Exam (elaborations)
The AICPA Code of Professional Conduct – Qs & As
- Course
- Institution
The AICPA Code of Professional Conduct – Qs & As
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
The AICPA Code of Professional Conduct – Qs & AsAICPA code of professional conduct Correct Ans - governs any
service that a member of the AICPA performs
-these services in include: audits ,special reports, compilations, reviews,
and services performed on financial forecasts and projections, as well as
attestation engagements
professional code of conduct Correct Ans - distinguishing mark of a
profession that accepts a high degree of responsibility toward the public
-voluntary acceptance for the purpose of benefiting society
what question does the AICPA code of professional conduct address?
Correct Ans - the question of what is "right" and "just"
consider Correct Ans - used when the member is required to think
about several matters
evaluate Correct Ans - used when the member has to assess and
weight the significance of a matter
determine Correct Ans - used when the member has to come to a
conclusion and make a decision on a matter
the AICPA code of professional conduct is separated into three parts
Correct Ans - 1. members in public practice
2. members in business
3. other members
the principles that provide the framework that is the basis for the code of
conduct Correct Ans - -responsibilities
-public interest
-integrity
-objectivity and independence
-due care
-scope and
-nature of services
, public interest Correct Ans - "members should accept the
obligation to act in a way that will serve the public interest, honor the
public trust, and demonstrate commitment to professionalism...
objectivity and independence Correct Ans - "a member should
maintain objectivity and be free of conflicts of interest in discharging
professional responsibilities. A member in public practice should be
independent in fact and appearance when providing auditing and other
attestation services
T/F: objectivity applies to attest services only and independence applies to
all services Correct Ans - false; switched
due care Correct Ans - "a member should observe the profession's
technical and ethical standards, strive continually to improve competence
and the quality of services, and discharge professional responsibility to the
best of the member's ability
principles require members to: Correct Ans - -have adequate
internal quality control measures to ensure quality work
-determine whether, for audit clients, conflicts of interest arise due to the
scope and nature of other services; and
-assess whether the firm's activities are consistent with professionalism
see table Correct Ans -
covered member Correct Ans - audit team and office/boss "chain of
command"
-individual on the attest engagement team
-individual in a position to influent the attest engagement
-partner who provides more than 10 hours of non attest services to the
attest client within any fiscal year
-partner in the office in which the lead attest engagement partner primarily
practices in connection with the attest engagement
-the firm, including the firm's employee benefit plans
-an entity for which operating, financial, or accounting policies can be
controlled by any of the individuals or entities described above
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 $13.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77973 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now