AICPA Ethics Code Bundled Exams WITH 100% CORRECT ANSWERS

Which category contains the ethical standards, a violation of which makes a member liable to disciplinary action? (a) Ethics Rulings. (b) Interpretations of the Rules. (c) Rules. (c) is the conect answer. Code of Professional Conduct, Strncture, says that infraction of any of the rules makes ...

Which of the following are not example of stakeholders? A.Employees B. Customers C. Suppliers D. Borrowers E. All above could be stakeholders E According to the AICPA Code of Professional Conduct, Rule 101-Independence, an audit requires that an individual perform his or her services wi...

Ethical Decision Making model 1: recognize ethical issue 2: gather critical facts 3: identify stakeholders 4: consider alternatives 5: consider effect of stakeholders 6: consider comfort level 7: consider rules, regulations, and laws 8: make decision 9: document efforts 10: evaluate outcom...

4 parts Ethical principles Rules of conduct Interpretations Ethical rulings Ethical principles Ideal standards of ethical conduct stated in philosophical terms: Responsibilities The public interest Integrity Objectivity and independence Due care Scope and nature of services Though...

Steps to Ethical decision making model 1. Recognize the ethical issue 2. Gather the Critical Facts 3. Identify the stakeholders 4. Consider alternatives 5. Consider the effect on stakeholders 6. Consider your comfort level 7. Consider rules, regulations, and laws 8. Make a decision 9. Docum...

What are the hallmarks of a profession? - extensive training & continuing education - intellectual in nature - specific professional code of ethics & standards - certified/licensed - provide services to society - autonomous/self-regulated - representation by bodies According to a surve...

Dorothy (an audit manager) has been assigned to the audit of Tandem Electric, Inc. Dorothy is concerned that Joanne, a friend from her college days, is on the internal audit staff of Tandem Electric. Dorothy believes she could provide services to this client in an objective manner. Which statement b...

The Principles state that a member has responsibility to colleagues, to clients and to the profession. (False) Rules are the cornerstone of ethical behavior. (False) In performing an attest engagement, a member should only rely on the AICPA rules of conduct regarding independence. (...

1. CPA Brown's client Joe Jones went to another firm without paying his final bill, which was due to CPA Brown's firm. When Joe asks for his books and records, CPA Jones can refuse to give them to him until he pays his bill. B. False Normally in the absence of an agreement of contract a CP...

Ethics identifying what is right from wrong, what is good vs. bad and what is just vs. unjust influenced by family, culture, brain biology, religious teachings, laws and education Accounting profession codes of ethics AICPA code of professional conduct IFAC code of ethics AICPA cod...

Hallmarks of Profession a. Technical knowledge → ethical standards b. Certified c. Extensive education d. Analytical and intellectual → judgement e. Skills to/for the benefit of society High Ranking attributes of professionals a. High standards → due care b. Ethics c. Credible, ...

Per our class discussion, what are the hallmarks of a profession? •Minimum 5 years of education/continuing education •Must be certified •Intellectual and requires judgment •Representation by various bodies (ex. AICPA, TSBCPA) •Autonomy - is fellow accountant doing right thing? ...

Egoism (Results Lens) CH1 Defines right behavior by consequences for the decisionmaker Enlightened Egoism (Results Lens) CH1 Considers the well being of others within the scope of deciding on a course of action based on self interest Utilitarianism (Results Lens) CH1 Evaluates co...