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ETHICS COPC - Fees and Advertising fully solved graded A+ 2023
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ETHICS COPC - Fees and Advertising
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ETHICS: COPC - Fees and AdvertisingContingent Fees - correct answer A contingent fee is a fee established for the performance of any service
pursuant to an arrangement in which no fee will be charged unless a specified finding or result is attained.
A member in public practice shall not perform for a contingent fee the following professional services: - correct answer - Audit or review of financial statements - Compilation with 3rd party reliance - Examination of prospective information - Preparation of tax return
Exceptions to contingent fees - correct answer - Fees fixed by courts or other public authorities
- Fees in tax matters if determined based on the results of judicial proceedings or the findings of governmental agencies.
Commissions - correct answer Amount paid to a member for recommending others' products and services to a client or recommending a client's products and services to others.
A member in public practice shall not receive a commission when the member also performs: - correct answer - Audit or review of financial statements
- Compilation with 3rd party reliance - Examination of prospective information
Permitted commissions - correct answer A member in public practice who is not prohibited by this rule from receiving a commission MUST disclose the fact that the member is receiving a commission to any person to whom the member recommends or refers a product to which the commission relates.
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