Code Of Personal Ethics Essay

2244 words - 9 pages

Code of Professional Ethics and Conduct

Code of Professional Ethics and Conduct


This paper will identify separate cases where a CPA has violated Rule 102 – Integrity and Objectivity, Rule 201 – Professional Competence, Rule 202 – Compliance with Standards, and Rule 501 – Acts Discreditable, discuss the expectation of the code and how the CPA violated it, discuss the disciplinary action taken, discuss whether I agree or disagree with the disciplinary action taken, and determine how the AICPA can prevent this type of breach in the code of conduct in the future.

Code of Professional Ethics and Conduct

Identify where a CPA has violated ...view middle of the document...

(2005 Disciplinary Actions, 2006)

The disciplinary action taken by the SEC was the denial of Ms. Miller’s privileges to appear or practice before the SEC as an accountant. (ET Section 102, 1988) I agree with the disciplinary action taken by the SEC against Ms. Nanette K. Miller. Ms. Miller, either incompetently or purposely, did not conduct herself in a professional manner during the audit she performed in 1994. As a CPA, Ms. Miller is expected to follow the guidelines in her profession.

The AICPA really does not have a way to ensure that a CPA will conduct themselves in a professional manner at all times. Ms. Miller did not follow the GAASs and she conducted herself in an unprofessional way. Adding jail time and a steep fine would discourage a lot of people from making mistakes, but in the end it is up to the CPA to follow the rules.

Identify where a CPA has violated Rule 201 – Professional Competence and discuss the disciplinary action taken.

CPAs are held to a higher level scrutiny than most other fields of work. Individuals have come to rely on the word of a CPA and expect a CPA to be knowledgeable about the rules and regulations so that they may fully assist the individual with items that may come up periodically. Rule 201 explains that a CPA should be competent, practice due professional care, have the ability to practice planning and supervision of tasks, and acquire sufficient relevant data to complete the task presented for review by the CPA. (Generally Accecpted Accounting Principles in the United States) Effective May 2, 2011, Craig A. Szabo entered into an agreement under the Joint Ethics Enforcement Program for alleged violations of the Code of Professional Conduct of the AICPA. (Search Page, 2011) Mr. Szabo performed an audit of an employee benefit plan for a public company inadequeately. (Search Page, 2011) After an investigatation into the allegations of wrong doing by Mr. Szabo, charges were filed for the violation of the following AICPA code of Professional Conduct: (Search Page, 2011)
Rule 201 – General Standards, A. Professional Competence
The auditor did not have the professional competence to perform his role as engagement partner. (Search Page, 2011)
Rule 201 – General Standards, B. Due Professional Care
1. The auditor’s original and reissued limited scope opinions incorrectly referred to Note H as the note containing a summarized listing of investment balances and transactions that were not subject to audit. (Search Page, 2011)
2. The auditor’s original engagement and management representation letters erroneously indicated that he would and had performed a full scope audit. (Search Page, 2011)

The disciplinary action taken against Mr. Szabo seemed reasonable. He faced two years of suspension by the AICPA, had to complete thirty-five hours of specified CPE courses within twelve months of the effective date of the...

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