Editor's Note
It used to be taken for granted that ethics were interwoven in the field of accounting. Sure, there were exceptions, but the unspoken rule was that accountants are trustworthy. Post Enron, the profession as a whole has had its proverbial hands slapped, and as a result, Ethics now takes center stage as a requirement, not an assumption. In this special edition of our e-newsletter, AccountingWEB welcomes some guest writers who can provide some insights into this field that now, as it always should, permeates our professional lives.
As always, please contact us with ideas and suggestions or add your comments to any of our articles.
Best wishes,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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Social networking presents serious concern to business owners
According to findings from the third annual Deloitte LLP Ethics & Workplace survey, 58 percent of executives agree that the reputational risk of social networking should be a boardroom issue. However, only 15 percent of the respondents say that it is being discussed at this level.
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AICPA Interpretation 101-3 fundamentals
Interpretation 101-3 (Performance of Nonattest Services) of the AICPA Code of Professional Conduct addresses whether and to what extent professionals may perform nonattest (i.e., tax and consulting) services for their attest clients. 101-3 has been in the Code since the 1970s and has received its share of attention over the years. The rule has been subject to much debate; some think it does not go far enough while others believe it is too onerous.
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Want to increase stickiness with your clients? Offer Payroll Services
Payroll services require contact with your client at regular intervals and for the life of the business. There isn’t a better way to increase client stickiness, if you offer accounting or tax services to your clients. Strengthen your client relationship and stay closer to the pulse of your client’s business. Offer Payroll Services to your clients.
Take a look at Payroll Relief and see how automation has turned offering payroll from a coal-mine to a gold-mine. All you have to do is enter time and print checks!
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New Code of Ethics will facilitate global convergence
Earlier this summer, the International Ethics Standards Board for Accountants (IESBA) issued a revised Code of Ethics for Professional Accountants (the Code), clarifying requirements for all professional accountants and significantly strengthening the independence requirements of auditors.
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Blog: Safeguards to Prevent Ethics Rules Violations
The Conceptual Framework for AICPA Independence Standards and Guide for Complying with Rules 102-505 identify seven threats to ethics rules violations. These pronouncements also discuss professional, client and CPA firm safeguards to eliminate or mitigate the threats. The quality control safeguard may be the most important for smaller CPA firms.
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The 'Big 8' Generally Unacceptable Accounting Principles (GUAP) and the introduction of Socially Responsible Accounting (SRA)
Generally Acceptable Accounting Principles (GAAP) form the basis of financial statement preparation for public and private corporations. Yet, unlike law, science, engineering, mathematics or philosophy, the application of accounting principles is not based on fact, case law, statutes, regulations, code (as in French or Spanish law), truths, or empirical scientific evidence. In this period of unprecedented global wealth destruction, estimated at over $30 trillion, this author asks whether we need to contemplate and add a new standard or ethical principle to the inventory of Generally Acceptable Accounting Principles.
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