AICPA ETHICS QUESTIONS AND ANSWERS SURE
A+
ssional & Regulatory Bodies - ✔✔set ethics standards and rules for members of the
accounting profession
State CPA licensing boards
AICPA
SEC
PCABO
IFAC
IRS
GAO
DOL
others
✔✔State CPA Licensing Boards - ✔✔issues CPA licesnes and oversee ethical conduct
of jurisdiction
✔✔AICPA - ✔✔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 - ✔✔Securities and Exchange Commission
federal agency
establishes and enforces accounting and auditing policies
✔✔PCAOB - ✔✔Public Company Accounting Oversight Board
, establishes auditing, attestation, quality control, ethics and independence standards for
public company auditors
✔✔IFAC - ✔✔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 - ✔✔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 - ✔✔US Government Accountability Office
issues ethics and independence rules that apply to engagements performed under
GAGAS
✔✔DOL - ✔✔Department of Labor
interpretive bulletin on independence
✔✔Code of Conduct - ✔✔-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 - ✔✔Their
state CPA licensing board
✔✔3 Areas of AICPA's PEEC - ✔✔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
A+
ssional & Regulatory Bodies - ✔✔set ethics standards and rules for members of the
accounting profession
State CPA licensing boards
AICPA
SEC
PCABO
IFAC
IRS
GAO
DOL
others
✔✔State CPA Licensing Boards - ✔✔issues CPA licesnes and oversee ethical conduct
of jurisdiction
✔✔AICPA - ✔✔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 - ✔✔Securities and Exchange Commission
federal agency
establishes and enforces accounting and auditing policies
✔✔PCAOB - ✔✔Public Company Accounting Oversight Board
, establishes auditing, attestation, quality control, ethics and independence standards for
public company auditors
✔✔IFAC - ✔✔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 - ✔✔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 - ✔✔US Government Accountability Office
issues ethics and independence rules that apply to engagements performed under
GAGAS
✔✔DOL - ✔✔Department of Labor
interpretive bulletin on independence
✔✔Code of Conduct - ✔✔-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 - ✔✔Their
state CPA licensing board
✔✔3 Areas of AICPA's PEEC - ✔✔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
