Code of Ethics
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Code of Ethics in Accounting
Shelly Crow
May 18, 2009
BUS/421
Maria Wood, J.D.
The code of ethics in the business world ensures proper procedures will be followed. The business world has different guidelines that aide different business’s in following the code of ethics. Accountants follow a professional and business code of ethics to ensure all work being performed is ethical for the company being represented. The state of Virginia has in place a Virginia Society of Certified Public Accountants (VSCPA) to aide accountants in the pursuit of being ethical. This paper will explore VSCPA, the Sarbanes-Oxley Act, and other Virginia related information that helps accountants in Virginia stay ethical.
The state of Virginia conducts the accountant-client privilege similar to an attorney-client privilege. The major difference is that the account-client privilege is restricted to tax advice. The other information that an accountant may have for a client cannot be with held in a courtroom. The accountant also is obligated to disclose any information about tax evasion a client might be performing.
“A federally authorized tax practitioner includes an attorney, a certified public accountant, an enrolled agent or an enrolled actuary. The new accountant-client privilege only applies to tax advice. It does not apply with respect to the preparation of tax returns, general business consultations or even to personal financial planning advice. In addition, the advice must be treated as confidential by both the accountant and the client. If it is divulged to others then it is clearly not confidential” (Jacobs, ¶ 8).
In regards to having accountant-client privilege, the best way to keep anything private is to make sure the information is not discussed with anyone but the accountant.
The explanation of an accountants work product is the tax return, financial statements, and review and audit report. The state of Virginia’s Board of Accountancy...
Shelly Crow
May 18, 2009
BUS/421
Maria Wood, J.D.
The code of ethics in the business world ensures proper procedures will be followed. The business world has different guidelines that aide different business’s in following the code of ethics. Accountants follow a professional and business code of ethics to ensure all work being performed is ethical for the company being represented. The state of Virginia has in place a Virginia Society of Certified Public Accountants (VSCPA) to aide accountants in the pursuit of being ethical. This paper will explore VSCPA, the Sarbanes-Oxley Act, and other Virginia related information that helps accountants in Virginia stay ethical.
The state of Virginia conducts the accountant-client privilege similar to an attorney-client privilege. The major difference is that the account-client privilege is restricted to tax advice. The other information that an accountant may have for a client cannot be with held in a courtroom. The accountant also is obligated to disclose any information about tax evasion a client might be performing.
“A federally authorized tax practitioner includes an attorney, a certified public accountant, an enrolled agent or an enrolled actuary. The new accountant-client privilege only applies to tax advice. It does not apply with respect to the preparation of tax returns, general business consultations or even to personal financial planning advice. In addition, the advice must be treated as confidential by both the accountant and the client. If it is divulged to others then it is clearly not confidential” (Jacobs, ¶ 8).
In regards to having accountant-client privilege, the best way to keep anything private is to make sure the information is not discussed with anyone but the accountant.
The explanation of an accountants work product is the tax return, financial statements, and review and audit report. The state of Virginia’s Board of Accountancy...