Members should use the AICPA conceptual framework for independence to '' Understand the rules on confidential client information and acts discreditable to the profession''.
What is the AICPA conceptual framework?
- The conceptual framework technique used in these two frameworks is a method of detecting, assessing, and dealing with risks to rule compliance brought on by a particular connection or condition that is not otherwise covered by the code.
- The Principles of COMPOSITION, APPLICABILITY, AND COMPLIANCE provide the basis for the Rules that control how members conduct professional services.
- The inclusion of two conceptual frameworks, one for members in public practice and one for members in business, is the most significant content change in the revised AICPA Code.
- The AICPA Professional Ethics Division is creating a toolkit to aid in implementation.
- It will concentrate on how to apply the conceptual frameworks, including discussion of the particular types of threats that may exist and safeguards that may be used to reduce or eliminate those threats to an acceptable level.
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