Assignment Type:Individual ProjectDeliverable Length:3–5 pagesPoints Possible:100Due Date:2/24/2013...

Question

Assignment Type:Individual ProjectDeliverable  Length:3–5 pagesPoints Possible:100Due Date:2/24/2013 11:59:59 PM CTAPA Formatted ReferencesBecause of recent financial disasters in the news, the board of directors of  your company decided that they wanted to ascertain that the organization’s code  of ethics was appropriate and in agreement with the Code of Professional Conduct  (CPC) as adopted by the American Institute of Certified Public Accountants  (AICPA). Therefore, you have been asked to provide this assurance with a report  to the CFO of your organization.Create a report of 3–5 pages including thefollowing:	Review the 6 principles in the AICPA's CPC.					State what you assess to be the primary purpose of each of the 6 principles.							Analyze the codes of conduct of at least 3 major public U.S. companies.	Include citations for each of these companies' codes of conduct.	Identify connections and relationships of the principles included.	Explain how the 6 principles relate to those identified in your analysis of  the codes of conduct of the 3 chosen companies.	Prepare a recommended list of at least 7 essential elements that must be  included in your organization’s code of conduct based on your analysis and  assessment.

Robert · Accepted Answer

To CFO, 
We are presenting you a report on appropriateness of organization’s code of conducts. Following 
issues have been discussed: 
1. Six principles in AICPA’ CPC 
2. Primary Purpose of each CPC 
3. Code of Conducts followed by other US Public Companies 
4. Recommendation List 
Six principles in AICPA’ CPC 
The AICPA code of conduct contains six principles: responsibilities, the public interest, 
integrity, independence and objectivity, due care, and the scope and nature of services. 
1. Responsibilities 
2. Public Interest 
3. Integrity 
4. Independence & objectivity 
5. Due Care 
6. Integrity 
Primary Purpose of six principles: 
1. Responsibilities: This code specifies the responsibility of an auditor; some of the 
responsibilities are as follows 
To improve the field of accounting, auditor needs to work in harmony with other auditors 
and should cooperate with regulatory bodies. 
To attend training or seminars and should actively seek out the information provided there. 
To participate in self-governance. 
2. The public interest: This code stipulates that the work of auditor affects many entities in 
addition to the client‘s entity. He is responsible for performing audit in a such a way that a 
true and fair position of the entity can be known, the audit report is used by banks or 
financial institutions for granting loan, used by government agencies and investors and other 
members. 
3. Integrity: In the auditing field, integrity means to serve the client to the best of the ability, 
but that doesn’t mean to agree with client’s financial statement representations. Auditor 
should provide an unbiased report on the financial statements. Accountants need to follow 
specific rules, standards & guidelines. 
4 Independence and objectivity: Auditor should be independent, impartial and neutral while 
conducting audit and making report.  He should base his opinion and should report only on 
the facts, not on any preconceived notion. He should use his own intellectual and should be 
honest &truthful. 
5. Due care: When providing services to the client, auditor must be competent. He must plan 
and supervise effectively any professional activity for which he is responsible. 
6. Scope and nature of services:

Assignment Type: Individual Project Deliverable Length: 3–5 pages Points Possible: 100 Due Date: 2/24/2013 11:59:59 PM CT APA Formatted References Because of recent financial disasters in the news,...

Answer To: Assignment Type: Individual Project Deliverable Length: 3–5 pages Points Possible: 100 Due Date:...

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment