The Principles Of Public Trust

1460 Words6 Pages
While certified public accountants (CPAs) have responsibility to safeguard the interests of the clients they service and who pay their fees, their primary responsibilities are to act in a way that will serve the public interest, honor the public trust, and demonstrate commitment to professionalism. This public consists of clients, credit grantors, governments, employers, investors, the business and financial community and others who rely on their objectivity and integrity in certifying or attesting to the truth of financial statement reporting (AICPA Code of Professional Conduct, 2015) (the “AICPA Code”). The concept of public trust is the basis upon which the accounting profession was founded and continues to exist. Without it there would be little need for the profession with respect to financial reporting. Embodied within this concept are certain characteristics of trustworthiness that are critical to enhancing the public trust in the accounting profession. The three characteristics that will be addressed in this paper are: ability, benevolence, and integrity. These characteristics and their relationship to the application of professional judgment comprise what is known as the “Trust Enhancement Model.” This paper will provide an in-depth discussion of each of the trustworthiness characteristics, their importance to the public trust, and their interrelationship. It will also incorporate how these characteristics relate to the application of professional judgment
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