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1、4-1Professional EthicsChapter 44-2WhatareEthics?Ethicscanbedefinedbroadlyasasetofmoralprinciplesorvalues.Eachofushassuchasetofvalues.Wemayormaynothaveconsideredthemexplicitly.4-3NeedforEthicsEthicalbehaviorisnecessaryforasocietytofunctioninanorderlymanner.Theneedforethicsinsocietyissufficientlyimpor
2、tantthatmanycommonlyheldethicalvaluesareincorporatedintolaws.4-4WhyPeopleActUnethically4-5PrescribedEthicalPrinciplesExample4-6EthicalDilemmas4-7RationalizingUnethicalBehavior4-8ResolvingEthicalDilemmas4-9ResolvingEthicalDilemmas4-10EthicalDilemmaAstaffpersonhasbeeninformedthathewillworkhourswithout
3、recordingthemashoursworked.Firmpolicyprohibitsthispractice.Anotherstaffpersonhasstatedthatthisiscommonpracticeinthefirm.4-11EthicalDilemmaIsitethicalforthestaffpersontoworkhoursandnotrecordthemashoursworkedinthissituation?Whoisaffected?Howaretheyaffected?Whatalternativesdoesthestaffpersonhave?4-12Sp
4、ecialNeedforEthicalConductinProfessionsOursocietyhasattachedaspecialmeaningtothetermprofessional.Aprofessionalisexpectedtoconducthimselforherselfatahigherlevelthanmostothermembersofsociety.4-13CPAsEncouragedtoConductThemselvesataHighLevelConductofCPAfirmpersonnelCPAexaminationGAASandinterpretationsC
5、ontinuingeducationrequirements4-14CPAsEncouragedtoConductThemselvesataHighLevelConductofCPAfirmpersonnelSECPeerreviewQualitycontrol4-15CPAsEncouragedtoConductThemselvesataHighLevelConductofCPAfirmpersonnelLegalliabilityDivisionofCPAfirmsCodeofProfessionalConduct4-16CodeofProfessionalConductPrinciple
6、sIdealstandardsofethicalconductinphilosophicaltermsTheyarenotenforceable.RulesofconductMinimumstandardsofethicalconductstatedasspecificrulesTheyareenforceable.4-17CodeofProfessionalConductInterpretationoftherulesofconductInterpretationoftherulesofconductbytheAICPADivisionofProfessionalEthicsTheyaren
7、otenforceable,butapractitionermustjustifydeparture.4-18CodeofProfessionalConductEthicalrulingsPublishedexplanationsandanswerstoquestionsabouttherulesofconductsubmittedtotheAICPAbypractitionersandothersinterestedinethicalrequirementsTheyarenotenforceable,butapractitionermustjustifydeparture.4-19Ethic
8、alPrinciples1.ResponsibilitiesProfessionalsshouldexercisesensitiveandmoraljudgmentsinalltheiractivities.Membersshouldaccepttheobligationtoactinawaythatwillserveandhonorthepublic.2.Public Interest4-20EthicalPrinciples3.IntegrityMembersshouldperformallresponsibilitieswithintegritytomaintainpublicconfi
9、dence.Membersshouldbeobjective,independent,andfreeofconflictsofinterest.4.Objectivity and Independence4-21EthicalPrinciples5.Due CareMembersshouldobservetheprofessionsstandardsandstrivetoimprovecompetence.AmemberinpublicpracticeshouldobservetheCode of Professional Conduct.6.Scope and Nature of Servi
10、ces4-22StandardsofConductPrinciplesRulesofconductSubstandardconductIdealconductMinimumLevel4-23RulesofProfessionalConductnRule101:IndependencenRule102:IntegrityandObjectivitynRule201:GeneralStandardsnRule202:CompliancewithStandardsnRule203:AccountingPrinciplesnRule301:ConfidentialClientInformationnR
11、ule302:ContingentFees4-24RulesofProfessionalConductnRule501:ActsDiscreditablenRule502:AdvertisingnRule503:CommissionsandReferralFeesnRule505:FormofPractice4-25Rule101IndependencenIndependenceinperformingattestservicesnRequiredbystandardsnIndependentinappearanceandfact4-26SECIndependencenIndependence
12、infactmentalstateofobjectivityandfreeofbiasnIndependenceinappearancereasonableinvestor,withallrelevantfactsandcircumstance,wouldconsidertheauditorcapableofexercisingobjectiveandimpartialjudgmentnAppliestotheauditengagementteam,chainofcommandandimmediatefamily4-27SECRestrictsCertainServicesforAuditCl
13、ientsnBookkeepingnITdesignandimplementaionnAppraisal/valuationnAcruarialservicesnInternalAuditnManagementFunctionnHumanresourcesnBrokerdealerservicesnLegalservices4-28SECDisclosuresnDisclosefeesinproxystatementsnRelatedtonAuditfeesnConsultingfeesnEffortstomaintainindependence4-29ISBIndependenceStand
