Accounting Ethics: AICPA Ethics Code With
100% Correct And Verified Answers
Ethical Decision Making model - Correct Answer-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 outcome
professional organizations
federal gov entities
state gov entities - Correct Answer-accountants are subjects to
the rules and regulations of these three entities
aicpa - Correct Answer-this is a national professional org for
CPAs, providing resources and information to members and
coordinate activities with state cpa societies
professional ethics division of the aicpa - Correct Answer-this
promulgates the aicpa code of professional conduct and
sanctions members for violations
state cpa society - Correct Answer-oscpa, state-wide professional
org of CPAs, provide info and resource on national and state wide
issues, may advocate for or against legislation and regulation
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, IFAC - Correct Answer-this group encourages global adoption of
high ethical standards, aicpa is a member of this
sec - Correct Answer-empowered by congress to regulate
financial reporting by publicly held companies, also establish and
enforce rules on accounting and auditing, and independence rules
pcaob - Correct Answer-created by sox in 2002, overseen by sec,
establish rules with respect to auditing and other attestation
engagements, quality control of audits, and independence of
pubic company audits
irs - Correct Answer-this is a branch of us treasury which is
authorized by the IRC to issue rules and regulation to enforce us
tax law, circular 230 governs fed tax practice CPAs, enrolled
agents, etc
GAO - Correct Answer-issues rules with respect to government
audits, often referred to as the yellow book
these include ethics and independence rules that apply to
individuals and entities that carry out these audits
DOL - Correct Answer-issue rules with respect to the audit of
employee benefit plans including independence rules that apply to
such auditors
insurance regulators - Correct Answer-this
group is regulated by states, audits of
insurance entities may be governed to some
extent by state statutes and/or rulings of
state insurance commissions
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