Code of Ethics

I.   Members of this Society shall not violate the confidential relationship between themselves and their clients or former clients.

II.  Members of this Society shall not offer or render a professional service for a contingent fee during any period when the professional service consists of an audit, a review, or a compilation engagement, including the period of time covered by any historical financial statements involved while performing those engagements; further, a member may not charge an unconscionable fee for representing a client in a matter before the Internal Revenue Service, in accordance with the ethics requirements in Treasury Department Circular 230.

III. Members of this Society, or a firm of which a member is a partner or shareholder, shall neither express an opinion on, nor perform a review or compilation of, financial statements of an enterprise unless they and their firm are independent of such enterprise. Accordingly, members shall not express an opinion or perform a review or compilation of financial statements of an enterprise financed in whole or in part by public distribution of securities, or on financial statements for use as a basis of credit if they or members of their immediate family own or are committed to acquire a substantial financial interest in the enterprise, or during the period covered by an audit, review, or compilation in which they have been a director, officer or employee. If a member is not independent with respect to the engagement, the lack of independence should be noted in the transmittal letter or accountants report accompanying the financial statements.

IV.  Members of this Society shall not allow any person(s) to practice in their corporate, partnership or individual name who is not a partner, professional corporation co-shareholder or in their employ.

V.   Members of this Society who render professional services shall not at the same time engage in any business or occupation that would create a conflict of interest.

VI.  Members of this Society shall be diligent, thorough and completely candid when expressing an opinion or other assurance on financial statements they have audited, reviewed or compiled. Members shall not sign an audit report purporting to express their opinion as a result of an audit or examination of financial statements unless they, or members or employees of their firms, have audited or examined the financial statements.

VII.  Members of this Society shall not permit their names to be used in conjunction with any special purpose statement prepared for their clients that anticipates results of future operations, unless they disclose the source of the information used, what assumption they have made and indicate they do not vouch for the accuracy of the forecast.

VIII. Members of this Society shall not receive a commission for recommending or referring any product or service to a client or for recommending or referring any product or service to be supplied by a client. Members shall not receive a commission from a client for whom the member also performs an audit or review of a financial statement; a compilation of a financial statement when the member expects or reasonably might expect that a third party will use the financial statement and the members compilation report does not disclose a lack of independence or an examination of prospective financial information.

IX.  Members of this Society shall not seek to obtain clients by advertising or other forms of solicitation in a manner that is false, misleading, or deceptive.

X.   Members of this Society who engage in the practice of accountancy may use any form of entity allowed by law or regulation. The firm name used shall not be misleading.

XI.  Members of this Society who receive an engagement for services by referral from another accountant shall not discuss or accept an extension of their services beyond the specific engagement without first consulting with the referring practitioner.

(This Code of Ethics is a condensed version of the principles contained in the Society's Rules of Professional Conduct and Official Interpretations that are binding in detail on all members)

©2019, Virginia Society of Tax & Accounting Professionals, formerly The Accountants Society of Virginia, 
is a 501(c)6 non-profit organization.

8100 Three Chopt Rd. Ste 226 | Richmond, VA 23229 | Phone: (800) 927-2731 |

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