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AICPA Code of Conduct Threats To Compliance – Questions With Solutions
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AICPA Code of Conduct Threats To Compliance –Questions With Solutions
Adverse Interest Threat Correct Ans - The threat that a member
will not act objectively because the member's interests are opposed to the
client or employing organization's interest.
Example of Adverse Interest Threat Correct Ans - A member
commences litigation against their client/employing organization.
Advocacy Threat Correct Ans - The threat that a member will
promote the client's or employing organization's interest to the point that
his objectivity or independence is compromised.
Example of Advocacy Threat Correct Ans - A member endorses a
client's services or products.
Familiarity Threat Correct Ans - The threat that, due to a long or
close relationship with the client, a member will become too accepting of
the product/service and/or too sympathetic to the client or employing
organization's interests.
Example of Familiarity Threat Correct Ans - A member's close
friend is employed by the client.
Management Participation Threat Correct Ans - The threat that a
member will take on the role of client management or otherwise assume
management responsibilities. Exists for members engaged in attest
engagements, but does not apply to members in business.
Example of Management Participation Threat Correct Ans - A
member services as an officer or a director of an attest client.
Self-interest Threat Correct Ans - The threat that a member could
benefit financially or otherwise from an interest in, or relationship with, a
client or employing organization or persons associated with them.
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