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The American Institute Of Certified Public Company Accounting Oversight Board (AICPA)

709 Words3 Pages

Accounting professionals must abide by ethical standards that regulate what kind of business they conduct, who they serve and how they use their skills. Professional accounting and finance organizations are largely responsible for determining ethical standards. We will discuss some of the key organizations and ethical standards the accounting professional must comply with to uphold themselves as a reputable accountant. American Institute of Certified Public Accountants The American Institute of Certified Public Accountants (AICPA) plays a major role in the governing of the behavior of Certified Public Accountants (CPA). The AICPA is the largest professional organization for CPA’s in the United States. Its wide range of influence on CPA’s give it a vast amount of authority in guiding their performance and their commitment to ethics. The mission of the AICPA is “to provide members with the resources, information and leadership that enable them to provide valuable services in the highest professional manner to benefit the public, employers and clients” (1995). In addition to guidance in theories and standards, ethics is a crucial part of what’s necessary to properly serve the public. The AICPA requires adherence to a …show more content…

After a few major oversights in accounting, the government felt that the profession was no longer capable of handling this on its own and that newer actions were needed. The board is controlled by the SEC, and is responsible for the setting the standards and overseeing the auditors of public companies. Its other roles include enforcing the registration and inspections of public accounting firms, quality control, establishing independence standards and rules, as well as investigating and disciplining firms involved in questionable practices. With the passing of Sarbanes-Oxley in 2002, the PCAOB became the major public accounting governing

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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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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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129 Words | 1 Pages

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As stipulated in CFP Board’s Code of Ethics, they have an obligation to maintain the integrity principles, competence, fairness, objectivity, confidentiality, diligence, and more importantly professionalism. CFP Rules of Conduct demands the professionals have to put their customers’ interests first. All professions are subject to sanctions if they fail to adhere to CFP standards. Serial offenders of CFP guidelines face the risk of permanent revocation of certification. On the other hand, CPA professionals are required to adhere to certain ethical standards.

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Bryan Shaw Case Summary

510 Words | 3 Pages

However, as time went on, Shaw needed better information to make money, and in result asked if London would share confidential information about his clients. The action of London releasing material nonpublic information to Shaw was the moment when he breached his ethical responsibilities as a CPA. Within the AICPA Code of Professional Conduct, it is stated that CPAs must act with integrity, and maintain a client's confidentiality. The code also indicates that the trust that is assumed between a client and a CPA is not to be compromised for the sake of personal gain or advantage. While London did not directly gain through illicit trading, he did profit by releasing client information and receiving monetary gifts from Shaw in return.

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1120 Words | 5 Pages

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1195 Words | 5 Pages

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368 Words | 2 Pages

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2924 Words | 12 Pages

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1074 Words | 5 Pages

American Institute of Certified Public Accountants The American Institute of Certified Public Accountants (AICPA) was established as a professional organization to assist members with their role and responsibilities as accountants. More specifically, the foundation of their profession is built upon a Model Code of Professional Conduct guiding members in the basic belief and framework of ethical conduct. These guiding principles call for an “unswerving

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1083 Words | 5 Pages

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909 Words | 4 Pages

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