Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 2010 - Missouri State Board of Accountancy › Chapter 3 - Professional Ethics-Rules of Conduct › Section 20 CSR 2010-3.010 - General Purpose of Ethics Rules

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This Code of Professional Conduct is
				  promulgated under the authority granted by section
				  326.271,
				  RSMo, which delegates to the board the power and duty to prescribe rules of
				  professional conduct for establishing and maintaining high standards of
				  competence and integrity in the profession of public
				  accounting.
PUBLISHER'S NOTE: The secretary of state has
				  determined that the publication of the entire text of the material which is
				  incorporated by reference as a portion of this rule would be unduly cumbersome
				  or expensive. This material as incorporated by reference in this rule shall be
				  maintained by the agency at its headquarters and shall be made available to the
				  public for inspection and copying at no more than the actual cost of
				  reproduction. This note applies only to the reference material. The entire text
				  of the rule is printed here.
(1) A licensee shall comply with the
				professional standards of the most current American Institute of Certified
				Public Accountants (AICPA) Code of Professional Conduct, including the most
				current AICPA Interpretations of the Code of Professional Standards. Said
				standards are incorporated by reference in this rule. A printed copy or copy on
				CD-Rom, or other electronic copy of the Code of Professional Conduct (June 1,
				2012) may also be obtained from the American Institute of Certified Public
				Accountants, 220 Leigh Farm Road, Durham, NC 27707 or
http://www.aicpa.org
. This rule does
				not incorporate any subsequent amendments or additions. The licensee shall also
				comply with the requirements of any state, territory, federal agency, or
				country, which may regulate professional responsibilities of accountants. In
				the event of a conflict between the AICPA Code of Professional Conduct and the
				Missouri statute or rules, the Missouri statute or rules shall
				prevail.
(2) As the AICPA Code of
				Professional Conduct is considered to be generally accepted standards of
				auditing and accounting, regardless whether a licensee is a member or
				non-member of the AICPA, the licensee shall comply with its provisions. When
				these pronouncements are written in terms of "should," a licensee shall follow
				the pronouncements in every applicable instance as though they were written in
				mandatory language, except in those cases where a justifiable reason exists for
				a departure from the pronouncements in the licensee's or licensed entity's
				report on those financial statements.
(3) A licensee who performs audits, reviews,
				compilations, management advisory services, taxes, or other professional
				services shall comply with standards promulgated by the AICPA or by other
				governmental entities having similar authority as recognized by the board.
				Other professional pronouncements that have similar generally recognized
				authority are considered to be interpretations of generally accepted auditing
				standards, and departures therefrom must be justified.
(4) A licensee who is engaged in the practice
				of public accounting outside the United States will not be subject to
				discipline by the board for departing, with respect to foreign practice, from
				any of the rules, so long as his or her conduct is in accordance with the
				standards of professional conduct applicable to the practice of public
				accounting in the country in which he or she is practicing. However, even in
				this case, if a licensee's name is associated with financial statements in a
				manner as to imply that he or she is acting as a certified public accountant
				and under circumstances that would entitle the reader to assume that United
				States practices are followed, he or she will be expected to comply with this
				rule.
(5) In the interpretation and
				enforcement of the AICPA Code of Professional Conduct, the board will give
				consideration, but not necessarily dispositive weight, to relevant
				interpretations, rulings, and opinions issued by the boards of other
				jurisdictions and by appropriately authorized committees on ethics of
				professional organizations.
(6) The
				provisions of this rule are declared severable. If any provision of this rule
				is held invalid by a court of competent jurisdiction, the remaining provisions
				of this rule shall remain in full force and effect, unless otherwise determined
				by a court of competent jurisdiction to be invalid.
*Original authority: 326.271, RSMo 2001, amended
					 2002.