PICPA Code of Professional Conduct
ET Section 201 - General Standards
.01 Rule 201 – General standards. A member shall comply with the following standards and with any interpretations thereof by bodies designated by Council.
- Professional Competence. Undertake only those professional services that the member or the member's firm can reasonably expect to be completed with professional competence.
- Due Professional Care. Exercise due professional care in the performance of professional services.
- Planning and Supervision. Adequately plan and supervise the performance of professional services.
- Sufficient Relevant Data. Obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to any professional services performed.
[As adopted January 12, 1988.]
(See AICPA Council Resolution Designating Bodies to Promulgate Technical Standards)
Interpretations under Rule 201 – General Standards
.02 201-1 – Competence. A member's agreement to perform professional services implies that the member has the necessary competence to complete those professional services according to professional standards, applying his or her knowledge and skill with reasonable care and diligence, but the member does not assume a responsibility for infallibility of knowledge or judgment.
Competence to perform professional services involves both the technical qualifications of the- member and the member's staff and the ability to supervise and evaluate the quality of the work performed. Competence relates both to knowledge of the profession's standards, techniques and the technical subject matter involved, and to the capability to exercise sound judgment in applying such knowledge in the performance of professional services.
The member may have the knowledge required to complete the services in accordance with professional standards prior to performance. In some cases, however, additional research or consultation with others may be necessary during the performance of the professional services. This does not ordinarily represent a lack of competence, but rather is a normal part of the performance of professional services.
However, if a member is unable to gain sufficient competence through these means, the member should suggest, in fairness to the client and the public, the engagement of someone competent to perform the needed professional service, either independently or as an associate.
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