| (a) These rules of professional conduct were promulgated
under the Public Accountancy Act, which directs the Texas State Board
of Public Accountancy to promulgate rules of professional conduct
"in order to establish and maintain high standards of competence and
integrity in the practice of public accountancy and to ensure that
the conduct and competitive practices of licensees serve the purposes
of the Act and the best interest of the public."
(b) The services usually and customarily performed
by those in the public, industry, or government practice of accountancy
involve a high degree of skill, education, trust, and experience which
are professional in scope and nature. The use of professional designations
carries an implication of possession of the competence associated
with a profession. The public, in general, and the business community,
in particular, rely on this professional competence by placing confidence
in reports and other services of accountants. The public's reliance,
in turn, imposes obligations on persons utilizing professional designations
to their clients, employers and to the public in general. These obligations
include maintaining independence in fact and in appearance, while
in the client practice of public accountancy, continuously improving
professional skills, observing GAAP and GAAS, when required, promoting
sound and informative financial reporting, holding the affairs of
clients and employers in confidence, upholding the standards of the
public accountancy profession, and maintaining high standards of personal
and professional conduct in all matters.
(c) The board has an underlying duty to the public
to ensure that these obligations are met in order to achieve and maintain
a vigorous profession capable of attracting the bright minds essential
to adequately serving the public interest.
(d) These rules recognize the First Amendment rights
of the general public as well as licensees and do not restrict the
availability of accounting services. However, public accountancy,
like other professional services, cannot be commercially exploited
without the public being harmed. While information as to the availability
of accounting services and qualifications of licensees is desirable,
such information should not be transmitted to the public in a misleading
fashion.
(e) The rules are intended to have application to all
kinds of professional services performed in the practice of public
accountancy, including services found at §501.52(22) of this
chapter (relating to Definitions).
(f) Finally, these rules also recognize the duty of
certified public accountants to refrain from committing acts discreditable
to the profession. These acts, whether or not related to the accountant's
practice, impact negatively upon the public's trust in the profession.
(g) In the interpretation and enforcement of these
rules, the board may consider relevant interpretations, rulings, and
opinions issued by the boards of other jurisdictions and appropriate
committees of professional organizations, but will not be bound thereby.
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| Source Note: The provisions of this §501.51 adopted to be effective June 11, 2000, 25 TexReg 5334; amended to be effective February 4, 2004, 29 TexReg 963; amended to be effective February 17, 2008, 33 TexReg 1089; amended to be effective December 7, 2011, 36 TexReg 8231; amended to be effective August 4, 2016, 41 TexReg 5548; amended to be effective June 3, 2020, 45 TexReg 3631 |
