ACCT4553EthicsFinalAICPAQuestions&
Answers.
Which step in the decision-making model is characterized by putting yourself in the shoes
of a person that the company's policies could impact - Correct Answer - Consider the effect
on Stakeholders
Which step in the decision-making model is character...
ACCT 4553 Ethics Final AICPA Questions &
Answers.
Which step in the decision-making model is characterized by putting yourself in the shoes
of a person that the company's policies could impact - Correct Answer - Consider the effect
on Stakeholders
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? - Correct Answer - Consider your comfort level
CPAs must follow the rules and standards promulgated by which body? (Hint: Whose rules
would a CPA be especially motivated to follow?) - Correct Answer - Your State CPA
licensing board
Who establishes rules with respect to auditing and other attestation engagements, quality
control of audits, and independence of public auditors? - Correct Answer - PCAOB
If each entity tells you, a publicly traded company, a different set of independence rules,
who do you follow first? - Correct Answer - The most restrictive requirements
As a professional CPA, I have the greatest responsibility to serve: - Correct Answer - The
publics' interest
Which of the following is a specific rule of integrity and objectivity? - Correct Answer - Be
free from conflicts and interest
I also must maintain my objectivity, be free of conflicts of interest, and discharge all my
responsibilities with due - Correct Answer Care
As a CPA, I should especially maintain ______ and _______ when carrying out public
duties as it relates to conflicts of interest - Correct Answer - Independence, Objectivity
Which of the following is not a member of "private accounting"? - Correct Answer - External
Audit
, Which factor must be in place for you to perform services in light of a potential conflict of
interest? - Correct Answer - You have determined that your threats to objectivity are at an
acceptable level
What approach must AICPA members use to evaluate a matter that the code does not
address? - Correct Answer - Threats and Safeguards
The threat that you will not act with objectivity because your interests are opposed to your
clients describes which of the following? - Correct Answer - Adverse interest threat
Which of the following is not a possible threat related to gifts and entertainment? - Correct
Answer - Favoritism
Which of these is an example of a "quid pro quo" situation? - Correct Answer - A client
buying an apple watch for an auditor in exchange for a clean audit opinion
Suppose a statue exists in your state that allows you to place a lien on client records in the
event of unpaid fees. Given these facts are you obligated to return the client's records? -
Correct Answer - Yes, these records should be provided upon request
As a part of your work, you prepared several schedules relating to the client's investment
trading activity. He now says he needs those schedules so that he can complete his tax
return himself. Are you required to return those records? - Correct Answer - No, these are
not considered client-provided records
You are receiving requests from all the LPs asking that they receive copies of the
partnership records. They claim the GP refused to furnish these records and referred all
inquiries to you. Are you required to furnish these to all LPs that ask? - Correct Answer -
No, since they are not the client representative
When can you not disclose confidential information? - Correct Answer - To respond to a
request from another public accounting firm
Client records should be returned: - Correct Answer - At the client's request
Hana is the controller of a large sporting goods store. Her boss instructs her to materially
increase the company's inventory balance by crediting "other expenses". She doesn't
understand why, but tells her staff to book the journal entry. What statement best describes
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