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compare and contrast the various sources of authoritative guidance of the professional standards or code of...

compare and contrast the various sources of authoritative guidance of the professional standards or code of conduct for the AICPA, IMA, PCAOB, IRA, IIA, and NASBA

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Expert Solution

AICPA:- The American Institute of certified Public accountants

IMA:- The institute of Management accountants

PCAOB:-The Public company Accounting oversight board

NASBA:- National Association of state boards of accountancy

IRA:- Individual retirement arrangement

IIA:-The institute of Internal Auditors

The various sources of authoritative guidance of the professional standards or code of conduct for the AICPA, IMA, PCAOB, IRA, IIA, and NASBA is explained as under:-

The AICPA council has designated the PCAOB and others like FASB, GASB, IASB as bodies to promulgate accounting principles.

The AICPA, IMA, PCAOB and IIA all have published code of ethics and their own list of principles. The other two do not have a published code of ethics. NASBA is the only organization that provides a leadership program and IMA is the only organization that advertises an ethics hotline.

The only significant similarity between all six is that they all include the principle of integrity. The IRS code of Federal Regulations does not specifically talk about integrity but we will assume that they expect their agents to act with integrity given the professional field of expertise.

ekkarill92 answered 10 months ago
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