1 / 17

Ethics and Professional Conduct in Accounting

This table provides an overview of the fundamental principles, duties, and values of the accounting profession, as well as the motives influencing moral reasoning. It also highlights national and international accounting organizations operating in North America, contributions to the regulatory framework for accountants, and the IFAC Code of Ethics for Professional Accountants.

Download Presentation

Ethics and Professional Conduct in Accounting

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. TABLE 6.1 WHAT MAKES A PROFESSION

  2. TABLE 6.2 FEATURES, DUTIES, RIGHTS, & VALUES OF THE ACCOUNTING PROFESSION

  3. TABLE 6.3 MOTIVES INFLUENCING PEOPLE AT KOHLBERG’S SIX STAGES OF MORAL REASONING

  4. TABLE 6.4 NATIONAL & INTERNATIONAL ACCOUNTINGORGANIZATIONS OPERATING IN NORTH AMERICA

  5. TABLE 6.5 CONTRIBUTIONS TO THE NORTH AMERICAN REGULATORY FRAMEWORK FOR PROFESSIONAL ACCOUNTANTS

  6. TABLE 6.6 TYPICAL FRAMEWORK FOR A CODE OF CONDUCTFOR PROFESSIONAL ACCOUNTANTS

  7. TABLE 6.7 FUNDAMENTAL PRINCIPLES IN CODES OF CONDUCTFOR PROFESSIONAL ACCOUNTANTS

  8. TABLE 6.8 IFAC 2015 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTS: FUNDAMENTAL PRINCIPLES & CONCEPTUAL RISK MANAGEMENT FRAMEWORK

  9. TABLE 6.9 POSSIBLE SANCTIONS FOR UNETHICAL BEHAVIOR UNDER PROFESSIONAL ACCOUNTING CODES OF CONDUCT & REGULATORY AUTHORITIES

  10. TABLE 6.10 IFAC 2015 CODE OF ETHICS FOR PROFESSIONAL ACCOUNTANTSTABLE OF CONTENTS Page PREFACE..................................................................................................................................... 2 PART A: GENERAL APPLICATION OF THE CODE 100 Introduction and Fundamental Principles ................................................................. 9 110 Integrity ...................................................................................................................... 16 120 Objectivity ................................................................................................................... 17 130 Professional Competence and Due Care.................................................................. 18 140 Confidentiality ............................................................................................................ 19 150 Professional Behavior ................................................................................................ 21 PART B: PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE 200 Introduction.................................................................................................................. 23 210 Professional Appointment........................................................................................... 28 220 Conflicts of Interest ..................................................................................................... 32 230 Second Opinions ......................................................................................................... 38 240 Fees and Other Types of Remuneration..................................................................... 39 250 Marketing Professional Services................................................................................. 41 260 Gifts and Hospitality .................................................................................................... 42 270 Custody of Clients Assets .......................................................................................... 43 280 Objectivity–All Services.............................................................................................. 44 290 Independence–Audit and Review Engagements ....................................................... 45 291 Independence–Other Assurance Engagements ………………………………………. 105 PART C: PROFESSIONAL ACCOUNTANTS IN BUSINESS 300 Introduction...................................................................................................................138 310 Potential Conflicts........................................................................................................ 142 320 Preparation and Reporting of Information .................................................................. 145 330 Acting with Sufficient Expertise................................................................................... 147 340 Financial Interests ...................................................................................................... 148 350 Inducements ............................................................................................................... 150 DEFINITIONS............................................................................................................................... 152 EFFECTIVE DATE....................................................................................................................... 161

  11. FIGURE 6.1 IFAC 2015 CODE OF ETHICS CONCEPTUAL FRAMEWORK APPROACH Duty to Society, Serve the Public Interest (S 100.1) Compliance with Fundamental Principles Integrity, Objectivity Professional Competence & Due Care Confidentiality, Professional Behavior (S 100.5) Conceptual Framework Approach To Assessing Threats to Compliance with Fundamental Principles Identify, Evaluate, Eliminate or Reduce Threats to Acceptable Levels by Applying Safeguards And Resolving any Conflicts in Application Threats (S 100.12)Safeguards(S 100.13-.14) Self-Interest, Self-review Professional Codes, Training or Standards Advocacy, Familiarity, Intimidation Legislation, Regulation, In Client, Firm or Business (S 100.6-.9) (S 100.10-.11) Source: IFAC Code of Ethics for Professional Accountants, April 15, 2016 (Section number).

  12. TABLE 6.11 THREATS TO NONCOMPLIANCE – AICPA CODE Sections 1.000.010.10-.16

  13. TABLE 6.12 SAFEGUARDS REDUCING THE RISK OF CONFLICT OF INTEREST SITUATIONS

  14. FIGURE 6.2 IFAC CODE’S FRAMEWORK FOR INDEPENDENT JUDGMENT Protect the Public Interest Professional Service to Clients Independence of Mind and Appearance (S 290.8) Independent Judgment Integrity Objectivity Professional Skepticism Source: IFAC Code of Ethics for Professional Accountants, 2005, S 290.8 & Independence Definition

  15. TABLE 6.13 CONFLICTS OF INTEREST EXAMPLES – 2015 AICPA CODE Section 1.110.010.04

  16. TABLE 6.14 CONFLICTS OF INTEREST FOR PROFESSIONAL ACCOUNTANTS: A STAKEHOLDER IMPACT ANALYSIS

  17. IFAC 2001 CODE OF ETHICS VALUES FRAMEWORK Duty to Society, Serve the Public Interest Objectives Meet Expectations for Professionalism, Performance, Public Interest Basic Needs Credibility, Professionalism, Highest Quality Services, Confidence Fundamental Principles Integrity, Objectivity, Professional Competence, Due Care, Skepticism, Confidentiality, Professional Behavior, Technical Standards Source: IFAC, November, 2001.

More Related