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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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In a few years, you may become a member of the AICPA and be subject to its Code of Professional Conduct (CPC).

Required:

Identify and briefly discuss the first five principles of the CPC. Provide examples that illustrate each principle.

To determine

Identify and explain first five principles of CPC with examples.

Explanation

CPC refers to Code of Professional Conduct  adopted by AICPA for its members to work with responsibility in public practice, industry, government and education beyond the requirements of laws and regulations.

First five principles of CPC are discussed with examples as below;

  1. Responsibilities: This principle requires the members to carry out their activities with responsibility and moral judgements. For example while choosing a inventory valuation method, the member must review all the available alternatives before making a final decision.
  2. The Public Interest: The members are required to act in public interest, to honor the public trust and show the commitment to their professional act. For example when a member detect deficiencies in the internal control of a publicly traded company and includes it in the Audit report, he/she is said to be working adhering to the public interest principle.
  3. Integrity: The members are required to work with the highest level of integrity to earn and maintain the public confidence...

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