Question

Read the Code of Professional Conduct [PDF] from the American Institute of Certified Public Accountants (AICPA) website. Review the code's key requirements.

From the reading, determine at least two AICPA professional conduct principles most likely to be violated. Provide your supporting rationale.

Answer 1

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The various principles of Professional Conduct which the member of AICPA are has to take care of it are:

Due diligence, Responsibilities, The Public Interest, Integrity, Objectivity and Independence.

The most likely violated principles of AICPA are:

1) The Responsibilities principle:

The responsibilities of the members of AICPA are important which are sensitive enough to judging the accounting position and reporting to the Shareholders and the general public the actual position of the company. The member normally do not go to that detail of the accounts of the concern that they able to pin-point the weak points of the operation of the company.

2) The Public Interest principle:

The members of AICPA are also the reason of not serving the public interest and do proper honor to the public trust. The members would not able to cut-off their personal interests from the professional duties and keep on fulfilling their personal needs and demands without displaying the actual position of the company to the Shareholders and the general public. The profession of CPA has been losing public confidence because of their lethargic and personal commitments.