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Hi, need to submit a 750 words essay on the topic AICPA Code of Professional Conduct Paper.ll as conduct of behavior expected of members of the accounting profession to ensure that the performance of
Hi, need to submit a 750 words essay on the topic AICPA Code of Professional Conduct Paper.
ll as conduct of behavior expected of members of the accounting profession to ensure that the performance of their responsibilities are conducted within the ethical, moral, as well as legal laws and regulations and that which would assist in resolving ethical conflicts.
These three purposes are most important because they provide the overlying frameworks which necessitated the development of the Code. For instance, for the first purpose, which emphasized the provision of guidance and rules to all members, are crucial to enable accounting practitioners to be explicitly directed on specific regulations required to behave and respond to challenging situations. The objective was clearly explained under the Conceptual Framework for Members in Public Practice which stipulated that: where members encounter challenges in terms of encountering threats in the performance of their duties with respect to their regular conduct of responsibilities with various stakeholders, the Code would assist in resolving potential conflicts in terms of discerning whether “there is a threat to the member’s compliance with the rules that is not at an acceptable level” (American Institute of CPAs, 2014, p. 25). In this situation, it was advised that the conceptual framework approach should be consulted as a guiding principle to provide members with the needed responses.
The primary purpose leads to the second most important purpose which is to understand the conceptual framework approach which would assist in the decision-making process of members. From the Code, it is deduced that the conceptual framework approach expounds on three important situations that need greater understanding: acceptable level, safeguards, and threats (American Institute of CPAs, 2014). As defined, acceptable level means “a level at which a reasonable and informed third party who is aware of the relevant information would be expected to conclude that a member’s compliance with the rules is not
