The Code of Professional Conduct of the American Institute of Certified Public Accountants describes Principles and Rules. The principles provide the framework for the rules which govern the performance of professional services by members. It outlines CPAA’s ethical and professional responsibilities. The code establishes Principles which are: Public Interest, Integrity, Objectivity, Independence, Responsibility and Due care. The four parts of the AICPA Code of Professional Conduct are principles, rules of conduct, interpretations of the rules of conduct and ethical rulings. Of these parts, only the rules of conduct are enforceable. Principles set the ideal standards related to ethical conduct while rules imply the minimum standards of ethical conduct stated as specific rules. To select: The correct option.

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Chapter 19, Problem 19.17MCQ

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The Code of Professional Conduct of the American Institute of Certified Public Accountants describes Principles and Rules. The principles provide the framework for the rules which govern the performance of professional services by members. It outlines CPAA’s ethical and professional responsibilities. The code establishes Principles which are: Public Interest, Integrity, Objectivity, Independence, Responsibility and Due care.

The four parts of the AICPA Code of Professional Conduct are principles, rules of conduct, interpretations of the rules of conduct and ethical rulings. Of these parts, only the rules of conduct are enforceable.

Principles set the ideal standards related to ethical conduct while rules imply the minimum standards of ethical conduct stated as specific rules.

To select: The correct option.

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