November 13, 2012
AICPA Code of Professional Conduct The main purpose of the AICPA is to support and improve the accounting profession. One of the main ways it does this is by developing and grading the Uniform CPA examination, which is the exam given to accounting professionals hoping to becoming certified public accountants. The AICPA is also responsible for helping to set certain technical standards for CPAs. The AICPA issues statements of position and until the responsibility was transferred to the Financial Accounting Standards Board (FASB), the AICPA was responsible for setting generally accepted accounting principles (GAAP). The AICPA also requires continuing professional education (CPE) from its members. This requirement helps professional to keep abreast of current accounting and business issues.
The principles of the AICPA code are aspirational statements that form the foundation for the code’s enforceable rules. The principles guide members in the performance of their professional responsibilities and call for an unyielding commitment to honor the public trust, even at the sacrifice of personal benefits. While CPAs cannot be legally held to the principles, they do represent the expectations for CPAs on the part of the public in the performance of professional services. In this regard, the principles are based on values of the profession and traits of character (virtues) that enable CPAs to meet their integrity, objectivity obligations to the public. The principles include responsibilities, public interest, and independence, due care, and scope and nature of services.
I think that all the principles are important for our profession to abide by, but the three most important principles in my opinion are due care, public interest and integrity. An accounting professional needs to continue their education and skills to abide by the rules and