Question

What are the six primary principles that make up the AICPA’s Professional Code of Conduct? Summarize each principle in one to three words. What are the primary ethical standards of the NATP? Summarize each standard in one to three words. Which one in each code (AICPA and NATP) do you believe is the most essential from an ethical perspective? Why?

Answer 1

Principle that make up the AICPA's Professional Code of Conduct are-

1. Responsibilities Principle : The members needs to carry out their responsibilities ethically and with moral judgement.

2. Public Interest Principle : Member should keep the public interest in their mind while performing their responsibilities.

3. Integrity Principle : A member must be honest and have to take the responsibility for the confidentiality of clients.

4. Objectivity and independence principle : A member must maintain the objectivity and prevent conflicts of interest in their practice.

5. Due care principle: a member must observe the technical standards and act in responsible manner.

6. Scope and nature of services principle: The code of conduct should be at the front to determine the scope and nature.

Primary Ethical Standard of NATP

1. Standard5 - If a client will not permit enough disclosures to accurately complete the service, then the member should withdraw drom the assignment.

2. Threefold Responsibility- Responsibility of client, member and the government.

According to me and my knowledge AICPA is more ethical according to the perspective as everything and every responsibility delegate to the member with the view point of the benefit of clients and as well as the members. They keep the confidentiality of their clients and maintain all the integrity and work very professionally and responsibly.