RESPONSIBLE ENTREPRENEURSHIP VISION DEVELOPMENT AND ETHICS

288 RESPONSIBLE ENTREPRENEURSHIP
In the United States, the audit was performed first by the American Institute of Certified
Public Accountants (AICPA), established in 1887. Following the collapse of North American
stock markets in 1929, which was triggered in part by deficiencies in financial reporting
obligations of listed companies, AICPA established in collaboration with New York Stock
Exchange, a committee responsible for developing measures to correct this situation. Consequently,
rules were issued on the first registration and quotation of securities (Securities
Act 1933 – SA) and on the marketing of securities (Securities Exchange Act 1934 – SEA).
Concomitantly, it has been established the Securities and Exchange Commission (SEC) as
an independent supervisory authority in the stock market. In response to scandals in financial
accounting, particularly following the Enron case, in 2002 was issued Sarbanes-Oxley
Act of 2002 (SOA). The objective of this legislative initiative was to counteract the causes
of accounting scandals by auditors involved in self-regulation and corporate governance of
companies listed on the New York Stock Exchange. The scope of SOA includes all issuers
of securities that are submitted to SA and SEA and their auditors. Relevant in this context is
the Independence Standards Board (ISB), established in May 1997 to develop a conceptual
framework to translate into unified disparate standards of the SEC. Another committee, set
everything straight SEC subordinate committee and supervised by the so-called Public Company
Accounting Oversight Board (PCAOB).
Most of the fundamental principles underlying principles are found in the Code of Professional
Conduct issued by the AICPA. It consists of two parts: principles and rules. The
principles provide the framework for rules governing the performance of professional services
for AICPA members.
Among the principles of the Code of Professional Conduct issued by the AICPA are:
integrity, objectivity, and independence and due consideration.
The ethics codes for Romanian professionals in accountancy
and audit-theory versus reality
In Romania, the Body of Expert and Licensed Accountants of Romania is the organization
which manages the accounting profession at national level and represents it in all worldwide
structures. In 2006, it has issued the most recent edition of the National Code of Ethics
for Professional Accountant, elaborated according to the IFAC Code of ethics published in
2005.The Code recognizes that the objectives of the accounting profession are set to meet
the highest standards of professionalism, to achieve the highest levels. Four requirements have
to be observed by accountants in order to achieve these goals: credibility, professionalism,
quality of services, reliability. There are several sections in the Code that refer to integrity,
objectivity, professional competence, prudence, confidentiality and professional behaviour
of experts and certified accountants.
However, the Body of Expert and Licensed Accountants of Romania does not disclose
publicly on its website any infringement of the Ethical Code by the members of this professional
body, at least with acronyms of the natural of juridical persons that infringed the Code.
Such an initiative would contribute to the transparency of this organization.
The Chamber of Financial Auditors of Romania was established in 1999. The financial
auditor profession has a well-defined place in Romania, since it plays an essential role in the
market economy, serving the public interest. Through his activity, the auditor ensures the nec-