It seems clear that Virtue Ethics alone cannot be used as an ethical reasoning method to govern the conduct of members of the accounting profession. The ethical behavior of accountants must be consistent so the public can rely on us to act predictably. But virtues differ from society to society, culture to culture, and even person to person. Therefore, since relying on each persons virtue would result in inconsistent behavior, we must have governing rules to foster reliable behavior.

As explained in the reading assignment, however, the AICPA is grounded in basic Principles, or virtues. In fact, the textbook states, The Principles section of the AICPA Code . . . mirrors virtues-based principles. Exhibit 1.3 states that Virtue Ethics is similar to Principles of AICPA Code and IMA standards.

Discuss how you resolve the apparent contradiction of having a Code or any set of rules founded on principles or virtues, when the ostensible purpose of the codes or rules is to overcome the inherent inadequacy of personal principles and virtues. Alternatively, which do you think should govern the accounting profession rules or principles? You may discuss either or both issues, but be concise.