AICPA Code Of Ethics Essay

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Would you say that Independence for Auditors and the AICPA Code of Professional Conduct are similar? Today I will give details explaining the similarities between the two and the differences between the two. I decided to go with the following ethical codes because they’re possibly the two most important when it comes to being an auditor. In violation of either of the two could hurt your name, business, and company drastically. However following the rules, may also cause you to loose clients, which is always a problem because loosing money is never fun. On the bright side of things your company/business will have a clean name and new clients are always looking for a business that shows Independence and follows the AICPA Code of Professional …show more content…

Hopefully you said both because they’re both apart of the overall approach of being an Independent company or firm. Independence of the internal auditor means independence from parties whose interests might be harmed by the results of an audit. Specific internal management issues are inadequate risk management, inadequate internal controls, and poor governance. Independence of the external auditor means independence from parties that have an interest in the results published in financial statements of an entity. The support from and relation to the Audit Committee of the client company, the contract and the contractual reference to public accounting standards/codes generally provides independence from management, the code of ethics of the Public Accountant profession that helps give guidance on independence form suppliers, clients, third parties. If asked, what would a collection of codified statements issued by the American Institute of Certified Public Accountants that outline a CPA's ethical and professional responsibilities be called? Hopefully you would tell me that this is AICPA Code of Professional Conduct. The code establishes standards for auditor independence, integrity and objectivity, responsibilities to clients and colleagues and acts discreditable to the accounting

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