Which step in the D. Consider rules, regulations, and laws
decision-making model Step 7 asks this question. You may determine that
is characterized by the greatest benefit and least amount of harm
asking the question, "Are would likely result if you take a particular course of
these opinions action, but if that course of action is inconsistent
consistent with with the profession's rules of conduct, you may not
applicable professional ignore those rules.
ethics rules, regulations,
and laws?"
A. Recognize ethical
issues
B. Gather critical facts
C. Consider the effect on
stakeholders
D. Consider rules,
regulations, and laws
Which step in the B. Consider your comfort level
decision-making model Step 6 asks you to consider your comfort level.
is characterized by Before you make a decision about the correct
asking the question, "If action when facing an ethical issue, you should ask
you had to discuss your yourself some questions.
decision in public, would
you be concerned about
how it reflects on your
ethics"
A. Recognize ethical
issues
B. Consider your comfort
level
C. Consider the effect on
stake holders
D. Consider rules,
regulations, and laws
CPAs must follow the D. Your state CPA licensing board
rules and standards State CPA licensing boards are charged with
promulgated by which issuing CPA licenses and overseeing the ethical
body? conduct of CPAs in 55 jurisdictions in the United
A. AICPA States. It is critically important for CPAs to know
B. SEC their state board's requirements. If you are licensed
,C. PCAOB by more than one state board, you should
D. Your state CPA familiarize yourself with each state's requirements.
licensing board
As a professional CPA, I C. Your primary responsibility is to serve the public
have the greatest interest.
responsibility to serve:
A. My clients
B. My best interest
C. The public's interest
D. My superior's interest
As a professional CPA, I A. Integrity
have a responsibility to Integrity is one of the cornerstones of our
maintain and broaden profession.
public confidence by
performing all my
responsibilities with:
A. Integrity
B. Speed
C. Agility
D. Perfection
I also must maintain my B. Care
objectivity, be free of Due care implies a certain level of quality and
conflicts of interest, and competence in the performance of services.
discharge all of my
responsibilities with
due...
A. Respect
B. Care
C. Diligence
D. Speed
Bob is a CPA who works C. Maybe. But more facts should be considered
as as senior accountant We need more information to determine whether
in a small but diversified this situation creates a significant threat to Bob's
financial services ability to be objective.
company. Bob works for
the parent company
(bank) in a division that
makes business loans.
His mother has been
offered a seat on the
board of directors of a
, subsidiary company that
is an investment advisor.
Does Bob's situation
cause a significant threat
to Bob's integrity and
objectivity (conflict of
interest)?
A. No. The bank and
investment advisory firm
are separate and distinct
businesses
B. Yes. Directorships of
relatives always result in
conflicts of interest
C. Maybe. But more
facts should be
considered
Which factor must be in C. You have determined that your threats to
place for you to perform objectivity are at an acceptable level
services in light of a To proceed with evaluating your potential conflict of
potential conflict of interest, you must conclude that you can provide
interest? the services objectively (that is, threats to you
A. The affected parties objectivity are insignificant or have been reduced
have agreed to bring the to an acceptable level).
matter to the BOD
B. The affected parties
have agreed not to sue
you or your firm
C. You have determined
that your threats to
objectivity are at an
acceptable level
D. You have determined
that some third parties
might not question your
objectivity
Suppose a statute exists B. Yes, these records should be provided upon
in your state that allows request
you to place a lien on The code requires you to return client provided
client records in the records under all circumstances.
event of unpaid fees.
Given these facts are
you obligated to return
the client's records?
A. No, not until he pays
decision-making model Step 7 asks this question. You may determine that
is characterized by the greatest benefit and least amount of harm
asking the question, "Are would likely result if you take a particular course of
these opinions action, but if that course of action is inconsistent
consistent with with the profession's rules of conduct, you may not
applicable professional ignore those rules.
ethics rules, regulations,
and laws?"
A. Recognize ethical
issues
B. Gather critical facts
C. Consider the effect on
stakeholders
D. Consider rules,
regulations, and laws
Which step in the B. Consider your comfort level
decision-making model Step 6 asks you to consider your comfort level.
is characterized by Before you make a decision about the correct
asking the question, "If action when facing an ethical issue, you should ask
you had to discuss your yourself some questions.
decision in public, would
you be concerned about
how it reflects on your
ethics"
A. Recognize ethical
issues
B. Consider your comfort
level
C. Consider the effect on
stake holders
D. Consider rules,
regulations, and laws
CPAs must follow the D. Your state CPA licensing board
rules and standards State CPA licensing boards are charged with
promulgated by which issuing CPA licenses and overseeing the ethical
body? conduct of CPAs in 55 jurisdictions in the United
A. AICPA States. It is critically important for CPAs to know
B. SEC their state board's requirements. If you are licensed
,C. PCAOB by more than one state board, you should
D. Your state CPA familiarize yourself with each state's requirements.
licensing board
As a professional CPA, I C. Your primary responsibility is to serve the public
have the greatest interest.
responsibility to serve:
A. My clients
B. My best interest
C. The public's interest
D. My superior's interest
As a professional CPA, I A. Integrity
have a responsibility to Integrity is one of the cornerstones of our
maintain and broaden profession.
public confidence by
performing all my
responsibilities with:
A. Integrity
B. Speed
C. Agility
D. Perfection
I also must maintain my B. Care
objectivity, be free of Due care implies a certain level of quality and
conflicts of interest, and competence in the performance of services.
discharge all of my
responsibilities with
due...
A. Respect
B. Care
C. Diligence
D. Speed
Bob is a CPA who works C. Maybe. But more facts should be considered
as as senior accountant We need more information to determine whether
in a small but diversified this situation creates a significant threat to Bob's
financial services ability to be objective.
company. Bob works for
the parent company
(bank) in a division that
makes business loans.
His mother has been
offered a seat on the
board of directors of a
, subsidiary company that
is an investment advisor.
Does Bob's situation
cause a significant threat
to Bob's integrity and
objectivity (conflict of
interest)?
A. No. The bank and
investment advisory firm
are separate and distinct
businesses
B. Yes. Directorships of
relatives always result in
conflicts of interest
C. Maybe. But more
facts should be
considered
Which factor must be in C. You have determined that your threats to
place for you to perform objectivity are at an acceptable level
services in light of a To proceed with evaluating your potential conflict of
potential conflict of interest, you must conclude that you can provide
interest? the services objectively (that is, threats to you
A. The affected parties objectivity are insignificant or have been reduced
have agreed to bring the to an acceptable level).
matter to the BOD
B. The affected parties
have agreed not to sue
you or your firm
C. You have determined
that your threats to
objectivity are at an
acceptable level
D. You have determined
that some third parties
might not question your
objectivity
Suppose a statute exists B. Yes, these records should be provided upon
in your state that allows request
you to place a lien on The code requires you to return client provided
client records in the records under all circumstances.
event of unpaid fees.
Given these facts are
you obligated to return
the client's records?
A. No, not until he pays
