Final answer:
The AICPA Code of Professional Conduct requires CPAs to make sensitive professional and moral judgments. It is part of the ethical framework that guides the accounting profession, distinct from GAAS and ISA which focus on auditing practices, and the Sarbanes-Oxley Act which aims to prevent corporate fraud.
Step-by-step explanation:
The AICPA Code of Professional Conduct requires members to exercise sensitive professional and moral judgments in all their activities. This code is essential for accounting professionals to provide ethical and high-standard services. The AICPA Code guides CPAs in various aspects of their professional duties, ensuring they uphold the profession's integrity.
Unlike the AICPA Code, the Generally Accepted Auditing Standards (GAAS) and International Standards on Auditing (ISA) are sets of auditing standards that guide auditors in conducting audits of an entity's financial statements. While they both emphasize the importance of ethics, GAAS and ISA are more focused on audit methodology and process.
On the other hand, the Sarbanes-Oxley Act was established to protect investors from the possibility of fraudulent accounting activities in organizations. Even though it promotes ethical behavior indirectly by enforcing stricter regulations, it is not a code of conduct that requires individual moral judgments.