Should Rule 501 (Acts Discreditable) of the Aicpa Code of Professional Conduct Be Repealed? A Philosophical Look at a Practical Ethical Question

Rule 501 (Acts Discreditable) of the AICPA's Code of Professional Conduct prohibits certain activities. Ostensibly aimed at protecting the public, Rule 501 is sometimes used to protect the public accounting profession, either at the expense of the general public or at the expense of some individual who might have done nothing to harm either another individual or the accounting profession. This article discusses Rule 501 from several economic and ethical perspectives and takes a look at the rent-seeking aspects of the rule