Discussion questions week 1 ETH 376 Essay

Submitted By kelthorp
Words: 676
Pages: 3

DQ 1:
Class, many professional accountants believe that the main purpose of accounting standards is to protect the public. With that in mind, what do you think are the main objectives of the AICPA code of professional conduct and how does the code relate to protecting the public? Be specific.

The main objectives of the AICPA code of professional conduct are responsibility, public interest, integrity, objectivity, and independences, due care and scope and nature of services. The section regarding responsibility states that every member should carry out their duties with professionalism and use moral judgments within conducting business. In the section regarding public interest members should conduct their activities that serve in the best public interest and honor the public’s trust. In the section integrity members should perform any duties with professionalism to the highest degree of honesty. In the section objectivity and independence members should keep neutrality and be free of conflicts of interest in discharging professional responsibilities. In the section regarding due care members should observe the profession's technical and ethical standards, strive to improve competence and the quality of services, and discharge professional responsibility to the best of the member's ability.

These codes can help protect the public when a person is inquiring about a company’s financial position in regards to investing within that company.

References

Mintz, S.M., & Morris, R. (2011). Ethical Obligations and Decision Making in Accounting (2nd ed.). Retrieved from The University of Phoenix eBook Collection database.

DQ 2:
Class, how does the AICPA Code of Professional Conducts relate to ethics? Please discuss and provide examples to support your response.

The AICPA Code of Professional Conducts relate to ethics by setting a rule of standards in how to be ethically behaved in the professional accounting workplace. The code covers different ethical values such as morals and integrity. As out textbook explains if a person of integrity acts with truthfulness, courage, sincerity, and honesty that have the ability to stand by their morals. They will not cave into pressure that their superiors may demand. This may happen when the superiors want financial statements altered in the company’s favor. The CPA needs to adhere to his or her ethical values and make the right decision.

References

Mintz, S.M., & Morris, R. (2011). Ethical Obligations and Decision Making in Accounting (2nd ed.). Retrieved from The University of Phoenix eBook Collection database.

DQ 3:
The CFO for a corporation deliberately misstates expenses on the income statement purely out of a sense of loyalty to his…