Chapter 04 Slides

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Unformatted text preview: 4 - 1 Click to edit Master subtitle style Acct 4510/5510 4 - 1 Professional Ethics Chapter 4 Acct 4510/5510 11 4 - 2 Acct 4510/5510 Learning Objectives 1 2 These Learning Objectives ARE important but due to time constraints they will not be discussed in class. Distinguish ethical from unethical behavior in personal and professional contexts. Resolve ethical dilemmas using an Acct 4510/5510 22 4 - 3 Acct 4510/5510 Learning Objective 3 Explain the importance of ethical conduct for the accounting profession. Acct 4510/5510 33 4 - 4 Acct 4510/5510 Special Need for Ethical Conduct in Professions Our society has attached a special meaning to the term professional. Professionals are expected to conduct themselves at a higher level than most other members of society. Acct 4510/5510 44 4 - 5 Acct 4510/5510 Difference Between CPA Firms and Other Professionals CPA firms are engaged and paid by the company issuing the financial statements. Primary beneficiaries of the audit are statement users. Acct 4510/5510 55 4 - 6 Acct 4510/5510 CPAs Encouraged to Conduct Themselves at a High Level Legal liability AICPA practice sections Continuing education requirement s GAAS and interpretatio ns Code of Professiona l Conduct CPA examination Quality control Peer review PCAOB and SEC Conduct of CPA firm personnel Acct 4510/5510 66 4 - 7 Acct 4510/5510 Learning Objective 4 Describe the purpose and content of the AICPA Code of Professional Conduct. Acct 4510/5510 77 4 - 8 Acct 4510/5510 Code of Professional Conduct Principles Ideal standards of ethical conduct stated in philosophical terms. They are not enforceable. Rules of conduct Minimum standards of ethical conduct stated as specific rules. They are enforceable. Interpretations of the rules of conduct Interpretation of the rules of conduct by the AICPA Division of Professional Ethics. They are not enforceable, but a practitioner must justify departure. Acct 4510/5510 88 4 - 9 Acct 4510/5510 Code of Professional Conduct Ethical rulings Published explanations and answers to questions about the rules of conduct submitted to the AICPA by practitioners and others interested in ethical requirements. They are not enforceable, but a practitioner must justify departure. Acct 4510/5510 99 4 - 10 Acct 4510/5510 Ethical Principles 1. Responsibilities: Professionals should exercise sensitive and moral judgments in all their activities. 2. The Public Interest: Members should accept the obligation to act in a way that will serve and honor the public. 3. Integrity: Members should perform all responsibilities with integrity to maintain public confidence 4. Objectivity and Independence: Members should be objective, independent, and free of conflicts of interest....
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Chapter 04 Slides - 4 - 1 Click to edit Master subtitle...

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