Understanding the AICPA Code of Professional Conduct

School: University of California, Irvine - Course: ACCOUNTING 124A - Subject: Accounting

DQ1 for this Week include the following quote, "The AICPA Code of Professional Conduct is really three Codes: one for members in public practice, one for members in business, and one for all other members." Why did the AICPA membership adopt the Code of Professional Conduct? AICPA membership adopted the Code of Professional Conduct because the AICPA provides "guidance and rules to allmembersin the performance of their professional responsibilities. The code consists of principles and rules as well as interpretationsand other guidance which are discussed in 0.100.020. The principles provide the framework for the rules that govern the performance of their professional responsibilities." What this means is that AICPA serves as a guideline or framework for its members to follow. It also serves as a self- governing tool for its members. Similarly to the laws set before us as citizens of the US or whatever country we are from, it is our choice whether or not we want to abide by them. We have the right to break the laws, but we also face the consequences if we are caught. Similar to AICPA, accountants are able to break these rules, but if they are caught they would have to suffer the consequences as well. Who is covered by the Code? "The AICPA Code of Professional Conduct is really three Codes: one for members in public practice, one for members in business, and one for all other members."Members of AICPA are covered by the code. According to AICPA, there are 3 parts to a member. The AICPA code describes these 3 parts as "part 1of the code, applies to and means amemberinpublic practice;when used in part 2of the code, applies to and means amember in business; and when used in part 3of the code, applies to and means all othermemberssuch as those memberswho are retired or unemployed." This is broken down into three parts, so all types of members are considered and covered. How is the Code organized? Discuss what is analyzed in the conceptual framework and how it is used in organizing the Code. According to AICPA, the conceptual framework of the code is also broken up into 3 different parts. The first part is for the part number, which refers to the type of members, whether it is part 1for members of public practice, part 2 for members in business, or part 3 for other members, retired or unemployed. The next part or three digits of the code refers to the topics that being covered by the code. The covered or discussed topics all have the same numerical number, the differences are stated or differentiated by the members involved or discussed. After the 3 digits for the topic is 3 digits that would help define 

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