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Bab Satu
Etika diAkuntansi LanjutanLingkupdari Bab Etika-kanan perilaku-telah menjadi topik diskusi selama berabad-abad. Sebagai contoh:
Dalam Nicomachean Ethics, Buku , Aristoteles !"#$-"%% S&' menulis:
() t bukanlah tugas *ang mudah untuk menjadi baik. . . . +leh karena itu, kebaikan adalah baik langka dan patut dipuji dan
mulia. Dalam &editations, Buku dan , &arcus Aurelius !%-# AD' men*atakan:
Seorang pria kemudian harus berdiri tegak, tidak terus tegak oleh orang lain. . . . /adilah engkau tegak atau dibuat tegak.
0illiam Shakespeare !12$ -22' memberikan pidato berikut dalam dua draman*a:
lago. Nama baik pria dan 3anita, Sa*ang tuanku, adalah permata ji3a mereka, *ang mencuri dompet sa*a mencuri sampah4 5tis
sesuatu, tidak ada4 56ambang Sungguh,5 tis, dan telah budak ribuan4 6api dia *ang mencuri dari sa*a nama baik sa*a merampok
sa*a *ang *ang tidak memperka*a dirin*a dan membuat sa*a miskin memang. !. +thello, "." 11-2' &o3bra*, 7arta paling
murni kali 8ana mampu Apakah reputasi bersih. . . 9ehormatan sa*a adalah hidup sa*a4 keduan*a tumbuh dalam satu4
&engambil kehormatan dari sa*a, dan kehidupan sa*a dilakukan. . . . !6ragedi aja ichard , .. ;;-#"'
6erbaru skandal akuntansi *ang dipublikasikan telah membuat jelas bah3a perilaku etis akuntan belum
memenuhi standar *ang melekat dalam kutipan di atas. Dalam artikel le* Act o8 %% !S+?', *ang resmi
pembentukan De3an @erusahaan publik akuntansi @enga3asan untuk mengatur perilaku akuntan baik dalam praktek
publik dan dalam usaha bisnis pub- dimiliki licl*berikut:.
kosakata akuntansi sekarang termasuk ketentuan sebagai
akuntansi Lucu untuk menggambarkan peregangan bentuk standar akuntansi untuk batas, tanpa substansi daritransaksi bisnis *ang mendasari atau peristi3a &emasak buku untuk menunjukkan kecurangan pelaporan keuangan
1 "Skandal Scorecard," The Wall Street Journal, 3 Oktober, 2003, hal. B1.
1
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2 Bab 1 Etika Lanjutan Akuntansi
Ban*ak topik akuntansi canggih telah menjadi sub*ek dari kedua akuntansi lucu dan memasak buku oleh
eksekuti8 akuntansi perusahaan bisnis. 9arena kepala 8i- keuangan, controller, petugas akuntansi kepala, dan para
sta8 akuntansi perusahaan ness busi- memiliki tanggung ja3ab utama untuk pen*usunan laporan keuangan dan
laporan keuangan dan men*ebarluaskan kepada pengguna, pena3aran bab ini dengan-standar etika dards tepat bagi
mereka preparers. Dalam hal ini dan selanjutn*a bab, Securities dan 9omisi perubahan &antan !SE' tindakanpenegakan hukum berurusan dengan kecurangan pelaporan keuangan dijelaskan untuk topik *ang dibahas dalam
pasal-pasal.
APAKAH PELAPORAN KEUANGAN PENIPUAN?
Berikut ini meliputi salah saji dalam laporan keuangan *ang disebabkan oleh penipuan 8i pelaporan keuangan, dan
alasan dan metode melakukan penipuan:
Salah saji *ang timbul dari kecurangan pelaporan keuangan adalah salah saji *ang disengaja atau kelalaian dari jumlah atau
pengungkapan dalam laporan keuangan untuk menipu pengguna laporan keuangan. 9ecurangan pelaporan keuangan mungkin
melibatkan tindakan seperti berikut:
&anipulasi, pemalsuan, atau perubahan catatan akuntansi atau dokumen pendukung *ang laporan keuangan disusun
9eliru di, atau kelalaian *ang disengaja dari, laporan keuangan peristi3a, tindakan trans, atau in8ormasi penting lainn*a
pen*alahgunaan Disengaja prinsip akuntansi *ang berkaitan dengan jumlah, klasi8ikasi, ner mandat presentasi, atau
pengungkapan
penipuan sering melibatkan berikut: !a' tekanan atau insenti8 untuk melakukan penipuan dan !b' kesempatan dirasakan untuk
melakukann*a . . . . &isaln*a, kecurangan pelaporan keuangan dapat dilakukan karena manajemen berada di ba3ah tekanan
untuk mencapai target laba *ang tidak realistis. @enipuan dapat disembun*ikan melalui dokumentasi dipalsukan, termasuk
pemalsuan. &isaln*a, manajemen *ang bergerak di bidang kecurangan pelaporan keuangan mungkin mencoba untuk
men*embun*ikan laporan misionaris dengan menciptakan 8aktur 8ikti8.
@enipuan juga dapat disembun*ikan melalui kolusi antara manajemen, kar*a3an, pihak ketiga atau. &isaln*a, melalui kolusi,
bukti palsu *ang mengontrol kegiatan telah per- dibentuk secara e8ekti8 dapat presented.%
CONTOH PENIPUAN KEUANGAN
@ELA@+ANSE Akuntansi dan Audit @enegakan @ers No. C%",
. &en*adari /anuari CC" pendapatan pada bulan Desember CC% dan April CC" pendapatan &aret CC", dan
arti8isial mempercepat jad3al pengiriman produk pada akhir kedua perempat, sebuah kecerdasan disebut channel
stu88ing. %. &enunda penghapusbukuan piutang tak tertagih mele3ati akhir kuartal *ang tepat.
2 AICPA Standar Proe!onal, #ol. 1, "Standar Audtn$ AS," !ec. 31%.
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Bab 1 Etika Lanjutan Akuntansi 3
/uga, menurut SE, kepala keuangan !B@A' berlebihan pendapatan tri3ulanan oleh:
. &en*adari pada kuartal *ang berakhir " &aret CC", keuntungan dari penjualan aset masa
selamakuartal *ang berakhir " /uni CC". %. mengakui sebagai aset beban tertentu selama kuartal *ang berakhir
" Desember
CC%, dan " &aret CC". ". &embuat jurnal 8ikti8 sehubungan dengan kombinasi bisnis pernah dicapai &aret
CC", e8ek dari *ang untuk mengecilkan beban piutang tak tertagih.
dalam
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4 Bab 1 Etika diLanjutan
AcaraAkuntansidi @embentukan Standar Etika untuk Akuntan &anajemen dan Eksekuti8 9euangan Sea=ie3
Simposium C; Fpa*a a3al untuk menetapkan standar etika untuk pembuat laporan keuangan terjadi pada C;
simposium dari anggota A@A, E, ederasi Analis 9euangan, dan Associates obert &orris !sebuah organisasi
pemberi kredit', *ang berlangsung di Sea=ie3 ountr* lub, Absecon, Ne3 /erse*. &akalah dan diskusi pada
simposium ini mengkritik kurangn*a kode etik bagi anggota E, mengingat bah3a tiga organisasi ticipating-partailain pun*a codes.$
Ekuitas Dana @enipuan C;" @ada tahun C;", sebuah penipuan besar, sekitar sembilan durasi tahun, ditemukan di
EGuit* @endanaan orporation o8 America !EGuit*', seorang penjual reksa dana saham *ang dijaminkan oleh
in=estor untuk mendapatkan pinjaman untuk membia*ai premi asuransi ji3a. Selama periode sembilan tahun,
setidakn*a H $".. dari pendapatan sebelum pajak 8ikti8 dihasilkan-masa di mana Ekuitas melaporkan laba
bersih sebesar H ;2.., bukann*a kerugian sebelum pajak riil dengan total lebih dari H 2; million.1 penipuan
ini dilakukan oleh setidakn*a eksekuti8 dari EGuit*, termasuk E+ !E+', kepala keuangan !+', controller,
dan bendahara4 beberapa eksekuti8 *ang @A dengan pengalaman akuntan publik. &elakukan penipuan @A ini,
semuan*a mungkin memiliki pada satu 3aktu pernah tunduk 9ode A@A Etik @ro8esional selama karir akuntansi
publik mereka, dilengkapi bukti *ang jelas tentang perlun*a kode etik untuk akuntan manajemen dan eksekuti8
keuangan lainn*a.
