Chp03 - ProfessionalEthics Slide 3 1 TheNatureofEthics q...

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Slide 3- 1 Professional Ethics
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Slide 3- 2 The Nature of Ethics Ethics: the study of moral judgment and standards of conduct. Core ethical values (Source: Josephson Institute of Ethics): » Trustworthiness » Respect » Responsibility » Fairness » Caring » Citizenship
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Slide 3- 3 The Nature of Ethics Ethical dilemma: A situation that involves a decision about appropriate behavior. Generally involves situations in which welfare of one or more individuals is affected by the results of the decision.
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Slide 3- 4 Steps in Resolving an  Ethical Dilemma Identify the problem Identify possible courses of action Identify any constraints relating to the decision Analyze the likely effects of the possible courses of action Select the best course of action
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Slide 3- 5 Ethical Dilemma Example Actual voice mail from second year staff accountant to the engagement partner of a Big 4 firm: If possible I’d like to talk to you about something that Susan, the senior on the engagement, told me. I was in the process of completing my time sheet and Susan told me that I should charge only 8 hours a day for the work I did on that engagement since the budget is getting tight. Susan knows that for the past week I’ve been working a lot more than 8 hours per day. I don’t feel right about this and I don’t know what to do since I’m new on this client…”
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Slide 3- 6 Characteristics of a Profession Common body of knowledge Formal educational process Standards of entry Recognition of public responsibility Adoption of Codes of Conduct
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Slide 3- 7 The AICPA Code of  Professional Conduct Provides a framework for ethical behavior of CPAs. Consists of two parts: 1) Principles - provide overall framework 2) Rules – govern performance of professional service a) Interpretations b) Ethics Rulings
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Slide 3- 8 The Principles of the AICPA Code of  Professional Conduct Preamble Article I – Responsibilities Article II – The Public Interest Article III – Integrity Article IV – Objectivity and Independence Article V – Due Care Article VI – Scope and Nature of Services
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Slide 3- 9 The Rules of the AICPA Code of  Professional Conduct Rule Title 101 Independence 102 Integrity and Objectivity 201 General Standards 202 Compliance with Standards 203 Accounting Standards 301 Confidential Client Information 302 Contingent Fees 501 Acts Discreditable 502 Advertising and Other Forms of Solicitation 503 Commissions and Referral Fees 504 (Deleted) 505 Form of Organization and Name
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