Ethics is the bedrock of being a CPA.
We have professional standards for tax services, audits, and consulting work. But if we are not honest, it does no good. That’s why the American Institute of Certified Public Accountants spends so much time on ethics, including independence standards.
CPAs can only perform attest services if they are independent, with one exception: compilations can be performed but the independence impairment must be communicated in the report.
So CPAs examine their relationships with potential new clients and with existing clients before they make acceptance or continuance decisions.
The AICPA’s Code of Conduct provides guidance for CPAs in making ethical decisions.
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