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1、Professional Ethics,Chapter 4,What are Ethics?,Ethics can be defined broadly as a set of moral principles or values.,Each of us has such a set of values.,We may or may not have considered them explicitly.,Need for Ethics,Ethical behavior is necessary for a society to function in an orderly manner.,T
2、he need for ethics in society is sufficiently important that many commonly held ethical values are incorporated into laws.,Why People Act Unethically,The persons ethical standards are different from those of society as a whole.,The person chooses to act selfishly.,In many instances, both reasons exi
3、st.,Prescribed EthicalPrinciples Example,Trustworthiness,Respect,Fairness,Responsibility,Caring,Citizenship,Ethical Dilemmas,An ethical dilemma is a situation a person faces in which a decision must be made about appropriate behavior.,RationalizingUnethical Behavior,Everybody does it.,If its legal,
4、its ethical.,Likelihood of discovery and consequences,Resolving Ethical Dilemmas,1. Obtain the relevant facts.,2. Identify the ethical issues from the facts.,3. Determine who is affected.,Resolving Ethical Dilemmas,4. Identify the alternatives available to the person who must resolve the dilemma.,5.
5、 Identify the likely consequence of each alternative.,6. Decide the appropriate action.,Ethical Dilemma,A staff person has been informed that he will work hours without recording them as hours worked.,Firm policy prohibits this practice.,Another staff person has stated that this is common practice i
6、n the firm.,Ethical Dilemma,Is it ethical for the staff person to work hours and not record them as hours worked in this situation?,Who is affected?,How are they affected?,What alternatives does the staff person have?,Special Need for Ethical Conduct in Professions,Our society has attached a special
7、 meaning to the term professional.,A professional is expected to conduct himself or herself at a higher level than most other members of society.,CPAs Encouraged to ConductThemselves at a High Level,Conduct of CPA firm personnel,CPA examination,GAAS and interpretations,Continuing education requireme
8、nts,CPAs Encouraged to ConductThemselves at a High Level,Conduct of CPA firm personnel,SEC,Peer review,Quality control,CPAs Encouraged to ConductThemselves at a High Level,Conduct of CPA firm personnel,Legal liability,Division of CPA firms,Code of Professional Conduct,Code of Professional Conduct,Pr
9、inciples,Ideal standards of ethical conduct in philosophical terms,They are not enforceable.,Rules of conduct,Minimum standards of ethical conduct stated as specific rules,They are enforceable.,Code of Professional Conduct,Interpretation of the rules of conduct,Interpretation of the rules of conduct
10、 by the AICPA Division of Professional Ethics,They are not enforceable, but a practitioner must justify departure.,Code of Professional Conduct,Ethical rulings,Published explanations and answers to questions about the rules of conduct submitted to the AICPA by practitioners and others interested in
11、ethical requirements,They are not enforceable, but a practitioner must justify departure.,Ethical Principles,1. Responsibilities,Professionals should exercise sensitive and moral judgments in all their activities.,Members should accept the obligation to act in a way that will serve and honor the pub
12、lic.,2. Public Interest,Ethical Principles,3. Integrity,Members should perform all responsibilities with integrity to maintain public confidence.,Members should be objective, independent, and free of conflicts of interest.,4. Objectivity and Independence,Ethical Principles,5. Due Care,Members should
13、 observe the professions standards and strive to improve competence.,A member in public practice should observe the Code of Professional Conduct.,6. Scope and Nature of Services,Standards of Conduct,Principles,Rules of conduct,Substandard conduct,Ideal conduct,Minimum Level,Rules of Professional Con
14、duct,Rule 101: Independence Rule 102: Integrity and Objectivity Rule 201: General Standards Rule 202: Compliance with Standards Rule 203: Accounting Principles Rule 301: Confidential Client Information Rule 302: Contingent Fees,Rules of Professional Conduct,Rule 501: Acts Discreditable Rule 502: Adv
15、ertising Rule 503: Commissions and Referral Fees Rule 505: Form of Practice,Rule 101 Independence,Independence in performing attest services Required by standards Independent in appearance and fact,SEC Independence,Independence in fact mental state of objectivity and free of bias Independence in app
16、earance reasonable investor, with all relevant facts and circumstance, would consider the auditor capable of exercising objective and impartial judgment Applies to the audit engagement team, chain of command and immediate family,SEC Restricts Certain Services for Audit Clients,Bookkeeping IT design and implementaion Appraisal/valuation Acruarial services Internal Audit Management Function Human resources Broker dealer services Legal services,SEC Disclosures,Disclose fees in proxy statements Rela
