Preamble
The American Society of Cost Segregation Professionals (ASCSP) has established this Code of Ethics to govern the conduct of its members in connection with the performance of their professional duties as tax professionals in regard to Cost Segregation Services and as Members of the ASCSP.
Integrity, honesty, and objectivity are fundamental principles embodied by this Code, which sets forth obligations of ethical conduct for the cost segregation profession. The Membership of ASCSP has adopted this Code to provide high ethical standards to safeguard its clients, the public and the profession.
All Members of the ASCSP have agreed to abide by this code of Ethics and agree to report to the Ethics Committee any violation of the Code.
Article 1. Conduct
1.1 ASCSP Members will be obligated by the duties imposed by the Code of Ethics and will be subject to its disciplinary requirements.
1.2 ASCSP Members will only be engaged in cost segregation studies to which the Member is qualified to perform.
1.3 ASCSP Members will utilize objectivity and impartiality in the application of expertise utilized to complete cost segregation studies.
1.4 ASCSP Members will conduct themselves in an honest manner before their clients, the public and their peers.
1.5 ASCSP Members will utilize best practices at all times, as recognized by the ASCSP and governmental agencies.
Article 2. Obligations to the Public
2.1 ASCSP Members will conduct themselves in a professional manner and will always take into consideration the responsibilities bestowed upon them by virtue of the client-consultant relationship.
2.2 ASCSP Members will prepare cost segregation reports in a manner consistent with their reasonable understanding of the current tax law.
2.3 ASCSP Members will develop reports that will comply with the ASCSP Minimum Quality Standards.
2.4 ASCSP Members shall provide appropriate disclosure when an engagement does not fully comply with ASCSP Minimum Quality Standards.
2.5 ASCSP Members will act fairly and justly toward all interested parties.
2.6 ASCSP Members will evaluate any potential or real conflicts of interest and agree to fully
disclose same prior to engagement by the client.
2.7 ASCSP Members will undertake assignments for which they are qualified and agree to
disclose any sub-contractors at the time of proposal and throughout the engagement.
2.8 ASCSP Members shall treat all client-supplied information as confidential and will not disclose such without the expressed consent of the client.
2.9 ASCSP Members shall not utilize materials produced by others without express written consent.
2.10 ASCSP Members shall not make false or misleading representations with regard to any business practice.
2.11 ASCSP Members shall not engage in collusion, price fixing or any other strategies whereby open-market principles are compromised.
2.12 ASCSP Members will not request, propose, or accept professional fees on a contingent basis for Federal Income Tax Depreciation related services (i.e. a percentage of enhanced cash flow, net present value of the “tax savings”, fixed fee plus additional cost savings, etc);.or accept fees based on:
2.12.1 The reporting of a predetermined result; or
2.12.2 A direction in assignment conclusion that favors the cause of the client.
2.13 ASCSP Members will act professionally and respectfully before all governmental officials.
Article 3. Obligations to other Members
3.1 ASCSP Members will endeavor to provide opportunity for the professional development and advancement of ASCSP Members in their employ or under their supervision.
3.2 ASCSP Members shall inform the ASCSP Ethics Committee of inappropriate acts or practices with respect to potential violations of this Code of Ethics.
3.3 ASCSP Members shall not directly or indirectly, attempt to damage the reputation of another ASCSP Member.
3.4 ASCSP Members shall not plagiarize other Member’s work product or that of non-members.
3.5 ASCSP Members agree to abide by the proper use of the ASCSP logo, trademark, or
membership level designation.
Article 4. Grievance Procedures
4.1 ASCSP Members agree to subject themselves to formal grievance procedures as set forth by the ASCSP Board of Directors and Ethics Committee. There will be six elements to the Grievance Procedure as follows:
4.1.1 Initial Complaint brought forth by another ASCSP Member or a client of an ASCSP Member.
4.1.2 Evaluation of the Complaint by the Ethics Committee.
4.1.3 Research of the facts and circumstances by the Ethics Committee.
4.1.4 Submittal of findings by the Ethics Committee for review and vote by the Board of Directors.
4.1.5 Action taken, including but not limited to exoneration, probation, suspension or permanent removal from the ASCSP.
4.1.6 In the case of probation, suspension or permanent removal, publication of the Ethics Committee findings on the ASCSP website.
Article 5. Record Keeping
5.1 ASCSP Members must prepare a work file for each cost segregation project.
5.1.1 Member must retain the work file for a period of at least 7 years or at least 2 years after final disposition of any judicial proceeding in which the member provided testimony related to the assignment, which ever period expires last.
5.1.2 Members must have custody of their work file, or make appropriate work file retention, access and retrieval arrangements with the party having custody of the work file.