Aicpa Code Of Professional Conduct - 1589 Words

AICPA Code of Professional Conduct: AICPA’s Principles on Ethics Abstract Life is all about making decisions. Every day we are faced with situations that lead us to making decisions. At times those decisions might be wrong, sometimes right. When facing a dilemma it’s easy to make a decision, but it’s even more difficult to make a right and ethical decision. Any person can make a decision, but they won’t always make the right decision. Decision making gets tougher when it comes to making the right and ethical decision, especially when it comes to the business world because your decision will no longer affect you, but it would also affect others. Therefore, you must always be aware of your decisions making. Due to unethical decisions,†¦show more content†¦It highlights the importance of auditors applying sensitive and ethical judgments in all their engagements. Members have the responsibility to collaborate with each other to improve the art of accounting, as well as to maintain the public’s confidence. The auditorâ€℠¢s responsibilities are essential to an effective audit process because through planning, auditors should to communicate with each other, be very organized and discuss what and how to do things in order to serve the public. One of the most important parts in auditing is planning, for that reason responsibility is a must. Examples to Article I The accounting firm BDO agreed to pay $50 million for criminal wrongdoing. Between 1997 and 2003, the firm had sold unlawful shelter products. About $6.5 billion was made in fake tax losses. Denis Field CEO of the company was blamed for tax fraud as well as other BDO partners whom pleaded guilty. The firm had recognized their responsibility for the scheme and agreed to pay the $50 million. This case is against the art of accounting and the responsibility as professionals. The firm wasn’t ethical in decision making. Arthur Andersen LLP is one of the â€Å"Big Five’ accounting firms. The firm was accused of shredding documents and getting rid of e-mail messages that pertained to their audit of Enron. This occurred after finding out that the Securities and Exchange Commission had begun an investigation of Enron’s accounting. The firm was