Exam (elaborations)
AICPA Code of Conduct – Questions & Answers
- Course
- Institution
AICPA Code of Conduct – Questions & Answers
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
AICPA Code of Conduct – Questions & AnswersWhat are the 6 Principles of the AICPA Code of Professional Conduct?
Correct Ans - 1. Responsibilities
2. The Public Interest
3. Integrity
4. Objectivity
5. Due Care
6. Scope and Nature of Services
What is the Structure of the AICPA Code of Professional Conduct?
Correct Ans - Preface
Code Part 1: Members in Public
Code Part 2: Members in Business
Code Part 3: Other Members
Where in the AICPA are the 6 principles found? Correct Ans - The
Preface
Which section establishes the conceptual framework and provides a
methodology for resolving ethical conflicts? Correct Ans - Code 1:
Members in Public
What are the 7 categories of threat? Correct Ans - 1. Adverse
Interest
2. Advocacy
3. Familiarity
4. Management Participation
5. Self - Interest
6. Self Review
, 7. Undue Influence
Define Adverse Interest Threat Correct Ans - The threat that a
member will not act with objectivity because the member's interests are
opposed to the client's interest
Define Advocacy Threat Correct Ans - The threat that a member
will promote a client's interest to the point that the member's objectivity or
independence is compromised
Define Familiarity Threat Correct Ans - A member will become too
sympathetic due to long or close relationship
Define Management Participation Correct Ans - A member will take
on the role of client management
Define Self Interest Threat Correct Ans - A member could benefit
from an interest with a client
Define Self Review Threat Correct Ans - Threat that a manner will
not appropriately evaluate the results of a previous judgment made or
service performed and that the member will rely on that service in forming
a judgment
Define Undue Influence Threat Correct Ans - The threat that a
member will subordinate their judgment to an individual associated with a
client due to the individual's reputation or personality
After identifying the threats, the CPA should consider ______ that can
eliminate the threat or reduce it to an acceptable level. There are 3 basic
categories of these Correct Ans - Safeguards
What are the 3 basic categories of safeguards? Correct Ans - 1.
Safeguards created by profession, legislation or reputation.
2. Safeguards implemented by the client.
3. Safeguards implemented by the firm, including policies and procedures
to implement professional and regulatory requirements
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now