Exam (elaborations)
AICPA Code Of Conduct – Questions And Correct Answers
- Module
- Institution
AICPA Code Of Conduct – Questions And Correct Answers
[Show more]
Seller
Follow
LeCrae
Reviews received
Content preview
AICPA Code Of Conduct – Questions And CorrectAnswers
Dorothy has been assigned to the audit of tandem electric concerned about
her friend Joanne from college days Correct Ans - Dorothy should
consider the threats to her independence and whether safeguards may be
applied that reduce the threats to an acceptable level
The AICPA code of professional conduct includes which sections
Correct Ans - preface, rules, interpretations applicable, and rules and
interpretations applicable to members in busienss
sarah is asked to increase inventory accounts material. she does not
understand why he wants but does it any way Correct Ans - sarah
failed to evaluate a potential ethical issue
body develops independence rules that apply to engagements performed
under GAFAS Correct Ans - US government accountability office
josie wants marie to increase revenue inconsistent with gaap. marie takes
the issue to josie. josie disagrees and insists that maria record the entries.
amount of revenue is material to the company. what should maria do firts
Correct Ans - discuss her concerns with josies boss
phrase used to describe integrity Correct Ans - candid, within the
constraints of client confidentiality
sohpie received a watch from a vendor. in determining where accepting the
gift would create a significant threat to her compliance sophie should
consider Correct Ans - whether the gift was reasonable in the
circumstances
once you identify a potential conflict of interest, which question should you
ask yourself Correct Ans - are threats to compliance with the code
at an acceptable level
which statement is not relevant consideration when evaluation a potential
conflict of interest in connection with a merger involving your audit client
, Correct Ans - whether violation of the cose would subject your firm to
substantial penalties
phrase describes competnece Correct Ans - the application of skill
and knowledge with reasonable care and diligence
in which situation may you disclose confidential client information without
violation the AICPA code of professional conduct Correct Ans - in
response to a validly issues and enforceable subpoena
prepare annual financial statements and tax returns. Terminated
relationship. Which records may the company withhold from the client
Correct Ans - working papers and its partially completed work product
which statement best describes the AICPA ethics rules relation toa
members failure to file his or her professional tax return in a timely
manner Correct Ans - the failure to file a personal tax return in a
timely manner is usually considered an act to discreditable to the
profession
which statement best describes the AICPA ethics rules relating to
advertising Correct Ans - advertising is permitted as long as it is
not false or misleading
use the AICPA conceptual framework for independence to Correct Ans
- evaluate threats to independence not addressed in the code of
professional conduct
which statement best describes the period of the professional engagement
as it applies to a three year engagement to audit a clients financial
statements Correct Ans - it begins when the engagement letter is
signed and continues until the report for the third year is issued unless the
relationship is terminated sooner
a two office firm has an audit client that sells medical equipment. the lead
audit partner conducts the engagement at one office. stock holdings by
which person would not impair independence Correct Ans - the
other office staff person who provides not service to the client
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 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 £8.16. 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 revision notes and other study material for 14 years now