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A member should observe the profession's technical and ethical standards, strive continually to improve competence and the quality of services, and discharge professional responsibility to the best of the member's ability.
Due care is the fifth principle of CPAs' code of professional conduct. Knowledge and diligence are common components of due care. Performing professional engagements that require expertise or time that a CPA does not possess violates the principle of due care. How due care is practiced also differs with the nature of the professional service.
Professional Services
Due care involves acting for someone else's benefit or to someone else's specifications. CPAs frequently perform tax and consulting services for specific clients whose requirements or specifications can be known in great detail. Knowledge of these requirements and the relevant subject matter, along with diligence and thoroughness in fulfilling the engagement, provides these clients the due care required by the standard. The nature of due care can vary considerably depending upon the degree to which the service is specialized or personalized. The more personalized the service, the harder it becomes to apply across-the-board practices. Client satisfaction is the most meaningful assessment...