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1、ProfessionalEthics Chapter4 WhatareEthics Ethicscanbedefinedbroadlyasasetofmoralprinciplesorvalues Eachofushassuchasetofvalues Wemayormaynothaveconsideredthemexplicitly NeedforEthics Ethicalbehaviorisnecessaryforasocietytofunctioninanorderlymanner Theneedforethicsinsocietyissufficientlyimportantthat
2、manycommonlyheldethicalvaluesareincorporatedintolaws WhyPeopleActUnethically Theperson sethicalstandardsaredifferentfromthoseofsocietyasawhole Thepersonchoosestoactselfishly Inmanyinstances bothreasonsexist PrescribedEthicalPrinciplesExample Trustworthiness Respect Fairness Responsibility Caring Cit
3、izenship EthicalDilemmas Anethicaldilemmaisasituationapersonfacesinwhichadecisionmustbemadeaboutappropriatebehavior RationalizingUnethicalBehavior Everybodydoesit Ifit slegal it sethical Likelihoodofdiscoveryandconsequences ResolvingEthicalDilemmas 1 Obtaintherelevantfacts 2 Identifytheethicalissues
4、fromthefacts 3 Determinewhoisaffected ResolvingEthicalDilemmas 4 Identifythealternativesavailabletothepersonwhomustresolvethedilemma 5 Identifythelikelyconsequenceofeachalternative 6 Decidetheappropriateaction EthicalDilemma Astaffpersonhasbeeninformedthathewillworkhourswithoutrecordingthemashourswo
5、rked Firmpolicyprohibitsthispractice Anotherstaffpersonhasstatedthatthisiscommonpracticeinthefirm EthicalDilemma Isitethicalforthestaffpersontoworkhoursandnotrecordthemashoursworkedinthissituation Whoisaffected Howaretheyaffected Whatalternativesdoesthestaffpersonhave SpecialNeedforEthicalConductinP
6、rofessions Oursocietyhasattachedaspecialmeaningtothetermprofessional Aprofessionalisexpectedtoconducthimselforherselfatahigherlevelthanmostothermembersofsociety CPAsEncouragedtoConductThemselvesataHighLevel ConductofCPAfirmpersonnel CPAexamination GAASandinterpretations Continuingeducationrequiremen
7、ts CPAsEncouragedtoConductThemselvesataHighLevel ConductofCPAfirmpersonnel SEC Peerreview Qualitycontrol CPAsEncouragedtoConductThemselvesataHighLevel ConductofCPAfirmpersonnel Legalliability DivisionofCPAfirms CodeofProfessionalConduct CodeofProfessionalConduct Principles Idealstandardsofethicalcon
8、ductinphilosophicalterms Theyarenotenforceable Rulesofconduct Minimumstandardsofethicalconductstatedasspecificrules Theyareenforceable CodeofProfessionalConduct Interpretationoftherulesofconduct InterpretationoftherulesofconductbytheAICPADivisionofProfessionalEthics Theyarenotenforceable butapractit
9、ionermustjustifydeparture CodeofProfessionalConduct Ethicalrulings PublishedexplanationsandanswerstoquestionsabouttherulesofconductsubmittedtotheAICPAbypractitionersandothersinterestedinethicalrequirements Theyarenotenforceable butapractitionermustjustifydeparture EthicalPrinciples 1 Responsibilitie
10、s Professionalsshouldexercisesensitiveandmoraljudgmentsinalltheiractivities Membersshouldaccepttheobligationtoactinawaythatwillserveandhonorthepublic 2 PublicInterest EthicalPrinciples 3 Integrity Membersshouldperformallresponsibilitieswithintegritytomaintainpublicconfidence Membersshouldbeobjective
11、 independent andfreeofconflictsofinterest 4 ObjectivityandIndependence EthicalPrinciples 5 DueCare Membersshouldobservetheprofession sstandardsandstrivetoimprovecompetence AmemberinpublicpracticeshouldobservetheCodeofProfessionalConduct 6 ScopeandNatureofServices StandardsofConduct Principles Ruleso
12、fconduct Substandardconduct Idealconduct MinimumLevel RulesofProfessionalConduct Rule101 IndependenceRule102 IntegrityandObjectivityRule201 GeneralStandardsRule202 CompliancewithStandardsRule203 AccountingPrinciplesRule301 ConfidentialClientInformationRule302 ContingentFees RulesofProfessionalConduc
13、t Rule501 ActsDiscreditableRule502 AdvertisingRule503 CommissionsandReferralFeesRule505 FormofPractice Rule101Independence IndependenceinperformingattestservicesRequiredbystandardsIndependentinappearanceandfact SECIndependence Independenceinfact mentalstateofobjectivityandfreeofbiasIndependenceinapp
14、earance reasonableinvestor withallrelevantfactsandcircumstance wouldconsidertheauditorcapableofexercisingobjectiveandimpartialjudgmentAppliestotheauditengagementteam chainofcommandandimmediatefamily SECRestrictsCertainServicesforAuditClients BookkeepingITdesignandimplementaionAppraisal valuationAcru
15、arialservicesInternalAuditManagementFunctionHumanresourcesBrokerdealerservicesLegalservices SECDisclosures DisclosefeesinproxystatementsRelatedtoAuditfeesConsultingfeesEffortstomaintainindependence ISB IndependenceStandardsBoard CreatedinresponsetoSECpressuresIssuedindependencestandardsDisbandedin20
16、01MajorContributionsAuditormustdiscussindependencewithauditcommitteeannuallyAnyauditorthathasbeenofferedemploymentwithauditclientmustberemovedfromauditandthatportionoftheauditreviewedclosely AICPAInterpretations Cannothaveanydirectinterestnoramaterialindirectinterestofaclient Can thavealoanfromaclient exceptionstothisrule NojointbusinessventureswithaclientNotrusteesituationsincludingwithpensionplansCan tperforminthecapacityofanemployeeormanagementoftheclient GrandfatheredLoans Loanspriorto1992ar
