AICPA Ethics Exam Questions with 100% CORRECT ANSWERS LATEST (A+ GRADED VERIFIED BY EXPERTS)

AICPA Ethics Exam Questions with 100% CORRECT ANSWERS LATEST (A+ GRADED VERIFIED BY EXPERTS)
State CPA licensing boards
AICPA
SEC
PCABO
IFAC
IRS
GAO
DOL
others
State CPA Licensing Boards - ANSWER -issues CPA licesnes and oversee ethical
conduct of jurisdiction
AICPA - ANSWER -American Institute of Certified Public Accountants
national professional organization for all CPAs; work with state CPA societies
-PEEC: Professional Ethics Executive Committee promulgates and enforces ethics and
independence rules that apply to all members
SEC - ANSWER -Securities and Exchange Commission
federal agency
establishes and enforces accounting and auditing policies
PCAOB - ANSWER -Public Company Accounting Oversight Board
establishes auditing, attestation, quality control, ethics and independence standards for
public company auditors
IFAC - ANSWER -International Federation of Accountants
develop standards for auditing, education, ethics, and public sector financial reporting in
the accounting profession globally
promotes good ethical practices
IRS - ANSWER -Internal Revenue Service
government agency
authorizes the Secretary of the Treasury to set rules and regulations necessary to
enforce the UT tax laws
Treasury Dept Circular 230 governs federal tax practice before the IRS
IRS Office of Professional Responsibility (OPR) enforces these regulations
GAO - ANSWER -US Government Accountability Office
issues ethics and independence rules that apply to engagements performed under
GAGAS
DOL - ANSWER -Department of Labor
interpretive bulletin on independence
Code of Conduct - ANSWER --assume responsibilities above and beyond those
required by law
-act honorably, even at the sacrifice of personal advantage
CPAs must follow the rules and standards promulgated by which bodies - ANSWER -
Their state CPA licensing board
3 Areas of AICPA's PEEC - ANSWER -members in public practice
members in business
members in neither category (retired or between jobs)
______________________________________________________________________
________
Membership in AICPA is voluntary - member assumes obligations
Profession has responsibility to the public, to clients, and to colleagues
Guide members in the performance of their professional responsibilities
American Institute of Certified Public Accountants Professional Ethics Executive
Committee (PEEC) - ANSWER --maintains the AICPA's Code of Professional Conduct
-framework approach: provides a methodology for assessing facts and circumstances
not contemplated under the rules
______________________________________________________________________
_________
-3 frameworks
2 for members in public practice (independence and all other areas)
1 for members in business
______________________________________________________________________
________
Preface
Part 1 for members in public practice (independence and all other areas)
Part 2 for member in business
Part 3 for all other members
Glossary
6 Principles of Professional Conduct - ANSWER -Responsibilities
The Public Interest
Integrity
Objectivity and Independence
Due Care
Scope and Nature of Services

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