Let’s talk ethics for a few minutes.
Specifically, let’s talk violations of professional standards. Want to know which violations take place most often?
You’re in luck.
The AICPA’s Professional Ethics Division has released lists of the most frequent violations it has documented during audit investigations over the past two years. The lists focus primarily on government / not-for-profit investigations and those centering on employee benefit plans. Here’s the scoop:
Financial statement deficiencies related to:
Get details on government / NFP violations here.
Get details on employee benefit plan violations here.
“These violations of professional standards are similar to the matters that are frequently noted during the peer reviews of these types of engagements,” the Professional Ethics Division notes. “You should continue to be cognizant of such departures from professional standards as these engagements are subject to an increased degree of regulatory scrutiny and oversight. We also recommend that you encourage your peer review clients performing engagements of these types of entities to be aware of these frequent departures from professional standards.”
So now you know.
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