Ethical Standards
The accounting profession’s ethical standards are found in the rules and regulations of the AICPA, state accounting societies, the Securities and Exchange Commission, the General Accounting Office and the Public Company Accounting Oversight Board. These rules are in a constant state of change, and Vedder Price’s Accounting Practice Group monitors changes to these standards and advises its clients of standard changes through newsletters and special bulletins. In addition, members of the practice group are available to provide in-house seminars on the profession’s ethical standards and to advise accounting firms on the application of those standards to specific firm practices, such as accepting compensation relating to the sales of financial services and actions and relationships that impair a firm’s audit independence.
To further assist accountants in staying abreast of the ethical standards of their profession, we have prepared a chart comparing the ethical standards of the profession’s various regulatory bodies, as well as a chart of hyperlinks to websites which display the accountancy laws and the rules and ethical codes of the state board of accountancy of each state.
The Accounting Practice Group also has extensive experience in representing CPA firms in disciplinary proceedings conducted by the AICPA, state CPA societies, state boards of accountancy and the Securities and Exchange Commission. In such proceedings, it is not only essential that legal counsel be familiar with the relevant ethical and professional standards, but also the procedural framework in which such proceedings are conducted. In this connection, one of the Group’s attorneys drafted the American Bar Association’s comment letter on the recently adopted rules of the Public Company Accounting Oversight Board governing its investigations and hearings.
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