Exam (elaborations)
Codes of Conduct For CPAs (Texas & AICPA) – Qs & As
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Codes of Conduct For CPAs (Texas & AICPA) – Qs & As
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Codes of Conduct For CPAs (Texas & AICPA) – Qs & AsCPA's are subject to specific codes from... Correct Ans - state
boards, the SEC, the GAO, Treasury Department, IRC, Common Law, etc
Texas CPAs refer to... Correct Ans - Texas Rules of Professional
Conduct (TX RPC) & AICPA Code of Professional Conduct
Texas Rules of Professional Conduct Correct Ans - Found in Texas
Administrative Code; requires CPA to:
1. Be independent
2. improve professional skills
3. Maintain client confidentiality
4. Establish high standards of personal and professional conduct
Integrity Correct Ans - requires member to be honest & candid
within constraints of client confidentiality. Public trust is put before
personal gain. Error and differences of opinion are ok, but deceit or
subordination of principle is not
Integrity and Objectivity Rule - TX RPC Sec. 501.73 Correct Ans -
Texas CPAs shall maintain integrity and objectivity, shall be free of conflicts
of interest and shall not knowingly misrepresent facts nor subordinate his
or her judgment to others
Independence - TX RPC Sec. 501.70 Correct Ans - A CPA shall
conform in fact and in appearance to the independence standards
established by the AICPA, the SEC, the US GAO, the PCAOB and other
national or international regulatory or professional standard setting
bodies.
Two Elements of Independence - ET Correct Ans - Independence of
mind and appearance
Threats to Independence - ET Correct Ans - adverse interest,
advocacy, familiarity, management participation, self-interest, self-review,
and undue influence
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