Ima Aicpa Compare and Contrast

Compare and Contrast Codes of Ethics

The IMA does not define differences in the background of its members in its code and does not separate its members into different groups like the AICPA’s code does in its preface. The AICPA’s preface distinguishes 3 groups of members: public practitioners, members in business, and all other members who are retired or unemployed. The AICPA specifically lists and outlines threats that practitioners could encounter during their careers and follow their definition of threats with safeguards that could check the threats. The IMA stresses four principles: honesty, fairness, objectivity, and responsibility. Although some of these principles are not specifically touched upon in the AICPA’s code, they are the underlying factors in the AICPA’s conceptual framework. Both codes stress integrity, with the IMA setting aside a specific section of the code stating their members’ responsibility to avoid conflicts of interest, conduct that would be considered unethical, and supporting an activity that could discredit the profession. The AICPA code deals with the objective of integrity while outlining threats and safeguards. The IMA code doesn’t specifically stress independence like the AICPA code does, but it does imply it under its section of credibility and integrity when it states, “each member has a responsibility to refrain from engaging in any conduct that would prejudice carryout out duties ethically. The AICPA code goes more in depth about independence and uses specific examples like immediate family member participation in a company a member could be dealing with. Both codes discuss how to handle and ethical conflict, the AICPA taking a more systematic approach while addressing and defining threats, safeguards, and how to apply safeguards. The IMA sets aside a specific section for the resolution of ethical conflict, giving members guidelines on how to handle these types of situations without defining threats and safeguards. The IMA...