Emphasis on the CPA designation is in the public interest.Your story about the accounting profession and the American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. lawsuit against the Florida Board of Accountancy ("CPAs Fight Turf Invasion by 'Outsiders,'" September 20, 1995) misses the point. The issue is not "turf invasion," but something much more important and fundamental--protection of the public interest. When accountants use the CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. hallmark, they do more than hold out to the public that they perform accounting. By using the CPA designation, they also represent to the public that they have satisfied certain specific standards of practice and are committed to maintaining the ongoing responsibilities that accompany that professional hallmark. The requirement by the Florida Board of Accountancy that firms that practice public accountancy be owned by CPAs is supported by numerous important consumer protection interests. These interests include maintaining the integrity, objectivity and independence of firms practicing public accountancy; fostering the professionalism and ethics of the public accounting profession through the promotion of self-regulation; enhancing the quality and selection of products offered to the public; and furthering public mast in the profession. Businesspersons generally act on economic cost-benefits analyses. For example, officers and directors of publicly held corporations have fiduciary duties, but their fulfillment is generally achieved by maximizing the economic value of the shares of the corporation. Rarely do corporate directors tell shareholders that dividends will not be paid this quarter due to the board's overriding ethical obligation to serve the best interests of the consumer and the public. But maintaining professional independence and objectivity--and the appearance of independence and objectivity--is fundamental to the ethical code Noun 1. ethical code - a system of principles governing morality and acceptable conduct ethic system of rules, system - a complex of methods or rules governing behavior; "they have to operate under a system they oppose"; "that language has a complex system of the CPA profession. Mixing profit motives, such as cross-selling products and services, with CPA services could seriously conflict with the ethics and professionalism to which CPAs are bound. Barry C. Melancon, CPA President, AICPA AICPA See American Institute of Certified Public Accountants (AICPA). New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York Editor's note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : Following is a letter to the editor of The Wall Street Journal by American Institute of CPAs president Barry C. Melancon responding to a recent WSJ WSJ Wall Street Journal WSJ Wisconsin State Journal (Madison, WI) WSJ Web Services Journal WSJ Winston-Salem Journal (North Carolina) WSJ Wagle Street Journal (Kathmandu, Nepal blog) article. |
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