The Code of Professional Conduct Is Very Important for the Auditing

question 40

Essay

The Code of Professional Conduct is very important for the auditing profession.The AICPA,State Boards,and other professional organizations spend a great deal of time and effort implementing,and reinforcing the ethical standards,and penalizing those who violate the ethical standards.
Required:A.Why is the Code of Conduct important to the profession?
B.Many professionals believe that in today's business environment it is more difficult to adhere to the Code of Professional Conduct.Why might this be true?

Understand the utilization of cost-plus-fixed-fee and cost-plus-percentage-of-cost pricing in contract agreements.

Analyze the use of target profit pricing in achieving specific financial objectives.

Understand various pricing strategies used by businesses.

Identify the impacts of competitive factors on pricing decisions.

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Definitions:

Immediate Gratification

The desire to experience pleasure or fulfillment without delay or deferment.

Desires

Strong feelings of wanting or wishing for something to happen or be the case.

Psychosocial Development

A theory that describes the impact of social experiences across eight stages of human development, from infancy to adulthood, popularized by Erik Erikson.

Freud's Theory

A set of psychoanalytic theories proposed by Sigmund Freud that focus on the unconscious mind, developmental stages, and the interplay of ego, superego, and id.