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Questions and Answers
What is a key difference between the AICPA Code of Professional Conduct and the International Code of Ethics for Professional Accountants?
What is a key difference between the AICPA Code of Professional Conduct and the International Code of Ethics for Professional Accountants?
Which code places more emphasis on detailed ethics rules over principles?
Which code places more emphasis on detailed ethics rules over principles?
What approach does the AICPA code use throughout its code?
What approach does the AICPA code use throughout its code?
What is one specific activity that the AICPA code bans auditors from doing?
What is one specific activity that the AICPA code bans auditors from doing?
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Study Notes
Key Differences between AICPA and International Code of Ethics
- AICPA Code of Professional Conduct is more prescriptive, emphasizing detailed ethics rules, while the International Code of Ethics for Professional Accountants focuses on broad ethical principles.
Emphasis on Rules vs. Principles
- AICPA places greater emphasis on specific ethics rules compared to the International Code, which prioritizes principles that guide ethical behavior.
AICPA Code Approach
- The AICPA Code utilizes a principles-based approach while integrating specific rules to foster adherence among members.
Prohibited Activities for Auditors
- The AICPA Code specifically bans auditors from performing non-audit services for audit clients to maintain independence and objectivity.
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Description
Explore the differences between the AICPA Code of Professional Conduct and the International Code of Ethics for Professional Accountants, including International Independence Standards. Understand the emphasis on principles, rules for public interest entities, and the conceptual framework approach used in each code.