Action oleh &A pada tahun C#", 9& mengeluarkan Standar @erilaku Etis untuk @raktisi &anajemen Akuntansi
dan &anajemen 9euangan, *ang ketiga dalam serangkaian Laporan dari &anagement ment Akuntansi. Standar &A
saat ini, *ang disajikan dalam Lampiran pada akhir bab ini !halaman # sampai ', menutupi ke3ajiban
manajemen akuntan untuk kompetensi, kerahasiaan, integritas, dan objekti=itas, dan mereka memberikan bimbingan
untuk arutan res- dari etika kon8lik. Iang perlu diperhatikan dalam pembukaan standar !halaman #-C' adalah
ke3ajiban manajemen akuntan untuk tidak membenarkan pelanggaran standar oleh orang lain dalam organisasi.
Action oleh E 9ode Etik pertama *ang diumumkan oleh E pada tahun C#1 dan sebagaimana telah diubah
adalah dalam Lampiran % !halaman -'. &eskipun singkat dari standar &A, ers kode-perjanjian *ang E
dasarn*a 3ila*ah *ang sama perilaku pro8esional seperti melakukan standar &A.
9omisi 6read3a* ekomendasi 9omisi Nasional @elaporan 9euangan @enipuan !6read3a* ommission', *ang
telah disponsori oleh A@A, *ang &A, E, *ang sociation Amerika akuntansi As- !terutama terdiri dari pendidikakuntansi', dan nstitut tor internal Audi-, mengeluarkan laporan pada tahun C#;. De8ining kecurangan pelaporan
keuangan sebagai
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Bab 1 Etika di Akuntansi Lanjutan 5
laporan,
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6 Bab 1 Etika diAkuntansi Lanjutan
anggota*ang tidak berlatih dalam @A 8irm. demikian, Aturan %, %, %%, %", "%, dan 1 dari 9ode
@erilaku @ro8esional dalam Lampiran " !halaman melalui %' berlaku untuk semua anggota A@A, termasuk di
industri s3asta, badan pemerintah, organisasi-organisasi nirlaba, dan akademisi.
9e3enangan @erusahaan @ublik Akuntansi De3an @enga3as /udul Sarbanes-+>le* Act o8 %% resmi @erusahaan
@ublik Akuntansi De3an @enga3as untuk menetapkan standar etika untuk audit perusahaan milik publik. Sampaidengan tanggal tulisan ini, tidak ada standar seperti telah dikeluarkan.
Analisis Standar Etika untuk Akuntan &anajemen dan 9euangan Eksekuti8 @eninjauan isi &A, E, dan A@A
etika pern*ataan di di>es Appen- , %, dan " mengungkapkan beberapa kesamaan. 9etiga membutuhkan anggota
dari organisasi-organisasi masing-masing untuk menjadi kompeten, bertindak dengan integritas dan objekti=itas,
menjaga kerahasiaan in8ormasi sensiti8, hindari tindakan tidak terhormat, dan menghindari kon8lik kepentingan.
7an*a kode &A dan E khusus memerlukan komunikasi in8ormasi lengkap kepada pengguna laporan anggota
mereka4 Anggota A@A tidak langsung comparabl* di3ajibkan oleh @eraturan %%.
Aturan %" dari kode A@A membutuhkan sesuai dengan prinsip akuntansi *ang berlaku umum. +rang mungkin
lebih suka bah3a kode baik &A dan E memiliki ketentuan eksplisit *ang sebanding, mengingat manajemen
akuntan 5dan eksekuti8 keuangan5 tanggungja3ab utama untuk laporan keuangan dan laporan keuangan.
@erbedaan lain antara tiga kode etik adalah bah3a &A dan E standar di intin*a mengharuskan anggota untuk
melaporkan pelanggaran standar oleh anggota organisasi-organisasi mereka untuk pejabat *ang bertanggung ja3ab
dari organisasi. 9ode A@A tidak memiliki pers*aratan tersebut. su-isu kon8lik kepentingan dan tidak terhormat
tindakan dibahas lebih lanjut dalam bagian 8ol melenguh.
9on8lik 9epentingan 9on8lik hasil bunga ketika indi=idu meraup keuntungan pribadi *ang tidak pantas dari
tindakan mereka dalam kapasitas resmi. &isaln*a, seorang petugas akuntansi kepala mungkin memasak buku untuk
melebih-lebihkan pendapatan sebelum pajak dari korporasi majikan untuk mendapatkan bonus kinerja *ang lebih
besar. Atau, controller dari perusahaan milik publik mungkin terlibat dalam insider trading untuk memaksimalkan
keuntungan atau meminimalkan kerugian pembelian atau penjualan majikan e8ek poration cor. &isaln*a, Akuntansi
dan ilis @enegakan Auditing !diberlakukann*a' "$$ ! Desember CC', SE melaporkan pencabutan iin
praktek permanen dari praktekn*a dari controller, @A, sebuah perusahaan milik publik, *ang diduga terlibat dalam
insider trading dan dengan demikian menghindari kerugian lebih dari H ;". pada penjualan saham biasa majikan
com- pan* ini. &enurut SE, controller telah bertindak dengan pengelolaan senior perusahaan untuk melebih-
lebihkan laba perusahaan dengan lebih dari H "#.. selama dua-dan-satu-setengah tahun. ontroller
diperintahkan untuk mencurahkan H ;". dan memba*ar denda dalam jumlah *ang sama.
6ernoda 9isah 6ak satu pun dari tiga kode etik *ang disajikan dalam lampiran untuk bab ini mende8inisikan
tindakan tidak terhormat. &ungkin istilah tidak dapat dide8inisikan secara memadai atau dibatasi4 apa adalah tidak
terhormat
10 Ibd., ). 23. 11 Ba$an 21A dar Securte! *+chan$e Act o 13- 'enden!kan n!der tradn$ !eba$a "'e'bel
atau 'enual kea'anan !e'entara dala' ke)e'lkan 'ater, nor'a! non/)ublk. . . atau. . . 'en$ko'unka!kan
nor'a! ter!ebut !ehubun$an den$an tran!ak! eek.
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Bab 1 Etika Lanjutan Akuntansi 7
tindakan seorang pengamat mungkin tidak begitu dita8sirkan oleh orang lain. Sebagai contoh, mungkin anggota dari
&A, E, atau A@A mengamati pen*alahgunaan at lain anggota ini mena8sirkan bertindak sebagai ternoda
dengan anggota kasar, majikan anggota ini, organisasi, atau lainn*a en- titiesJ @ertan*aan semacam ini sulit dija3ab
dalam mas*arakat di mana beberapa memaa8kan tindakan pribadi *ang dikutuk oleh orang lain.
@enutup Dalam mempertimbangkan episode memasak buku, dijelaskan dalam bab-bab selanjutn*a, pembaca harusdiingat bah3a, meskipun 9omisi 6read3a* men*atakan,
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8 Bab 1 Etika Lanjutan Akuntansi
@ertan*aan *ang muncul dalam a*at di atas adalah sulit untuk dija3ab. Namun, SE telah menekankan
pentingn*a objekti=itas sebagai berikut, dalam menolak
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Bab 1 Etika di Akuntansi Lanjutan 9
adalah,< Akankah tindakan sa*a adil dan han*a untuk semua pihak *ang terkena dampakJ
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10 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
ecognie and communicate pro8essional limitations or other constraints that 3ould preclude responsible
judgment or success8ul per8ormance o8 an acti=it*.
ommunicate un8a=orable as 3ell as 8a=orable in8ormation and pro8essional judgments or opinions.
e8rain 8rom engaging in or supporting an* acti=it* that 3ould discredit the pro8ession.
