L21 Notes_Part_13 - Why have a code of professional...

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AICPA Rules of Conduct Rule 101 Independence Rule 102 Integrity and Objectivity Rule 201 General Standards Rule 202 Compliance with Standards Rule 203 Promulgated Accounting Principles Rule 204 Other Technical Standards Rule 301 Confidential Client Information Rule 302 Contingent Fees (There are currently no rules in the 400 series) Rule 501 Acts Discreditable Rule 502 Advertising and Other Forms of Solicitation Rule 503 Commissions and Referral Fees Rule 505 Form of Practice and Name
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Code of Professional Conduct
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Unformatted text preview: Why have a code of professional conduct? (e.g., Hippocratic oath) 1. establish a minimum standard 2. provide ideals toward which member should strive 3. strengthens the relationship among the members of the profession 4. enhances the confidence and trust the public places in the audit report 5. distinguishes a businessperson from a professional - accepting the responsibility of serving the public even if it entails personal sacrifice 6. importance of the perception of independence...
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