14、ardsBoardnCreatedinresponsetoSECpressuresnIssuedindependencestandardsnDisbandedin2001nMajorContributionsnAuditormustdiscussindependencewithauditcommitteeannuallynAnyauditorthathasbeenofferedemploymentwithauditclientmustberemovedfromauditandthatportionoftheauditreviewedclosely4-30AICPAInterpretations
15、nCannothaveanydirectinterestnoramaterialindirectinterestofaclient.nCanthavealoanfromaclient(exceptionstothisrule)nNojointbusinessventureswithaclientnNotrusteesituationsincludingwithpensionplansnCantperforminthecapacityofanemployeeormanagementoftheclient4-31GrandfatheredLoansnLoanspriorto1992arepermi
16、ttedaslongastheclientwasnotaclientatthetime.nAutoloanscollateralizedbytheautoarepermittednCreditcardandcashadvanceslessthan5000areallowednInsurancepolicyloansoncashsurrendervaluepermitted4-32OtherRulesonIndependencenBookkeepingallowedaslongasnotmakingdecisionsforclientnSECdoesnotallowbookkeepingnLit
17、igationbetweenclientandauditornFormerfirmownerscannotassociatewithclientunlesstiestofirmhavebeenseverednCanserveasadirectorforcertainorganizationsaslongasitishonorary4-33RulesApplytoMembersnAmemberis:nIndividualsontheattestengagementsteamnIndividualsinpositiontoinfluencetheattestengagementnAllpartne
18、rsormanagersthatgiveotherservicestotheattestclientnAllpartnersinofficethatperformsattestengagementnImmediatefamilyofmembersmustalsobeindependentofclient4-34FamilyMemberRulesnAllfamilymembersmustbeindependentofclientfor:nFinancialinterestsnEmploymentinauditsensitiveareasnDefinedasimmediatefamily4-35R
19、ule102IntegrityandObjectivitynFreeofconflictsofinterestsnNotknowinglymisrepresentfactsnDontsubordinatejudgment4-36Rule201GeneralStandardsnProfessionalcompetence-onlytakejobsprofessionallycompetenttoperformnDueProfessionalcarenAdequatePlanningandSupervisionnSufficientrelevantdatatohaveareasonablebasi
20、sforopinionorrecommendations4-37Rule202CompliancewithStandardsnMustcomplywiththerelevantAICPAstandardsfortheservicesbeingperformed4-38Rule203AccountingPrinciplesnMembermaynotexpressandopinionthatF/SareaccordancewithGAAPiftheyhaveanymaterialmodificationsfromGAAPnException:ifF/Swouldbemisleadingiffoll
21、owedGAAPnDescribedeparturenQuantifyaffectsnNotereasonsfordeparture4-39Rule301ConfidentialClientInformationnCantdiscloseclientinformationwithoutconsentofclientnExceptions:nDoesnotrelieveauditorfromobligationstofollowrules202and203;i.e.discloseGAAPdeparturesinreport.nResponsestosubpoena-noclientattorn
22、eyprivilegeinmoststatesnResponsestopeerandqualityreviewsnResponsestoethicscommitteeinquiries4-40Rule302ContingentFeesnCannotperformanyattestfunctionortaxreturnpreparationbasedoncontingentfeesnItimpairsobjectivityifyourpaidontheoutcomeoftheservice4-41Rule501ActsDiscreditablenShouldnotdoanyofthese:nWi
23、thholdclientsbooksfornonpaymentnPracticediscriminationnFailuretofollowgovernmentstandardswhereapplicablenMakingorallowingotherstomakefalsehoodsinfinancialstatements4-42Rule502AdvertisingandOtherFormsofSolicitationnNomisleadingadvertisingnNopromisestogetrefundsorjudgmentsforclientnNoestimatedfeeswhen
24、theyarelikelytocostmore4-43Rule503CommissionsandReferralFeesnCommissionorreferralforrecommendingaproductorservicenNocommissionsorreferralsallowednForaudit,review,compilationsorexaminationclientsnImpairsindependencenCPAmustdisclosefeesiftheyarepermitted;notdoingaboveservices4-44Rule505FormofPracticea
25、ndNamenCantbemisleadingnCanusepastownersnamesnCantsayMemberofAICPAunlessallownersaremembers4-45EnforcementofEthicsnAICPAandstatesocietiesJointEthicsEnforcementProgram(JEEP)hearcomplaintsnOutcomesacquitnAdmonish-putinCPAletternSuspendfromorganizationsforuptotwoyearsorexpelnFelonyjudgmentautomaticexpulsion.4-46StateBoardsnOwnethicsrulesthatfollowtheAICPA.nViolatorscouldbeadmonished,suspendedorlosetheirlicensetopractice.nSECandIRSviolationscouldcausefinancialpenaltiesandorjailtime.4-47End of Chapter 4