+bjecti=it* &embers ha=e a responsibilit* to:
ommunicate in8ormation 8airl* and objecti=el*.
Disclose 8ull* all rele=ant in8ormation that could reasonabl* be e>pected to in8luence an intended user5s
understanding o8 the reports, comments, and recommendations presented.
RE"OLUTION O# ETHICAL CON#LICT
n appl*ing the standards o8 ethical conduct, members ma* encounter problems in identi- 8*ing unethical beha=ior or
in resol=ing an ethical con8lict. 0hen 8aced 3ith signi8icant eth- ical issues, members should 8ollo3 the established
policies o8 the organiation bearing on the resolution o8 such con8lict. 8 these policies do not resol=e the ethical
con8lict, such members should consider the 8ollo3ing courses o8 action.
Discuss such problems 3ith the immediate superior e>cept 3hen it appears that the su- perior is in=ol=ed, in 3hich
case the problem should be presented initiall* to the ne>t higher managerial le=el. 8 a satis8actor* resolution cannot
be achie=ed 3hen the prob- lem is initiall* presented, submit the issues to the ne>t higher managerial le=el. 8 the
im- mediate superior is the chie8 e>ecuti=e o88icer, or eGui=alent, the acceptable re=ie3ing authorit* ma* be a group
such as the audit committee, e>ecuti=e committee, board o8 di- rectors, board o8 trustees, or o3ners. ontact 3ith
le=els abo=e the immediate superior should be initiated onl* 3ith the superior5s kno3ledge, assuming the superior is
not in- =ol=ed. E>cept 3here legall* prescribed, communication o8 such problems to authorities or indi=iduals not
emplo*ed or engaged b* the organiation is not considered appropriate.
lari8* rele=ant ethical issues b* con8idential discussion 3ith an objecti=e ad=isor !eg, &A Ethics ounseling
Ser=ice' to obtain a better understanding o8 possible courses o8 action. onsult *our o3n attorne* as to legal
obligations and rights concerning the eth- ical con8lict.
8 the ethical con8lict still e>ists a8ter e>hausting all le=els o8 internal re=ie3, there ma* be no other recourse on
signi8icant matters than to resign 8rom the organiation and to submit an in8ormati=e memorandum to an appropriate
representati=e o8 the organia- tion. A8ter resignation, depending on the nature o8 the ethical con8lict, it ma* also be
ap- propriate to noti8* other parties.
>ro' In!ttute o 6ana$e'ent Accountant!, State'ent! on 6ana$e'ent Accountn$< Standard! o *thcal Conduct
or 6ana$e'ent Accountant!, State'ent o. 1C &10 Para$on 8r#e, 6ont#ale, J 0?%-, A)rl 1?(. 5e)rnted @th
)er'!!on.
Appendi> %
FEI Code of Ethics
E5s mission includes signi8icant e88orts to promote ethical conduct in the practice o8 8i- nancial management
throughout the 3orld. Senior 8inancial o88icers hold an important and ele=ated role in corporate go=ernance. 0hile
members o8 the management team, the* are
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Chapter 1 Ethica !ssues in Ad"anced Acc#untin$ 11
uniGuel* capable and empo3ered to ensure that all stakeholders5 interests are appropriatel* balanced, protected and
preser=ed. 6his ode pro=ides principles to 3hich members are e>pected to adhere and ad=ocate. 6he* embod*
rules regarding indi=idual and peer re- sponsibilities, as 3ell as responsibilities to emplo*ers, the public, and other
stakeholders. iolations o8 E5s ode o8 Ethics ma* subject the member to censure, suspension or e>- pulsion under
procedural rules adopted b* E5s Board o8 Directors.All members o8 E 3ill:
. Act 3ith honest* and integrit*, a=oiding actual or apparent con8licts o8 interest in per-
sonal and pro8essional relationships. %. @ro=ide constituents 3ith in8ormation that is accurate, complete,
objecti=e, rele=ant,
timel* and understandable. ". ompl* 3ith applicable rules and regulations o8 8ederal, state, pro=incial, and local
go=ernments, and other appropriate pri=ate and public regulator* agencies. $. Act in good 8aith, responsibl*, 3ith
due care, competence and diligence, 3ithout mis- representing material 8acts or allo3ing one5s independent
judgment to be subordinated. 1. espect the con8identialit* o8 in8ormation acGuired in the course o8 one5s 3ork
e>cept 3hen authoried or other3ise legall* obligated to disclose. on8idential in8ormation acGuired in the course o8
one5s 3ork 3ill not be used 8or personal ad=antage. 2. Share kno3ledge and maintain skills important and rele=antto constituents5 needs. ;. @roacti=el* promote ethical beha=ior as a responsible partner among peers, in the 3ork
en=ironment and the communit*. #. Achie=e responsible use o8 and control o=er all assets and resources
emplo*ed or
entrusted. C. eport kno3n or suspected =iolations o8 this ode in accordance 3ith the E ules
o8 @rocedure. . Be accountable 8or adhering to this ode.
Source< >nancal *+ecut#e! Internatonal Code o *thc!
Appendi> "
AICPA Code of Professional Conduct*CO$PO"ITION% APPLICA&ILIT'% AND CO$PLIANCE
6he ode o8 @ro8essional onduct o8 the American nstitute o8 erti8ied @ublic Accoun- tants consists o8 t3o
sections!' the @rinciples and !%' the ules. 6he @rinciples pro=ide the 8rame3ork 8or the ules, 3hich go=ern the
per8ormance o8 pro8essional ser=ices b* members. 6he ouncil o8 the American nstitute o8 erti8ied @ublic
Accountants is autho- ried to designate bodies to promulgate technical standards under the ules, and the b*la3s
reGuire adherence to those ules and standards.
6he ode o8 @ro8essional onduct 3as adopted b* membership to pro=ide guidance and rules to all members
those in public practice, in industr*, in go=ernment, and in education in the per8ormance o8 their pro8essional
responsibilities.
; >ro' A'ercan In!ttute o Certed Publc Accountant!, Code o Proe!!onal Conduct. Co)7r$ht = 2000 b7A'ercan In!ttute o Certed Publc Accountant!, Inc. &e@ ork(. 5e)rnted @th )er'!!on. &ot ncluded are the
State'ent! on Standard! or Ta+ Ser#ce! ncor)orated n the Code n 2000.(
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12 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
ompliance 3ith the ode o8 @ro8essional onduct, as 3ith all standards in an open so- ciet*, depends primaril*
on members5 understanding and =oluntar* actions, secondaril* on rein8orcement b* peers and public opinion, and
ultimatel* on disciplinar* proceedings, 3hen necessar*, against members 3ho 8ail to compl* 3ith the ules.
OTHER GUIDANCE
nterpretations o8 ules o8 onduct consist o8 interpretations 3hich ha=e been adopted, a8- ter e>posure to state
societies, state boards, practice units and other interested parties, b* the pro8essional ethics di=ision5s e>ecuti=e
committee to pro=ide guidelines as to the scope and application o8 the ules but are not intended to limit such scope
or application. A mem- ber 3ho departs 8rom such guidelines shall ha=e the burden o8 justi8*ing such departure in
an* disciplinar* hearing. nterpretations 3hich e>isted be8ore the adoption o8 the ode o8 @ro8essional onduct on
/anuar* %, C##, 3ill remain in e88ect until 8urther action is deemed necessar* b* the appropriate senior technical
committee.
