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Code of Professional Conduct is a set of codified statements incorporated by the American Institute of Certified Public Accountants that highlights the principles and professional responsibilities of a Certified Public Accountant. AICPA is responsible for outlining, reviewing, and renewing the code every year on 1^st June.

According to Rule 203 of the code of Professional Conduct, members of the American Institute of Certified Public Accountants cannot express their views regarding financial statements that comply with Generally Accepted Accounting Principles (GAAP) if those statements include a material departure from an accounting principle promoted by Financial Accounting Standards Board (FASB), or its antecedents, except if the member can show that due to uncommon events the financial statements or else have been misleading.

If CPA doesn鈥檛 comply to Rule 203, then it can result in loss of CPA鈥檚 practicing license. This rule is mandatory as it is essential for auditors to adhere to the FASB standards.