Jeff Favoroso Acct. 4501 – day class October 7, 2013 Codes of Conduct The American Institute of Certified Public Accountants (AICPA), Statements on Standards for Tax Services (SSTS), and Institute of Management Accountants (IMA) all provide professional codes of conduct that set standards for accountants and other financial professionals. All three present their standards regarding how the professionals in each organization must conduct their business. These standards include the basic guidelines
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Management Accountants (IMA) and the American Institute of Certified Public Accountants (AIPCA) stress the need for their members to follow a code of ethics. The AICPA code is the primary source of guidance for those that practice public accounting while the IMA is concerned with a broader role for accounts and financial professionals that work inside the companies. There are likenesses and there are variances between the two but the main objective is to set professional standards for all types
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Accounting Ethics Accounting ethics is primarily a field of professional ethics, the study of moral values and judgements which are applied to the accountancy. “Accounting ethics can be defined as a set of distinct guidelines for a business to maintain clean balance sheets, accounting for their profits, losses and expenses incurred and prevent it from mishandling financial reports and statements” (Buzzle 2011). The nature of the work carried out by accountants and auditors requires a high level
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Accountants (AICPA) has a section about its code of professional conduct on its website. The categories on this website consist of the introduction, section 50, 90, 100, 200, 300, 400, 500, appendix and index. The introduction has two parts which include composition, applicability and compliance also a section called other guidance which includes the interpretations of Rule of Conduct and ethics rulings. Section 50 consists of principles of professional conduct. This section talks about being a member
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Institute of Management Accountants Statement of Ethical Professional Practice For accountants that work in industry or management accounting roles, the Institute for Management Accountants requires that its constituents follow the IMA Statement of Ethical Professional Practice including Honesty, Fairness, Objectivity, and responsibility. It’s similar to the AIPCA Code of Professional Conduct, but the AIPCA Code of Professional Conduct emphasizes independence, integrity, and objectivity. And the
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result? As a professional accountant of this firm I promise you that my choice is in the best interest of the company as a whole. That 37.5 million won’t last forever, and if we decided to take it, we would never have people’s trust again. In the long run, we will still be a company with integrity and end up making more money because of it. I am also bound by the IMA code of ethics. I know that ethical issues were raised in the team meetings so I am going to address those. Within the IMA code of ethics
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punishment stated in the university’s undergraduate and graduate bulletins (DSU Graduate Catalog, p.28). The IMA Statement of Ethical Professional Practice is very clear on the importance of ethical behavior it expects. IMA has overarching principals that include: honesty, fairness, objectivity, and responsibly. The IMA believes that all members should adhere to these principles. Under current IMA ethical guidelines, it would not be ethical for a student to use a solutions manual on the take home exam
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1. Professional guidance: a. Consult the AICPA Code of Professional Conduct. What components might guide a CPA working in a corporate environment? The AICPA established a Code of Professional Conduct which guides a CPA working in a corporate environment. The AICPA Code of Professional Conduct includes two sections: principles of professional conduct and rules of conduct. The principles of professional conduct provide the framework for the rules of conduct. The framework for the Code of Professional
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type of taxes will have to pay and when will have to pay them? • What expenses can be claimed? • Is there any need to set up a business bank account and what happens if the company doesn’t? • Does the company need public liability insurance or Professional indemnity? What could be at risk if the company has a problem in a client’s office? • How do the track of money coming in and going
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Case 1: Conservative Recognition or Cookie Jar Reserves SUMMARY OF THE FACTS Parties Involved: Aunt Amelia – Founder of O’Brian Software, Nick’s aunt and inexperienced in accounting. Nick O’Brian – Junior Internal Auditor, recently college graduate, nephew of the Lee Marchetti – Chief Financial Officer of O’Brian Software. After recently graduating college two months prior, Nick O’Brian is hired as a Junior Internal Auditor for his Aunt Amelia’s company, O’Brian Software. O’Brian
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