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AICPA Final Exam Questions and Answers New Test
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AICPA Final Exam Questions and Answers New Test AICPA Final Exam Questions and Answers New Test AICPA Final Exam Questions and Answers New Test
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AICPA Final Exam Questions and Answers New Test4 parts - correct answer ✅Ethical principles
Rules of conduct
Interpretations
Ethical rulings
Ethical principles - correct answer ✅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 not enforceable, the burden of proof on CPA for noncompliance
rules of conduct (100-500) - correct answer ✅Minimum standards of ethical conduct stated as specific rules
These are enforceable
AICPA Final Exam Questions and Answers New Test AICPA Final Exam Questions and Answers New Test
Other organizations' rules of conduct can be less or more restrictive than AICPA's:
SEC
TSBPA
For frequent, recurrent questions about a specific rule of conduct
Though not enforceable, a CPA must justify departure
Prepared by AICPA Division of Professional Ethics
ethical rulings - correct answer ✅Explanations to specific important questions about rules of conduct
Based on questions submitted to AICPA by practitioners
Not enforceable, but a CPA must justify departure
What Should You Do When AICPA Rules of Conduct Differ from SEC, TSBPA? - correct answer ✅Follow whichever is more restrictive
If you're not sure about an ethics issue, call the TSBPA
AICPA Final Exam Questions and Answers New Test AICPA Final Exam Questions and Answers New Test
AICPA Also Recently Adopted a "Covered Person" Independence Perspective - correct answer ✅Previous AICPA rules took a "firm wide" Independence perspective
Intended to modernize rules for auditor independence regarding:
Investments in audit clients
Employment relationships
Scope of services provided to SEC clients
Old rules were out of date and unnecessarily restrictive, given increasing numbers of dual income families
Firm wide perspective:
Partners could not own any stock in any client company
Managers and below could not own stock of the client if they were in the office doing the audit for the client
For example: Joe Abston, manager in Honolulu office, transferred to Dallas office
and had to sell Dr Pepper
covered persons - correct answer ✅The audit engagement team members
AICPA Final Exam Questions and Answers New Test
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