Professional Ethics

4 parts of the AICPA Code of Professional Conduct (enforcement?)	1) ethical principles (not enforceable) 2) rules of conduct (enforceable) 3) interpretation of rules 4) ethical rulings
Rules of Conduct 101 102	Independence Integrity + Objectivity
Rules of Conduct 201 202 203	General Standards (TP,PE) Compliance with Standards Accounting Principles (Comp w/) —> must be followed by all
Rules of Conduct 301 302	Confidential Clinet Info Contingent Fees —> only followed by pub
Rules of Conduct 501 502 503 504	Acts Discredible to Profess (all) No solictiation of services No Commissions Only perform permitted under state law or regulation —> only followed by pub
Details on 101: a CPA must be _____ when performing ______ _____ that are ______ services (don't have to be _____ for ___ or ____)	unbiased when performing professional services that are attestation services (need not be independent for tax and mgmt services)
Need to be ______ in both ____ and ______	independent in both fact and appearance
101: Non-Audit services that are prohibited for public that a firm is auditing.... ...what can public do (but two exceptions)	Bookeeping, Appraisal, FS Info Design, Acturial Services, Internal Audit Services, Management or HR function, Investment adviser, Legal services ...tax services (no aggressive tax guidance or provide services to executives on FS)
Audit committee	selected number of members of a company board who helps management stay independent of auditor's
Cooling-off period	firm must take a year off if an auditor of the firm goes to work at client