The AICPA's Professional Ethics Executive Committee (PEEC) adopted a revised Code in January 2014, with an effective date of December 15, 2014. Additionally, the Code includes two conceptual frameworks with a delayed effective date of December 15, 2015.
PEEC reformatted the Code to become more user-friendly, which resulted in a number of improvements and some substantive revisions. At the AICPA web site, access a copy of the revised Code.
a. Review the Principles of Professional Conduct included in the revised Code. Contrast those principles with the ones contained in Exhibit 4.5 in this chapter.
b. Exhibit 4.5 in this chapter refers to Rule 201 (General Standards). Review the revised Code and identify where this rule for members in public practice is included in the revised Code. Has the revised Code included any substantive changes to Rule 201?
c. Review the discussion of the Conceptual Framework for Members in Public Practice included in the revised Code.
Comment on the usefulness of this framework for resolving ethical dilemmas.