Ethics ulings consist o8 8ormal rulings made b* the pro8essional ethics di=ision5s e>ec- uti=e committee a8ter
e>posure to state societies, state boards, practice units and other interested parties. 6hese rulings summarie the
application o8 ules o8 onduct and nter- pretations to a particular set o8 8actual circumstances. &embers 3ho
depart 8rom such rul- ings in similar circumstances 3ill be reGuested to justi8* such departures. Ethics ulings
3hich e>isted be8ore the adoption o8 the ode o8 @ro8essional onduct on /anuar* %, C##, 3ill remain in e88ect
until 8urther action is deemed necessar* b* the appropriate senior technical committee.
@ublication o8 an nterpretation or Ethics ruling in 6he /ournal o8 Accountanc* consti- tutes notice to members.
7ence, the e88ecti=e date o8 the pronouncement is the last da* o8 the month in 3hich the pronouncement is published
in 6he /ournal o8 Accountanc*. 6he pro8essional ethics di=ision 3ill take into consideration the time that 3ould ha=e
been rea- sonable 8or the member to compl* 3ith the pronouncement.
A member should also consult, i8 applicable, the ethical standards o8 his state @A soci- et*, state board o8
accountanc*, the Securities and E>change ommission, and an* other go=ernmental agenc* 3hich ma* regulate his
client5s business or use his report to e=aluate the client5s compliance 3ith applicable la3s and related regulations.
SE6+N : @N@LES @reamble &embership in the American nstitute o8 erti8ied @ublic Accountants is
=oluntar*. B* ac- cepting membership, a certi8ied public accountant assumes an obligation o8 sel8-discipline abo=eand be*ond the reGuirements o8 la3s and regulations.
6hese @rinciples o8 the ode o8 @ro8essional onduct o8 the American nstitute o8 er- ti8ied @ublic Accountants
e>press the pro8ession5s recognition o8 its responsibilities to the public, to clients, and to colleagues. 6he* guide
members in the per8ormance o8 their pro- 8essional responsibilities and e>press the basic tenets o8 ethical and
pro8essional conduct. 6he @rinciples call 8or an uns3er=ing commitment to honorable beha=ior, e=en at the sac-
ri8ice o8 personal ad=antage.
Article : esponsibilities n carr*ing out their responsibilities as pro8essionals, members should e>ercise sensiti=e
pro8essional and moral judgments in all their acti=ities. As pro8essionals, certi8ied public accountants per8orm an
essential role in societ*. onsis- tent 3ith that role, members o8 the American nstitute o8 erti8ied @ublic
Accountants ha=e responsibilities to all those 3ho use their pro8essional ser=ices. &embers also ha=e a
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Chapter 1 Ethica !ssues in Ad"anced Acc#untin$ 13
continuing responsibilit* to cooperate 3ith each other to impro=e the art o8 accounting, maintain the public5s
con8idence, and carr* out the pro8ession5s special responsibilities 8or sel8-go=ernance. 6he collecti=e e88orts o8 all
members are reGuired to maintain and enhance the traditions o8 the pro8ession. Article : 6he @ublic nterest
&embers should accept the obligation to act in a 3a* that 3ill ser=e the public interest, honor the public trust, and
demonstrate commitment to pro8essionalism. A distinguishing mark o8 a pro8ession is acceptance o8 itsresponsibilit* to the public. 6he accounting pro8ession5s public consists o8 clients, credit grantors, go=ernments,
emplo*ers, in=estors, the business and 8inancial communit*, and others 3ho rel* on the objecti=it* and integrit* o8
certi8ied public accountants to maintain the orderl* 8unctioning o8 commerce. 6his reliance imposes a public interest
responsibilit* on certi8ied public accountants. 6he public interest is de8ined as the collecti=e 3ell-being o8 the
communit* o8 people and insti- tutions the pro8ession ser=es.
n discharging their pro8essional responsibilities, members ma* encounter con8licting pressures 8rom among each
o8 those groups. n resol=ing those con8licts, members should act 3ith integrit*, guided b* the precept that 3hen
members 8ul8ill their responsibilit* to the public, clients5 and emplo*ers5 interests are best ser=ed.
6hose 3ho rel* on certi8ied public accountants e>pect them to discharge their responsi- bilities 3ith integrit*,
objecti=it*, due pro8essional care, and a genuine interest in ser=ing the public. 6he* are e>pected to pro=ide Gualit*
ser=ices, enter into 8ee arrangements, and o88er a range o8 ser=icesall in a manner that demonstrates a le=el o8pro8essionalism con- sistent 3ith these @rinciples o8 the ode o8 @ro8essional onduct.
All 3ho accept membership in the American nstitute o8 erti8ied @ublic Accountants commit themsel=es to
honor the public trust. n return 8or the 8aith that the public reposes in them, members should seek continuall* to
demonstrate their dedication to pro8essional e>cellence. Article : ntegrit* 6o maintain and broaden public
con8idence, members should per8orm all pro8essional re- sponsibilities 3ith the highest sense o8 integrit*. ntegrit* is
an element o8 character 8undamental to pro8essional recognition. t is the Gual- it* 8rom 3hich the public trust
deri=es and the benchmark against 3hich a member must ultimatel* test all decisions.
ntegrit* reGuires a member to be, among other things, honest and candid 3ithin the constraints o8 client
con8identialit*. Ser=ice and the public trust should not be subordinated to personal gain and ad=antage. ntegrit* can
accommodate the inad=ertent error and the honest di88erence o8 opinion4 it cannot accommodate deceit or
subordination o8 principle.
ntegrit* is measured in terms o8 3hat is right and just. n the absence o8 speci8ic rules, standards, or guidance, or
in the 8ace o8 con8licting opinions, a member should test deci- sions and deeds b* asking: OAm doing 3hat a
person o8 integrit* 3ould doJ 7a=e re- tained m* integrit*JP ntegrit* reGuires a member to obser=e both the 8orm
and the spirit o8 technical and ethical standards4 circum=ention o8 those standards constitutes subordination o8
judgment.
!nte$rit% as# re&uires a 'e'ber t# #bser"e the principes #( #bjecti"it% and indepen) dence and #( due care*
Artice !+, -bjecti"it% and !ndependence A 'e'ber sh#ud 'aintain #bjecti"it% and be (ree #( c#n(icts #( interest in
dischar$in$ pr#) (essi#na resp#nsibiities* A 'e'ber in pubic practice sh#ud be independent in (act and
appearance .hen pr#"idin$ auditin$ and #ther attestati#n ser"ices*
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14 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
+bjecti=it* is a state o8 mind, a Gualit* that lends =alue to a member5s ser=ices. t is a distin- guishing 8eature o8 the
pro8ession. 6he principle o8 objecti=it* imposes the obligation to be impartial, intellectuall* honest, and 8ree o8
con8licts o8 interest. ndependence precludes rela- tionships that ma* appear to impair a member5s objecti=it* in
rendering attestation ser=ices.
&embers o8ten ser=e multiple interests in man* di88erent capacities and must demon- strate their objecti=it* in=ar*ing circumstances. &embers in public practice render attest, ta>, and management ad=isor* ser=ices. +ther
members prepare 8inancial statements in the emplo*ment o8 others, per8orm internal auditing ser=ices, and ser=e in
8inancial and man- agement capacities in industr*, education, and go=ernment. 6he* also educate and train those
3ho aspire to admission into the pro8ession. egardless o8 ser=ice or capacit*, mem- bers should protect the
integrit* o8 their 3ork, maintain objecti=it*, and a=oid an* subordi- nation o8 their judgment.
or a member in public practice, the maintenance o8 objecti=it* and independence re- Guires a continuing
assessment o8 client relationships and public responsibilit*. Such a member 3ho pro=ides auditing and other
attestation ser=ices should be independent in 8act and appearance. n pro=iding all other ser=ices, a member should
maintain objecti=it* and a=oid con8licts o8 interest.
