Statements of Position

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Description

The Professional Ethics Executive Committee proposes an interpretation of the Code of Professional Conduct that provides definitions of certain terms used in the Code. The defined terms determine the applicability of Code rules to the various segments of Institute membership. For example, a number of the rules apply to members performing "professional services," other rules apply to members in "public practice," and several rules contain the term "client." The proposed interpretation defines those terms and thereby provides guidance on how the rules of conduct apply to members. The Professional Ethics Executive Committee recognizes the diverse responsibiities and structures that advisory boards assume throughout various industries. The committee believes that service on an advisory board would impair the member's independence unless the three criteria delineated in the proposed ruling are met. In light of new rule 505, the Professional Ethics Executive Committee believes that rulings 147 and 148 are no longer appropriate. The committee does not believe that it is "misleading" for a sole proprietor to practice under a firm name that includes "and Company" or "and Associates." The committee recommends the deletion of both rulings from the Code.

ISBN

ed89-05-01t

Publication Date

1989

Relational Format

Book

Keywords

Business ethics -- United States; Auditors -- 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; Exposure draft (American Institute of Certified Public Accountants), 1989, May 1

Proposed Professional Ethics Division definitions and rulings;Proposed Interpretation providing definitions of words and phrases as used in the AICPA Code of Professional Conduct;Proposed ethics ruling under rule 101: Member on advisory board of client;Proposed deletion of ethics rulings no. 147 and no. 148 under rule 505: Firm designation

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