CHAPTER 5: MAS PRACTICE STANDARDS AND CODE OF ETHICS FOR MANAGEMENT CONSULTANTS

ETHICAL CONSIDERATION
4 AREAS OF BROADLY CLASSIFIED BY CODE OF ETHICS:
AICPA MANAGEMENT ADVISORY SERVICES DIVISION
RECOMMEND 8 GUIDELINES TO ALL MAS 1. BASIC RESPONSIBILITIES
PRACTITIONER:  Integrity & Objectivity
 Independence
1) PERSONAL CHARACTERISTICS  Confidential Information
2) COMPETENCE 2. PRACTICE STADARDS
3) DUE CARE  Professional Competence
4) CLIENT BENEFIT  Planning, supervision & Due care
5) UNDERSTANDING THE CLIENT  Reporting Results
6) PLANNING, SUPERVISION AND CONTROL. 3. FEE ARRANGEMENTS
STANDARD. 1 IN PERFORMING MAS, A PRACTITIONER
MUST ACT WITH INTERGRITY AND OBECTIVITY AND
4. BUSINESS CONDUCT
INDEPENDENT IN MENTAL ATTITUDE.

STANDARD 2. ENGAGEMENTS ARE TO BE PERFORMED

BY A PRACTITIONER HAVING COMPETENCE IN THE
ANALYTICAL APPROACH AND PROCESS AND IN THE
TECHNICAL SUBJECT MATTER UNDER CONSIDERATION

STANDARD 3. DUE PROFESSIONAL CARE IS TO BE

EXERCISED IN THE PERFORMANCE IF A MANAGEMENT
ADVISORY SERVICE ENGAGMENTS.

STANDARD 4. BEFORE ACCEPTING THE ENGAGEMENT,

A PRACTITIONER IS TO NOTIFY THE CLIENT OF ANY
RESERVATIONS HE HAS REGARDING ANTICIPATED
BENEFITS.

STANDARD 5. BEFORE THE UNDERTAKING AN

ENGAGEMENT, A PRACTITIONER IS TO INFORM HIS
CLIENT OF ALL SIGNIFICANT MATTERS RELATED TO THE
ENGAGAMENT.

STANDARD 6. ENGAGAMENTS ARE TO BE ADEQUATELY

PLANNED, SUPERVISED OR CONTROLLED.

STANDARD 7. SUFFICIENT RELEVANT DATA IS TO BE

OBTAINED, DOCUMENTED AND EVALUATED IN
DEVELOPING CONCLUSIONS AND RECOMMENDATIONS.

STANARD 8. ALL SIGNIFICANT MATTERS RELATING TO

THE RESULTS OF THE ENGAGEMENTS ARE TO BE
COMMUNICATED TO THE CLIENT.