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. 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. 2.
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This note was uploaded on 04/22/2011 for the course ACCY 360 taught by Professor T during the Spring '08 term at Northern Illinois University.

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

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