Accounting Ethics AICPA Ethics Code Latest

Accounting Ethics AICPA Ethics Code Latest Update - Actual Exam 65 Questions with 100% Verified Correct Answers Guaranteed A+ Verified by Professor

6 pillars of the aicpa code - CORRECT ANSWER: 1) responsibilities

2) public interest 3) integrity 4) objectivity and independence 5) due care 6) scope and nature of services

acceptable level - CORRECT ANSWER: the level at which reasonable and informed

third party who is aware of relevant information would conclude your compliance with the rules

acts discreditable to the profession - CORRECT ANSWER: these are acts that could harm the good name or reputation of the accounting profession -ex: illegal acts like theft of funds or insider trading obviously come under this heading

adverse interest threat - CORRECT ANSWER: threat that you will not act with objectivity because your interest are opposed to your clients intersts

aicpa - CORRECT ANSWER: this is a national professional org for CPAs, providing

resources and information to members and coordinate activities with state cpa societies

aicpa conceptual framework for independence - CORRECT ANSWER: this framework is

used to set independence standards and to resolve cases where an issue is not specifically addressed 1 / 2

attest client - CORRECT ANSWER: an entity whose financial statements or other

information is being audited, reviewed, or attested to (giving an opinion)

attest services - CORRECT ANSWER: cpa's expression of an opinion (qualified or

unqualified) or some other form of assurance that the information being reported on is free of material misstatement

client provided records - CORRECT ANSWER: records belonging to the client or

provided to the cpa by or on behalf of the client should return these upon request even if there state allows a lien on the client records

client records that you prepared - CORRECT ANSWER: a tax return that you prepared or general ledgers (that the cpa was engaged to perform) should return these upon request BUT these can be withheld if the engagement is incomplete or the cpa is owed fees for his work

conceptual framework - CORRECT ANSWER: code's interpretations provide guidelines and requirements for complying with the rules in many situations a member may encounter (practical app of the code)

confidential client information - CORRECT ANSWER: client investments in research and development tax information information on profit margins in a private company these are examples of what?

confidential client information - CORRECT ANSWER: includes any information obtained from the client not available to the public (from public sources)

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