Aicpa Code Of Ethics Essay

To a large extent, the accounting profession is self-regulated through various professional associations rather than being regulated by the government. The AICPA, the IMA, and the IIA have internal means to enforce the codes of ethics. Furthermore, the professional organizations for CPAs in each state, known as state societies of CPAs, have mechanisms for enforcing their codes of ethics, which are usually very similar to the AICPA Code. Violations of ethical standards can lead to a person's being publicly expelled from the professional organization. Because of the extreme importance of a professional accountant's reputation, expulsion is a strong disciplinary measure. However, ethical violations can lead to even more adverse consequences for CPAs because of state and federal laws.
The state government issues a CPA's license to
("ECRC") is the new name for Enron Corp. After Enron's Plan of Reorganization was approved by the United States Bankruptcy Court for the Southern District of New York, the new board of directors decided to change the name of Enron Corp. to reflect the current corporate purpose. ECRC's sole mission is to reorganize and liquidate certain of the operations and assets of the "pre-bankruptcy" Enron for the benefit of creditors.
Enron's bankruptcy in 2001 is one of the largest and most complex bankruptcies in U.S. history. In November 2004, Enron emerged from bankruptcy and the company began its mission of reorganizing and distributing assets to its creditors.
In connection with Enron’s emergence from bankruptcy in November 2004, a new board of directors was appointed, and they adopted this mandate: obtain the highest value from the company's remaining assets and distribute the proceeds to the company's creditors.
As part of its efforts, ECRC has successfully undertaken legal action to hold responsible the major financial institutions that it contends assisted the pre-bankruptcy Enron deceive the