Final answer:
The primary difference between Part 1 and Part 2 of the AICPA Code of Professional Conduct is that Part 1 applies to members in public practice focusing on audit and assurance services, whereas Part 2 is for members in business settings.
Step-by-step explanation:
Distinction Between Part 1 and Part 2 of the AICPA Code of Professional Conduct
The most significant difference between part 1 and part 2 of the AICPA Code of Professional Conduct is that Part 1 is tailored for individuals in public practice, focusing on guidance related to performing audit and assurance services with integrity, objectivity, and independence. Part 2, on the other hand, is applicable to members in business who may not provide services to outside clients but are still expected to maintain professional competencies, behave ethically, and conform to the standards of the profession. Professional ethics play a vital role not only in the field of accounting but across various professions, as they establish standards that aim to ensure public trust and the correct functioning of businesses and organizations.