Although members not in public practice cannot maintain the appearance o8 indepen- dence, the* ne=ertheless
ha=e the responsibilit* to maintain objecti=it* in rendering pro- 8essional ser=ices. &embers emplo*ed b* others toprepare 8inancial statements or to per8orm auditing, ta>, or consulting ser=ices are charged 3ith the same
responsibilit* 8or objecti=it* as members in public practice and must be scrupulous in their application o8 generall*
accepted accounting principles and candid in all their dealings 3ith members in public practice.
Article : Due are A member should obser=e the pro8ession5s technical and ethical standards, stri=e continu- all* to
impro=e competence and the Gualit* o8 ser=ices, and discharge pro8essional respon- sibilit* to the best o8 the
member5s abilit*. 6he Guest 8or e>cellence is the essence o8 due care. Due care reGuires a member to dis- charge
pro8essional responsibilities 3ith competence and diligence. t imposes the obliga- tion to per8orm pro8essional
ser=ices to the best o8 a member5s abilit* 3ith concern 8or the best interest o8 those 8or 3hom the ser=ices are
per8ormed and consistent 3ith the pro8es- sion5s responsibilit* to the public.
ompetence is deri=ed 8rom a s*nthesis o8 education and e>perience. t begins 3ith a master* o8 the common
bod* o8 kno3ledge reGuired 8or designation as a certi8ied public accountant. 6he maintenance o8 competence
reGuires a commitment to learning and pro8essional impro=ement that must continue throughout a member5s
pro8essional li8e. t is a member5s indi=idual responsibilit*. n all engagements and in all responsibilities, each
member should undertake to achie=e a le=el o8 competence that 3ill assure that the Gualit* o8 the member5s ser=ices
meets the high le=el o8 pro8essionalism reGuired b* these @rinciples.
ompetence represents the attainment and maintenance o8 a le=el o8 understanding and kno3ledge that enables a
member to render ser=ices 3ith 8acilit* and acumen. t also establishes the limitations o8 a member5s capabilities b*
dictating that consultation or re8erral ma* be reGuired 3hen a pro8essional engagement e>ceeds the personal
competence o8 a member or a member5s 8irm. Each member is responsible 8or assessing his or her o3n competence
o8 e=aluating 3hether education, e>perience, and judgment are adeGuate 8or the responsibilit* to be assumed.
&embers should be diligent in discharging responsibilities to clients, emplo*ers, and the public. Diligence
imposes the responsibilit* to render ser=ices promptl* and care8ull*, to be thorough, and to obser=e applicable
technical and ethical standards.
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Chapter 1 Ethica !ssues in Ad"anced Acc#untin$ 15
Due care reGuires a member to plan and super=ise adeGuatel* an* pro8essional acti=it* 8or 3hich he or she is
responsible. Article : Scope and Nature o8 Ser=ices A member in public practice should obser=e the @rinciples o8
the ode o8 @ro8essional onduct in determining the scope and nature o8 ser=ices to be pro=ided. 6he public interest
aspect o8 certi8ied public accountants5 ser=ices reGuires that such ser- =ices be consistent 3ith acceptable
pro8essional beha=ior 8or certi8ied public accountants. ntegrit* reGuires that ser=ice and the public trust not besubordinated to personal gain and ad=antage. +bjecti=it* and independence reGuires that members be 8ree 8rom
con8licts o8 interest in discharging pro8essional responsibilities. Due care reGuires that ser=ices be pro- =ided 3ith
competence and diligence.
Each o8 these @rinciples should be considered b* members in determining 3hether or not to pro=ide speci8ic
ser=ices in indi=idual circumstances. n some instances, the* ma* represent an o=erall constraint on the nonaudit
ser=ices that might be o88ered to a speci8ic client. No hard-and-8ast rules can be de=eloped to help members reach
these judgments, but the* must be satis8ied that the* are meeting the spirit o8 the @rinciples in this regard.
n order to accomplish this, members should
@ractice in 8irms that ha=e in place internal Gualit*-control procedures to ensure that ser- =ices are competentl*
deli=ered and adeGuatel* super=ised.
Determine, in their indi=idual judgments, 3hether the scope and nature o8 other ser=ices pro=ided to an audit client
3ould create a con8lict o8 interest in the per8ormance o8 the audit 8unction 8or that client.
Assess, in their indi=idual judgments, 3hether an acti=it* is consistent 3ith their role as pro8essionals. SE6+N
: FLES Applicabilit* 6he b*la3s o8 the American nstitute o8 erti8ied @ublic Accountants reGuire that members
adhere to the ules o8 the ode o8 @ro8essional onduct. &embers must be prepared to jus- ti8* departures 8rom
these ules. De8initions; (@ursuant to its authorit* under the b*la3s !BL Q ".2.%.%' to interpret the ode o8 @ro8es-
sional onduct, the @ro8essional Ethics E>ecuti=e ommittee has issued the 8ollo3ing de8initions o8 terms
appearing in the code e88ecti=e No=ember ", C#C.)
Attest engagement. An attest engagement is an engagement that reGuires indepen- dence as de8ined in A@A
@ro8essional Standards. Attest engagement team. 6he attest engagement team consists o8 indi=iduals partic- ipating
in the attest engagement, including those 3ho per8orm concurring and second partner re=ie3s. 6he attestengagement team includes all emplo*ees and contractors retained b* the 8irm 3ho participate in the attest
engagement, irrespecti=e o8 their 8unctional classi8ication !8or e>ample, audit, ta>, or management consulting
ser=ices'. 6he attest engagement team e>cludes specialists as discussed in SAS No. ;", Fsing the 0ork o8 a
Specialist (AF section ""2), and indi=iduals 3ho per8orm onl* routine clerical 8unctions, such as 3ord processing
and photocop*ing. lient. A client is an* person or entit*, other than the member5s emplo*er, that engages a member
or a member5s 8irm to per8orm pro8essional ser=ices or a person or entit*
1? A! ado)ted, Januar7 12, 199, unle!! other@!e ndcated
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16 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
3ith respect to 3hich pro8essional ser=ices are per8ormed. or purposes o8 this paragraph, the term Oemplo*erP does
not include
a. Entities engaged in the practice o8 public accounting4 or b. ederal, state, and local go=ernments or component
units thereo8 pro=ided the
member per8orming pro8essional ser=ices 3ith respect to those entities
i. s directl* elected b* =oters o8 the go=ernment or component unit thereo8
3ith respect to 3hich pro8essional ser=ices are per8ormed4 or ii. s an indi=idual 3ho is !' appointed b* a
legislati=e bod* and !%' subject to
remo=al b* a legislati=e bod*4 or iii. s appointed b* someone other than the legislati=e bod*, so long as the ap-
pointment is con8irmed b* the legislati=e bod* and remo=al is subject to o=ersight or appro=al b* the legislati=e
bod*. lose relati=e. A close relati=e is a parent, sibling, or nondependent child. ouncil. 6he ouncil o8 the
American nstitute o8 erti8ied @ublic Accountants. o=ered member. A co=ered member is
a. An indi=idual on the attest engagement team4 b. An indi=idual in a position to in8luence the attest engagement4 c.
A partner or manager 3ho pro=ides nonattest ser=ices to the attest client begin- ning once he or she pro=ides tenhours o8 nonattest ser=ices to the client 3ithin an* 8iscal *ear and ending on the later o8 the date !i' the 8irm signs the
report on the 8inancial statements 8or the 8iscal *ear during 3hich those ser=ices 3ere pro- =ided or !ii' he or she no
longer e>pects to pro=ide ten or more hours o8 nonat- test ser=ices to the attest client on a recurring basis4 d. A
partner in the o88ice in 3hich the lead attest engagement partner primaril*
practices in connection 3ith the attest engagement4 e. 6he 8irm, including the 8irm5s emplo*ee bene8it plans4 or 8.
