Which statement best describes a difference between the AICPA Code of Professional Conduct (the AICPA code) and the International Code of Ethics for Professional Accountants, including International Independence Standards, (international code)?
A. The AICPA code bans auditors from offering gifts and entertainment to clients.
B. The international code emphasizes detailed ethics rules over principles.
C. The international code may provide different rules for public interest entities.
D. The AICPA code uses a conceptual framework approach throughout its code.
Answer (3)
The key difference between the AICPA Code and the International Code of Ethics lies in the international code's provision for different rules applicable to public interest entities. While both codes guide ethical practices, the international code emphasizes distinct frameworks based on the nature of the entity. This highlights an essential variation in ethics governance for accountants internationally. ;
The main difference between the AICPA Code and the International Code of Ethics is that the latter may have different rules for public interest entities. The AICPA code does not impose a blanket ban on gifts but instead uses a conceptual framework for ethical decision-making. Therefore, the correct answer is C: the international code may provide different rules for public interest entities.
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B. The international code may provide different rules for public interest entities. ;
