Statements of Position

Files

Download

Download Full Text (146 KB)

Description

The Committee recognizes that specific threats to meeting the objectives of the fundamental principles may arise when providing professional services to clients and employers. Because it is impossible to address in the Code every situation that creates such threats and specify the appropriate safeguards to mitigate or eliminate those threats, the proposed Framework provides guidance to members when faced with making decisions on ethical matters that are not explicitly addressed by the Code. Under no circumstances, however, may the proposed Framework be used to justify noncompliance with the prohibitions or requirements contained in the rules, interpretations, and rulings in the Code. In cases where a member identifies a threat that is not clearly insignificant (that is, it is more than trivial and inconsequential), the member is required to apply safeguards to eliminate the threat or reduce it to an acceptable level. If a threat cannot be sufficiently mitigated through the application of safeguards, or if a member is unable to implement appropriate safeguards, the member should decline or discontinue the specific professional service. Because the nature of the threats and safeguards may differ for members in public practice and members not in public practice, the proposed Framework provides specific examples relevant to members in public practice and members who are not in public practice. In addition, the proposed Framework contains guidance on ethical conflict resolution that is relevant to all members.

Publication Date

2007

Relational Format

Book

Keywords

Accountants -- Professional ethics -- Standards -- United States

Disciplines

Accounting | Taxation

Comments

Originally published by: American Institute of Certified Public Accountants; Copyright and permission to reprint held by: American Institute of Certified Public Accountants.

Proposal of Professional Ethics Division: Proposed interpretation 102-7, other considerations: meeting the objectives of the fundamental principles, and proposed framework for meeting the objectives of the fundamental principles;Proposed interpretation 102-7, other considerations: meeting the objectives of the fundamental principles, and proposed framework for meeting the objectives of the fundamental principles; Exposure draft (American Institute of Certified Public Accountants), 2007, May 15

Share

COinS
 
 

To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.