An entit* 3hose operating, 8inancial, or accounting policies can be controlled
!as de8ined b* generall* accepted accounting principles (AA@) 8or consolidation purposes' b* an* o8 the
indi=iduals or entities described in !a' through !e' or b* t3o or more such indi=iduals or entities i8 the* act together.
inancial institution. A 8inancial institution is considered to be an entit* that, as part o8 its normal business
operations, makes loans or e>tends credit to the general public. n addition, 8or automobile leases addressed under
interpretation -1, Loans rom inancial nstitution lients, an entit* 3ould be considered a 8inancial institutioni8 it leases automobiles to the general public. inancial statements. A presentation o8 8inancial data, including
accompan*ing notes, i8 an*, intended to communicate an entit*5s economic resources andMor obliga- tions at a point
in time or the changes therein 8or a period o8 time, in accordance 3ith generall* accepted accounting principles or a
comprehensi=e basis o8 accounting other than generall* accepted accounting principles.
ncidental 8inancial data to support recommendations to a client or in documents 8or 3hich the reporting is
go=erned b* Statements on Standards 8or Attestation Engagements and ta> returns and supporting schedules do not,
8or this purpose, consti- tute 8inancial statements. 6he statement, a88ida=it, or signature o8 preparers reGuired on ta>
returns neither constitutes an opinion on 8inancial statements nor reGuires a dis- claimer o8 such opinion. irm. A
8irm is a 8orm o8 organiation permitted b* la3 or regulation 3hose character- istics con8orm to resolutions o8 the
ouncil o8 the American nstitute o8 erti8ied @ublic Accountants that is engaged in the practice o8 public
accounting. E>cept 8or purposes
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Chapter 1 Ethica !ssues in Ad"anced Acc#untin$ 17
o8 appl*ing ule : ndependence, the 8irm includes the indi=idual partners thereo8. (e=ised No=ember, %.)
nstitute. 6he American nstitute o8 erti8ied @ublic Accountants. nterpretations o8 rules o8 conduct.
@ronouncements issued b* the di=ision o8 pro- 8essional ethics to pro=ide guidelines concerning the scope and
application o8 the rules o8 conduct. &ember. A member, associate member, or international associate o8 the
American nstitute o8 erti8ied @ublic Accountants. @ractice o8 public accounting. 6he practice o8 public accountingconsists o8 the per8or- mance 8or a client, b* a member or a member5s 8irm, 3hile holding out as @A!s', o8 the
pro8essional ser=ices o8 accounting, ta>, personal 8inancial planning, litigation support ser- =ices, and those
pro8essional ser=ices 8or 3hich standards are promulgated b* bodies des- ignated b* ouncil, such as Statements o8
inancial Accounting Standards, Statements on Auditing Standards, Statements on Standards 8or Accounting and
e=ie3 Ser=ices, State- ments on Standards 8or onsulting Ser=ices, Statements o8 o=ernmental Accounting
Standards, and Statements on Standards 8or Attestation Engagements.
7o3e=er, a member or a member5s 8irm, 3hile holding out as @A!s', is not considered to be in the practice o8
public accounting i8 the member or the member5s 8irm does not per- 8orm, 8or an* client, an* o8 the pro8essional
ser=ices described in the preceding paragraph. @ro8essional Ser=ices. @ro8essional ser=ices include all ser=ices
per8ormed b* a member 3hile holding out as a @A. FLES ule ndependence A member in public practice
shall be independent in the per8ormance o8 pro8essional ser- =ices as reGuired b* standards promulgated b* bodies
designated b* ouncil. ule % ntegrit* and +bjecti=it* n the per8ormance o8 an* pro8essional ser=ice, a member
shall maintain objecti=it* and in- tegrit*, shall be 8ree o8 con8licts o8 interest, and shall not kno3ingl* misrepresent
8acts or subordinate his or her judgment to others. ule % eneral Standards A member shall compl* 3ith the
8ollo3ing standards and an* interpretations thereo8 b* bodies designated b* ouncil.
A. @ro8essional ompetence. Fndertake onl* those pro8essional ser=ices that the member or the member5s 8irm can
reasonabl* e>pect to be completed 3ith pro8es- sional competence. B. Due @ro8essional are. E>ercise due
pro8essional care in the per8ormance o8 pro-
8essional ser=ices. . @lanning and Super=ision. AdeGuatel* plan and super=ise the per8ormance o8 pro-
8essional ser=ices. D. Su88icient ele=ant Data. +btain su88icient rele=ant data to a88ord a reasonable basis 8or
conclusions or recommendations in relation to an* pro8essional ser=ices per8ormed. ule %% ompliance 3ith
Standards A member 3ho per8orms auditing, re=ie3, compilation, management consulting, ta>, or other pro8essionalser=ices shall compl* 3ith standards promulgated b* bodies designated b* ouncil.
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18 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
ule %" Accounting @rinciples A member shall not !' e>press an opinion or state a88irmati=el* that the 8inancial
state- ments or other 8inancial data o8 an* entit* are presented in con8ormit* 3ith generall* accepted accounting
principles or !%' state that he or she is not a3are o8 an* material mod- i8ications that should be made to such
statements or data in order 8or them to be in con8or- mit* 3ith generall* accepted accounting principles, i8 such
statements or data contain an* departure 8rom an accounting principle promulgated b* bodies designated b* ouncilto establish such principles that has a material e88ect on the statements or data taken as a 3hole. 8, ho3e=er, the
statements or data contain such a departure and the member can demonstrate that due to unusual circumstances the
8inancial statements or data 3ould other3ise ha=e been misleading, the member can compl* 3ith the rule b*
describing the departure, its appro>imate e88ects, i8 practicable, and the reasons 3h* compliance 3ith the principle
3ould result in a misleading statement. ule " on8idential lient n8ormation A member in public practice shall
not disclose an* con8idential client in8ormation 3ithout the speci8ic consent o8 the client.
6his rule shall not be construed !' to relie=e a member o8 his or her pro8essional oblig- ations under rules %%
and %", !%' to a88ect in an* 3a* the member5s obligation to compl* 3ith a =alidl* issued and en8orceable subpoena
or summons, or to prohibit a member5s com- pliance 3ith applicable la3s and go=ernment regulations, !"' to
prohibit re=ie3 o8 a mem- ber5s pro8essional practice under A@A or state @A societ* or Board o8 Accountanc*
authoriation, or !$' to preclude a member 8rom initiating a complaint 3ith, or responding to an* inGuir* made b*,
the ethics di=ision or trial board o8 the nstitute or a dul* constituted in=estigati=e or disciplinar* bod* o8 a state
@A societ* or Board o8 Accountanc*.
&embers o8 an* o8 the bodies identi8ied in !$' abo=e and members in=ol=ed 3ith pro- 8essional practice re=ie3s
identi8ied in !"' abo=e shall not use to their o3n ad=antage or dis- close an* member5s con8idential client
in8ormation that comes to their attention in carr*ing out those acti=ities. 6his prohibition shall not restrict members5
e>change o8 in8ormation in connection 3ith the in=estigati=e or disciplinar* proceedings described in !$' abo=e or
the pro8essional practice re=ie3s described in !"' abo=e. ule "% ontingent ees# A member in public practice
shall not
. @er8orm 8or a contingent 8ee an* pro8essional ser=ices 8or, or recei=e such a 8ee 8rom, a
client 8or 3hom the member or the member5s 8irm per8orms a. an audit or re=ie3 o8 a 8inancial statement4 or b. a
compilation o8 a 8inancial statement 3hen the member e>pects, or reasonabl* might e>pect, that a third part* 3illuse the 8inancial statement and the member5s compila- tion report does not disclose a lack o8 independence4 or c. an
e>amination o8 prospecti=e 8inancial in8ormation4
or %. @repare an original or amended ta> return or claim 8or a ta> re8und 8or a contingent 8ee
8or an* client.
6he prohibition in !' abo=e applies during the period in 3hich the member or the mem- ber5s 8irm is engaged to
per8orm an* o8 the ser=ices listed abo=e and the period co=ered b* an* historical 8inancial statements in=ol=ed in
an* such listed ser=ices.
