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AICPA Ethics Exam – Q’s And A’s (With Solutions)
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AICPA Ethics Exam – Q’s And A’s (With Solutions)
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AICPA Ethics Exam – Q’s And A’s (With Solutions)Ethical Decision Making Model ✔️Ans - helps you actively work through
gray area and choose the best possible solution to an ethical dilema
Step 1: Recognize the ethical issue
Step 2: Gather the critical facts
Step 3: Identify the stakeholders
Step 4: Consider your alternatives
Step 5: Consider the effect on stakeholders
Step 6: Consider your comfort level
Step 7: Consider rules, regulations and laws
Step 8: Make a decision
Step 9: Document your efforts
Step 10: Evaluate the outcome
Step 1 ✔️Ans - Recognize the ethical issue
Step 2 ✔️Ans - Gather the critical facts
-you may not have all the facts, but you need the key ones (material)
Step 3 ✔️Ans - Identify the stakeholders
-who is affected by your decisions/actions
-consider as many as possible
Step 4 ✔️Ans - Consider your alternatives
-approaches you could take to address this matter and resolve the ethical
conflict
Step 5 ✔️Ans - Consider the effect on stakeholders
-effect of each alternative
Step 6 ✔️Ans - Consider your comfort level
, -how comfortable are you with each option
-how would you feel if you have to discuss your decision in public
Step 7 ✔️Ans - Consider rules, regulations, and laws
-rules set by AICPA, state accountancy board, state CPA society
Step 8 ✔️Ans - Make a decision
-take the time you need
-discuss with colleague, gain perspectives, counsel, don't be hasty
Step 9 ✔️Ans - Document your efforts
-your understanding of the facts
-who you consulted with and their professional affiliations
-your decision
Step 10 ✔️Ans - Evaluate the outcome
-would you have done anything differently
Professional & Regulatory Bodies ✔️Ans - set ethics standards and rules
for members of the accounting profession
State CPA licensing boards
AICPA
SEC
PCABO
IFAC
IRS
GAO
DOL
others
State CPA Licensing Boards ✔️Ans - issues CPA licesnes and oversee
ethical conduct of jurisdiction
AICPA ✔️Ans - American Institute of Certified Public Accountants
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