ACT 4497 Lecture ch03

ACT 4497 Lecture ch03 - Assurance Services and the...

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Unformatted text preview: Assurance Services and the Integrity of th Modern Auditing: Modern Auditing: Financial Reporting, 8 Edition California Polytechnic State University at San Luis Obispo William C. Boynton Portland State University Raymond N. Johnson Chapter 3 – Professional Ethics Chapter 3 Overview Chapter 3 Overview Ethics and Morality Ethics and Morality • General Ethics – Ethical Dilemma – Ethical Absolutists – Ethical Relativists • Professional Ethics – Commitment by profession – Ethical Principles and Rules of Conduct AICPA Professional Ethics Division AICPA Professional Ethics Division • Standard Setting • Ethics Enforcement • Technical Inquiry Services Composition of The Code Composition of The Code • Two Sections – Principles – Rules of Conduct • Pronouncements – Interpretations of the Rules of Conduct – Ethical Rulings Ethical Principles Ethical Principles • Responsibilities • The Public Interest • Integrity • Objectivity and Independence • Due Care • Scope and Nature of Services Rule 101 ­ Independence Rule 101 ­ Independence Engagement­Based Approach Engagement­Based Approach • Covered Members • Prohibited Activities • Immediate Family Members • Close Relatives • Other Professionals and Their Immediate Family Members Employment with an Attest Client Employment with an Attest Client • Employee becomes employed by client – Public Companies – Private Companies • Employee seeks employment with client Other Independence Issues Other Independence Issues • Nonattest Services • Private Companies • Litigation • Unpaid Fees AICPA Rules of Conduct AICPA Rules of Conduct AICPA Rules of Conduct (cont.) AICPA Rules of Conduct (cont.) State Boards and PCAOB State Boards and PCAOB • State Accountancy Statutes and Laws • Audit Firms of Public Companies Enforcement of the Rules Enforcement of the Rules • Joint Ethics Enforcement Procedures (JEEP) • Joint Trial Board Procedures – Admonishment – Suspension – Expulsion • Automatic Disciplinary Provisions ...
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