19 a@! or board o accountanc7 rule! o !o'e !tate! )rohbt the rece)t o contn$ent ee! b7 CPA!. &Author! note(
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Chapter 1 Ethica !ssues in Ad"anced Acc#untin$ 19
E>cept as stated in the ne>t sentence, a contingent 8ee is a 8ee established 8or the per- 8ormance o8 an* ser=ice
pursuant to an arrangement in 3hich no 8ee 3ill be charged unless a speci8ied 8inding or result is attained, or in
3hich the amount o8 the 8ee is other3ise de- pendent upon the 8inding or result o8 such ser=ice. Solel* 8or purposes
o8 this rule, 8ees are not regarded as being contingent i8 8i>ed b* courts or other public authorities, or, in ta> mat-
ters, i8 determined based on the results o8 judicial proceedings or the 8indings o8 go=ern- mental agencies.A member5s 8ees ma* =ar* depending, 8or e>ample, on the comple>it* o8 ser=ices rendered. ule $ (eser=ed)
ule 1 Acts Discreditable A member shall not commit an act discreditable to the pro8ession. ule 1% Ad=ertising
and +ther orms o8 Solicitation A member in public practice shall not seek to obtain clients b* ad=ertising or other
8orms o8 solicitation in a manner that is 8alse, misleading, or decepti=e. Solicitation b* the use o8 coercion, o=er-
reaching, or harassing conduct is prohibited. ule 1" ommissions and e8erral eesC A. @rohibited
ommissions A member in public practice shall not 8or a commission recommend or re8er to a client an* product or
ser=ice, or 8or a commission recommend or re8er an* product or ser=ice to be supplied b* a client, or recei=e a
commission, 3hen the member or the member5s 8irm also per8orms 8or that client
a. an audit or re=ie3 o8 a 8inancial statement4 or b. a compilation o8 a 8inancial statement 3hen the member e>pects,
or reasonabl* might e>pect, that a third part* 3ill use the 8inancial statement and the member5s compilation report
does not disclose a lack o8 independence4 or c. an e>amination o8 prospecti=e 8inancial in8ormation.6his prohibition applies during the period in 3hich the member is engaged to per8orm an* o8 the ser=ices listed
abo=e and the period co=ered b* an* historical 8inancial state- ments in=ol=ed in such listed ser=ices.
B. Disclosure o8 @ermitted ommissions A member in public practice 3ho is not prohibited b* this rule 8rom
per8orming ser=ices 8or or recei=ing a commission and 3ho is paid or e>pects to be paid a commission shall disclose
that 8act to an* person or entit* to 3hom the member recommends or re8ers a product or ser=ice to 3hich the
commission relates.
. e8erral ees An* member 3ho accepts a re8erral 8ee 8or recommending or re8erring an* ser=ice o8 a @A to an*
person or entit* or 3ho pa*s a re8erral 8ee to obtain a client shall disclose such acceptance or pa*ment to the client.
ule 1$ (6here is currentl* no rule 1$.)
1 a@! or board o accountanc7 rule! o !o'e !tate! )rohbt the )a7'ent or rece)t o co''!!on! b7 CPA!.&Author! note(
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20 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
ule 11 orm o8 +rganiation and Name A member ma* practice public accounting onl* in the 8orm o8
organiation permitted b* la3 or regulation 3hose characteristics con8orm to resolutions o8 ouncil.
A member shall not practice public accounting under a 8irm name that is mislead- ing. Names o8 one or more past
o3ners ma* be included in the 8irm name o8 a successor organiation.
A 8irm ma* not designate itsel8 as O&embers o8 the American nstitute o8 erti8ied @ub- lic AccountantsP unless
all o8 its o3ners are members o8 the nstitute.
Revie
1. What are cute accounting and cooking the books? Questions
%. 0h* is the EGuit* unding orporation o8 America 8raud signi8icant 8or management
accountants and 8inancial e>ecuti=esJ ". denti8* the 8our components o8 ethical conduct 8or management
accountants, set 8orth in Standards o8 Ethical onduct 8or &embers o8 the nstitute o8 &anagement Accountants. $.
7o3 did the National ommission on raudulent inancial eporting !6read3a*
ommission' de8ine 8raudulent 8inancial reportingJ 1. 0hat ules o8 @ro8essional onduct o8 the American
nstitute o8 erti8ied @ublic Accountants appl* to all members o8 the A@A, including management accountantsJ 2.Do the ethics codes o8 the nstitute o8 &anagement Accountants and the inancial E>ecuti=es nternational reGuire
their members to compl* 3ith generall* accepted ac- counting principlesJ E>plain. ;. 0hat is insider trading o8
corporate securitiesJ #. Does the Securities and E>change ommission accept a Ogood soldierP rationaliation
8or 8raudulent 8inancial reportingJ E>plain. C. 0hat are the obligations o8 management accountants regarding
con8licts o8 interestJ . Does the ode o8 Ethics o8 the inancial E>ecuti=es nternational reGuire E mem- bers to
maintain the con8identialit* o8 in8ormation acGuired in the course o8 their 3ork in all circumstancesJ E>plain. .
Does the ode o8 @ro8essional onduct o8 the American nstitute o8 erti8ied @ublic Accountants reGuire A@A
members in industr* to maintain the appearance o8 inde- pendenceJ E>plain. %. 0hat classes o8 accountants are
subject to regulation b* the @ublic ompan* Account-
ing +=ersight BoardJ
E!ercises
(E)er*+se 1,1-
Select the best ans3er 8or each o8 the 8ollo3ing multiple-choice Guestions:
. 6he b*la3s o8 the A@A reGuire members to adhere to the ode o8 @ro8essional on-
duct section entitled: a. @rinciples b. ules c. nterpretations d. Ethics ulings
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Chapter 1 Ethica !ssues in Ad"anced Acc#untin$ 21
%. A rule o8 the A@A ode o8 @ro8essional onduct that does not appl* to A@A
members in pri=ate industr* is: a. ule ndependence. b. ule % ntegrit* and +bjecti=it*. c. ule % eneral
Standards. d. ule %" Accounting @rinciples. e. None o8 the 8oregoing. ". onduct o8 a member5s personal a88airs is
addressed in the ethics code or codes o8:
a. 6he American nstitute o8 erti8ied @ublic Accountants onl*. b. 6he inancial E>ecuti=es nternational. c. 6he
nstitute o8 &anagement Accountants onl*. d. None o8 the three organiations cited abo=e. $. According to the
National ommission on raudulent inancial eporting !6read3a* ommission', the responsibilit* 8or reliable
8inancial reporting lies 8irst and 8oremost: a. At the corporate le=el. b. 0ith the SE. c. 0ith independent auditors. d.
0ith state boards o8 accountanc*. 1. Does 8raudulent 8inancial reporting include:
Cook+n t.e &ooks? Cute A**ount+n? "ebua., No 'es b, No No *, 'es 'es !, 'es No
2. According to the A@A, are 8inancial statements o8 a business enterprise that ha=e been dra8ted b* the
enterprise5s independent auditors on its behal8 the representations o8 the enterprise5s:
$anaement? In!epen!ent Au!+tors? "ebua., 'es 'es b, 'es No *, No 'es !, No No
7. tandards of !thical "onduct for #embers of the $nstitute of #anagement %ccoun&
tants deal 3ith all o8 the 8ollo3ing e>cept: a. ompetence b. on8identialit* c. ndependence d. ntegrit* e.
+bjecti=it* #. 6he eport o8 the National ommission on raudulent inancial eporting did not
include recommendations 8or: a. inancial institution regulators. b. Legal counsel o8 business enterprises. c.
Educators. d. State boards o8 accountanc*.
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22 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
C. Are con8licts o8 interest addressed directl* in the ethics codes o8 the:
I6A >*I AICPA Sebuah. e! e! e! b. e! o e! c. o e! e! d. o o e!
