Which step in the decision-making model is characterized by asking the question, "Are these opinions consistent with applicable professional ethics rules, regulations, and laws?"
A. Recognize ethical issues
B. Gather critical facts
C. Consider the effect on stakeholders
D. Consider rules, regul...
AICPA Ethics Code Exam(2022/2023)Questions And Answers.
Which step in the decision-making model is characterized by asking the question, "Are these opinions consistent with applicable professional 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 - Answer D. Consider rules, regulations, and laws Step 7 asks this question. You may determine that the greatest benefit and least amount of harm would likely result if you take a particular course of action, but if that course of action is inconsistent with the profession's rules of conduct, you may not ignore those rules.
Which step in the decision-making model is characterized by asking the question, "If you had to discuss your 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 - Answer B. Consider your comfort level Step 6 asks you to consider your comfort level. Before you make a decision about the correct action when facing an ethical issue, you should ask yourself some questions.
CPAs must follow the rules and standards promulgated by which body?
A. AICPA
B. SEC
C. PCAOB
D. Your state CPA licensing board - Answer D. Your state CPA licensing board State CPA licensing boards are charged with issuing CPA licenses and overseeing the ethical conduct of CPAs in 55 jurisdictions in the United States. It is critically important for CPAs to know their state board's requirements. If you are licensed by more than one
state board, you should familiarize yourself with each state's requirements.
As a professional CPA, I have the greatest responsibility to serve:
A. My clients
B. My best interest C. The public's interest D. My superior's interest - Answer C. Your primary responsibility is to serve the public interest.
As a professional CPA, I have a responsibility to maintain and broaden public confidence by performing all my responsibilities with: AICPA Ethics Code Exam(2022/2023)Questions And Answers.
A. Integrity
B. Speed
C. Agility
D. Perfection - Answer A. Integrity Integrity is one of the cornerstones of our profession.
I also must maintain my objectivity, be free of conflicts of interest, and discharge all of my responsibilities with due...
A. Respect
B. Care
C. Diligence
D. Speed - Answer B. Care
Due care implies a certain level of quality and competence in the performance of services.
Bob is a CPA who works as as senior accountant in a small but diversified financial services 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 - Answer C. Maybe. But more facts should be considered We need more information to determine whether this situation creates a significant threat to Bob's ability to be objective.
Which factor must be in place for you to perform services in light of a potential conflict of
interest?
A. The affected parties have agreed to bring the 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 - Answer C. You have determined that your threats to objectivity are at an acceptable level
To proceed with evaluating your potential conflict of interest, you must conclude that you can provide the services objectively (that is, threats to you objectivity are insignificant or have been reduced to an acceptable level).
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 or Stuvia-credit 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 STOMZY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
