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Chapter _19, Professional Ethics

Chapter _19, Professional Ethics - ACCY 360/560 Assurance...

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ACCY 360/560 Assurance Services "Professional Ethics" Chapter #19 I. The need for a code of ethics A. To enhance public confidence B. To provide a standard of conduct in dealing with ethical issues 1. Could be stated generally in terms of "ideals" 2. Could be specific rules regarding unacceptable behavior 3. AICPA combined both "positive" & "negative" aspects C. AICPA’s “restructuring of professional standards” in 1987 1. Congressional critics & "expectations gap" a. Political factors--congressional hearings on the accounting profession (Rep. John Dingell) b. Economic factors--problems in specific industries 2. Anderson Committee formed in 1983 to evaluate the relevance of the "old" Code of Professional Ethics 3. Overwhelming support of the membership (92% voted for the AICPA proposal) II. The “current" (1988) AICPA Code of Professional Conduct A. Principles --6 articles that express the "positive" underpinnings of the Code; the Preamble to the Code states, "The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage." 1. Responsibilities --In carrying out their responsibilities as professionals, members should exercise sensitive professional and moral judgments in all their activities.
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