The AICPA Code of Conduct highlights professional competence as one of the key general standards that should be adopted by professionals such as accountants to promote ethical practice. The accounting profession needs to observe this standard to ensure the protection of the public. A key role of the accountant is to formulate, submit, and describe financial data in a way that safeguards and serves the public. The observation of the standard ensures that accountants can demonstrate the required technical skills and attitudes at adequate levels to fulfill their role of preparing and presenting financial information to serve the public's interests effectively. In this respect, upholding the professional competence standard also allows accountants to maintain public trust. The public has charged accountants with a key responsibility of preparing and presenting accurate financial information to allow the members of the public to make vital decisions, for instance, investment decisions. The upholding of the standard ensures that they can trust the financial data prepared by the accountants and, in this case, can be confident enough to act on the information provided, for example, through the purchase of a particular stock. Resultantly, positive outcomes can be achieved especially in the face of the current business environment which is significantly complex and dynamic.
The observation of the professional competence standard also protects the accounting profession's reputation and, in effect, makes accountants highly regarded and sought after. The accounting profession's image can be improved significantly in light of the series of financial scandals that have plagued it over the past two decades. In this sense, the members of the public can rely on accountants to assist them in evaluating risk and participating in strategic planning.
Delegate your assignment to our experts and they will do the rest.
