The AICPA's Code of Professional Conduct outlines key elements of an accountant's professional ethics responsibilities. Briefly describe how the Code is structured and indicate where would you find guidance about the importance of integrity.

Question

What will be an ideal response?

Answer 1

The AICPA Code is organized into separate parts. The Preface is applicable to all members
and includes an overview of the Code, a summary of the structure and application of the
Code, and the Principles of professional conduct. The remaining part of the Code is divided
into three parts according to member’s practice.
Part 1 is applicable to members in public practice,
Part 2 is applicable to members in business, and
Part 3 is applicable to all other members such as those who are retired or unemployed.
For members who are both in public practice and in business, content that is relevant to both
parts appears in the corresponding citation. The actual content differs only where necessary
(for example, part 1 might refer to a firm whereas part 2 might refer to employer).
As a result of the 2014 restructuring of the Code of Professional Conduct, the Code no
longer uses specific rule numbers (For example, Rule 101, Independence is now referred to as the
Independence Rule.). While the specific rule number is no longer used, the bylaws of the AICPA require
that members adhere to the rules of the AICPA Code. This has not been changed with the restructured
AICPA Code.
One of the Principles of the Code is "Integrity" which is found in 0.300.040 of the Preface. That
Principle states "To maintain and broaden public confidence, members should perform all professional
responsibilities with the highest sense of integrity." Section 1.100 in Part 1 provides guidance related
to Integrity and Objectivity for members in public practice. Section 2.100 in Part 2 provides guidance
related to Integrity and Objectivity for members in business.