- (a) The Rules of Conduct set out in this part rest upon the premises that the reliance of the public in general, and of the business community in particular, on sound financial reporting and on the implication of professional competence, which inheres in the authorized use of legally restricted title relating to the practice of public accountancy, imposes on persons engaged in such practice certain obligations both to their clients and to the public.
(b) These obligations, which the Rules of Conduct are intended to enforce where necessary, include the obligation to:
- (1) Maintain independence of thought and action;
- (2) Strive continuously to improve one’s professional skills;
- (3) Observe, where applicable, generally accepted accounting principles and generally accepted auditing standards;
- (4) Promote confidence;
- (5) Uphold the standards of the public accountancy professional; and
- (6) Maintain high standards of personal conduct in all matters affecting one’s fitness to practice public accountancy.
- (c) Acceptance of licensure to engage in the practice of public accountancy, or to use titles which imply a particular competence so to engage, involves acceptance by the licensee of such obligations, and accordingly of a duty to abide by the Rules of Conduct.