counselors adhere to the ASCA Codes of Ethics to have a sense of shared identity and values. The code of ethics serves as an outline for ethical behavior to assist counselors in making the best possible decisions in compromising situations (Gregoire, 2013, page 4). Therefore, in this paper it will be discussed, the values of the ASCA Code of Ethics, the ability to adhere to these standards, and examples that indicate a clear adherence to the ethical guidelines.   Code of Ethics

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Since the business environment is becoming more complex, global and digital, the role of accountant is changing dramatically. While globalization makes the word smaller it increases the complexity of the accountant’s role, particularly in a multinational organization like Cochlear. Correspondingly, understanding the law in those countries as well as the rules and regulations that business can comply with is required by accountants these days. Accountants also have to set the product price at an appropriate level that both

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ACA Code of Ethics The ACA Code of Ethics assists counselors in protecting clients and ensuring the clients receive the best possible care (American Counseling Association, 2014). Ethical codes apply to all counselors. Some of these include making sure they are competent in working with specific populations, knowledge about community resources available, be willing to advocate for their clients, obtain all necessary forms and consents (Bernal & Coolhart, 2012). Counseling minors can become complicated for the counselors on where to draw the line of confidentiality.

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The American Association

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