. ompliance 3ith generall* accepted accounting principles is reGuired b* the ethics
code o8 the: a. A@A onl*. b. A@A and E. c. A@A and &A. d. A@A, E, and &A. . According toStandards o8 Ethical onduct 8or &embers o8 the nstitute o8 &anage- ment Accountants, management accountants
8aced 3ith signi8icant ethical issues should 8irst: a. Discuss the issue 3ith the immediate superior, e>cept 3hen it
appears the superior
is in=ol=ed. b. lari8* rele=ant concepts b* con8idential discussion 3ith an objecti=e ad=iser. c. Discuss the issue
3ith the audit committee o8 the board o8 directors. d. ollo3 the established policies o8 the business enterprise
bearing on the resolution
o8 such issues. %. 6he section o8 the American nstitute o8 erti8ied @ublic Accountants ode o8 @ro8es-
sional onduct that go=erns the per8ormance o8 pro8essional ser=ices b* A@A mem- bers is the: a. @rinciples b.
ules c. B*la3s d. 6echnical standards
Cases
(Case 1,1-
Suppose *ou 3ere to participate in a debate o8 the 8ollo3ing resolution: esol=ed, that the 8ollo3ing sentence 8rom
the @reamble to Section : @rinciples o8 the A@A ode o8 @ro8essional onduct is o=erl* idealistic in toda*5s
societ*:
6he @rinciples call 8or an uns3er=ing commitment to honorable beha=ior, e=en at the sacri8ice o8 personal ad=antage.
nstructions 0ould *ou support the a88irmati=e or the negati=e side o8 the debateJ E>plain.
(Case 1,/-
n his &editations, the oman emperor &arcus Aurelius Antoninus 3rote as 8ollo3s !Books and ':
A man must stand erect, not be kept erect b* others. . . . Be thou erect or be made erect.
nstructions E=aluate the use8ulness o8 the ethics rules o8 the A@A, E, and &A in relation to the 8oregoing
Guotations.
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(Case 1,0-
(Case 1,-
(Case 1,2-
(Case 1,3-
(Case 1,4-
(Case 1,5-
(Case 1,6-
Chapter 1 Ethica !ssues in Ad"anced Acc#untin$ 23
hie8 e>ecuti=e o88icers !E+s' o8 business enterprises o8ten pressure enterprise chie8 8inancial o88icers !+s' or
controllers to cook the books.
nstructions E=aluate the ethics rules o8 the &A, E, and A@A as guidelines 8or resisting the pres- sures
described abo=e.
eneral nstruction D!%'!a' o8 orm -9, Annual eport, reGuires the report, 8iled 3ith the SE, to be signed b*
the registrant compan*5s principal 8inancial o88icer and controller or principal accounting o88icer. Similarl*, eneral
nstruction o8 orm -R, Ruarterl* eport, reGuires the report, 8iled 3ith the SE, to be signed b* the principal
8inancial or chie8 accounting o88icer o8 the registrant compan*.
nstructions 7o3 should the chie8 8inancial o88icer !+' and the controller o8 an SE registrant enter- prise =ie3
the obligation to sign the registrant5s orm -9 and orm -R reports to the SEJ E>plain.
According to alph E. 0alters !page ; o8 the te>t': OAn obligation to be impartial seems to me to place a ne3 and
possibl* unrealistic burden on the management accountant.P
nstructions Do *ou agree 3ith 0altersJ E>plain.
An earlier =ersion o8 the inancial E>ecuti=es nternational ode o8 Ethics reGuired E members to conduct their
personal a88airs, as 3ell as their business a88airs, 3ith honest* and integrit*. 6he current =ersion does not ha=e that
reGuirement.
nstructions Did the E err in remo=ing the 8oregoing reGuirement 8rom its ethics codeJ E>plain.
ernon ass, chie8 8inancial o88icer o8 6ingle* orporation, a publicl* o3ned enterprise, asked his subordinate, /ohn
onro*, @A and controller o8 6ingle*, i8 an* accounting changes might be made be8ore the 8orthcoming close o8
the 8iscal *ear to enhance 6ingle*5s earnings 8or the *ear. onro* suggested that he might e>tend economic li=es o8
plant assets, reduce the percentage used to estimate doubt8ul accounts e>pense based on net credit sales, and de8er,
rather than e>pense, certain ad=ertising costs that consistentl* had been recog- nied as e>penses in prior *ears. ass
instructed onro* to 8ormalie a proposal incorpo- rating those suggestions, 8or consideration b* the audit
committee o8 6ingle*5s board o8 directors.
nstructions E=aluate the actions o8 ernon ass and /ohn onro*. !Suggestion: onsider the pro=isions o8 A@B
+pinion No. %, OAccounting hanges,P and Statement on Auditing Standards No. 1;, OAuditing Accounting
Estimates,P in *our discussion.'
6he 8ollo3ing e>cerpt is 8rom Standards o8 Ethical onduct 8or &embers o8 the nstitute o8 &anagement
Accountants:
8 (an) ethical con8lict still e>ists a8ter e>hausting all le=els o8 internal re=ie3, there ma* be no other recourse on signi8icant
matters than to resign 8rom the organiation and to submit an in8or- mati=e memorandum to an appropriate representati=e o8 the
organiation.
nstructions 0hat is *our opinion o8 the 8oregoing e>cerptJ E>plain.
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erti8ied public accountants !@As' t*picall* are subject to codes o8 ethics or conduct en- acted b* state boards o8
accountanc* that license the accountants.
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24 Chapter 1 Ethica !ssues in Ad"anced Acc#untin$
nstructions i=en that @As are subject to o=ersight b* state boards o8 accountanc*, 3hat is the incenti=ei8 an*
8or @As in management accounting to be members o8 the A@A, the E, or the &AJ E>plain.
(Case 1,17-
Iou are the chie8 8inancial o88icer o8 @la*things, nc., a ne3l* organied, publicl* o3ned manu8acturer o8 to*s and
games. o* 0eber, the chairman o8 the audit committee o8 the compan*5s board o8 directors, asks *ou to consider at
3hat point, under generall* accepted accounting principles, the compan* can recognie re=enue 8or Obill and holdP
sales o8 to*s to retailers. 7e stresses that it is imperati=e 8or the compan* to compl* 3ith 8ederal and state securities
la3s.
nstructions @repare a memorandum to ans3er the audit committee chairman a8ter *ou ha=e researched the
8ollo3ing:
Statement o8 inancial Accounting oncepts No. 2, OElements o8 inancial Statements,P pars. ;#, ;C. Statement o8
inancial Accounting oncepts No. 1, Oecognition and &easurement in inancial Statements o8 Business
Enterprises,P pars. #", #$. Fni8orm ommercial ode, secs. $, 1. SE Accounting Series elease No. %C%,
O . . . n the &atter o8 Arthur Andersen o.P SE Accounting and Auditing En8orcement elease No. #, O . . . n
the &atter o8 Ste3art @arness.P SE Accounting and Auditing En8orcement elease No. #;, O . . . n the &atter o8
*press Bioscience nc. . . .P
(Case 1,11-
n a September CC# speech, 8ormer Securities and E>change ommission hairman Arthur Le=itt used the term
cookie-jar reser=es to describe a Ocooking the booksP tech- niGue used b* some publicl* o3ned companies to
manage earnings. 6he techniGue in=ol=ed establishing 8ictitious liabilities 8or bogus e>penses or realied and earned
re=enues in a highl* pro8itiable Guarter or 8iscal *ear, and re=ersing the liabilities in subseGuent lo3 earn- ings
periods.
nstructions a. +btain and stud* SE AAE $, On the &atter o8 0 race o., espondentP
!/une ", CCC' and describe the Ocookie-jar reser=esP techniGue used b* race. b. e=ie3 the Sta88 Accounting
Bulletins issued b* the SE subseGuent to /une ", CCC, and brie8l* describe the pro=isions o8 a Bulletin dealing
3ith the race matter and the SE sta885s resultant reGuirements.
EQA
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