The following three standards: The AICPA Code of Professional Conduct, the IMA Statement of Ethical Professional Practice, and the Statement on Standards for Tax Services compare in many ways, which will be discussed in this paper. However, out of the three the two that compare the most are the AICPA guide and the IMA guide. The AICPA version goes into much more depth and description about each point in comparison to the IMA guide. Both the AICPA and IMA discuss the importance of integrity, and that avoiding conflict of interest is critical.
This is discussed in the public trust section of the AICPA, and in the integrity section of the IMA. They also both discuss objectivity, stating that it is important to be impartial and honest while making decisions. One notable difference between the AICPA and IMA is the AICPA deeply discusses how members need to remain independent in their practices, while the IMA does not discuss it at all.
The reasoning for this could be that Independence may be more valued in public accounting than non-public accounting.In comparison to the AICPA and IMA, the Statement on Standards for Tax Services is much more detailed. Similar to IMA, SSTS states that a member should follow the laws that are in place, and list steps that should be taken if there are no written laws or standards. The AICPA and IMA both state how members should be loyal to the profession, and the SSTS also follows this.
It explains how members should not only keep the taxpayers interest in mind, but also the interest of tax services. All of the standards seem to believe that this is very important.As mentioned earlier, set standards are another topic that is discussed in all three of these standards. The only difference is the set of standards that these documents refer to. The AICPA refers to GAAP, the SSTS refers to tax laws, and the IMA refers to laws that are in place for Management Accountants. Also, the AICPA website provides a lot of information on GAAP, while IMA and SSTS simply inform professionals to refer to the appropriate laws and standards. All three of these standards discuss the importance of being logical and competent while working.
The AICPA has a section titled “due care” that goes through this. The IMA has a competence section that explains steps that members should take in making decisions. Lastly, throughout the SSTS, it is stated that members should question some of the decisions they are making, and how they affect other parties. This shows that the accounting profession takes professional conduct and education of accountants very seriously. All three of these standards believe it is critical for a member to have experience in the profession and be knowledgeable.As shown throughout this paper, the AICPA, IMA, and SSTS ethical standards compare in many ways. Although these organizations represent different areas (public accounting, nonpublic, and tax), they all believe following set law, being competent, and serving the public are important values and principles which must honored when working in the profession.
Works Cited:http://www. aicpa. org/Research/Standards/CodeofConduct/Pages/default. aspxhttp://www. aicpa. org/RESEARCH/STANDARDS/TAX/Pages/default. aspxhttps://www.imanet.org/?ssopc=1
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more