AICPA ETHICS PAPER EXAMS SET QUESTIONS
AND ANSWERS SURE A+
✔✔American Institute of Certified Public Accountants Professional Ethics Executive
Committee (PEEC) - ✔✔-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 - ✔✔Responsibilities
The Public Interest
Integrity
Objectivity and Independence
Due Care
Scope and Nature of Services
✔✔1. Responsibilities - ✔✔In carrying out your professional responsibilities, you should
exercise sensitive professional and moral judgment
✔✔2. The Public Interest - ✔✔You should act in a way that will serve the public interest,
honor the public trust, and demonstrate your commitment to professionalism
, ✔✔3. Integrity - ✔✔To maintain and broaden public confidence, you should perform all
professional responsibilities with the highest sense of integrity
✔✔4. Objectivity and Independence - ✔✔You should maintain objectivity and be free of
conflicts of interest in discharging your professional duties. If you work for a public
accounting firm that provides audit and other attestation services, you should be
independent in fact and in appearance.
✔✔5. Due Care - ✔✔You should observe the profession's technical and ethical
standards, strive continually to improve competence and the quality of services, and
discharge professional responsibility to the best of your ability
✔✔6. Scope and Nature of Services - ✔✔As a member in public practice, you should
observe the principles of the Code of Professional Conduct in determining the scope
and nature of services to be performed
✔✔Rules for Members in Public Practice - ✔✔Integrity and Objectivity
Independence
General Standards
Compliance with Standards
Accounting Principles
Acts Discreditable
Fees and Other Types of Remuneration
Advertising and Other Forms of Solicitation
Confidential Information
Form of Organization and Name
✔✔Rules for Members in Business - ✔✔Integrity and Objectivity
General Standards
Compliance with Standards
Accounting Principles
Acts Discreditable
Other Members
Acts Discreditable
✔✔Interpretations - ✔✔The code provides interpretations of each of the rules of
conduct. Provides guidelines to members on scope and application.
Members are required to apply these interpretations unless they can justify
noncompliance.
✔✔Integrity and Objectivity - ✔✔- maintain objectivity and integrity
- be free of conflicts of interest
- shall not knowingly misrepresent facts or subordinate his or her judgment to others
AND ANSWERS SURE A+
✔✔American Institute of Certified Public Accountants Professional Ethics Executive
Committee (PEEC) - ✔✔-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 - ✔✔Responsibilities
The Public Interest
Integrity
Objectivity and Independence
Due Care
Scope and Nature of Services
✔✔1. Responsibilities - ✔✔In carrying out your professional responsibilities, you should
exercise sensitive professional and moral judgment
✔✔2. The Public Interest - ✔✔You should act in a way that will serve the public interest,
honor the public trust, and demonstrate your commitment to professionalism
, ✔✔3. Integrity - ✔✔To maintain and broaden public confidence, you should perform all
professional responsibilities with the highest sense of integrity
✔✔4. Objectivity and Independence - ✔✔You should maintain objectivity and be free of
conflicts of interest in discharging your professional duties. If you work for a public
accounting firm that provides audit and other attestation services, you should be
independent in fact and in appearance.
✔✔5. Due Care - ✔✔You should observe the profession's technical and ethical
standards, strive continually to improve competence and the quality of services, and
discharge professional responsibility to the best of your ability
✔✔6. Scope and Nature of Services - ✔✔As a member in public practice, you should
observe the principles of the Code of Professional Conduct in determining the scope
and nature of services to be performed
✔✔Rules for Members in Public Practice - ✔✔Integrity and Objectivity
Independence
General Standards
Compliance with Standards
Accounting Principles
Acts Discreditable
Fees and Other Types of Remuneration
Advertising and Other Forms of Solicitation
Confidential Information
Form of Organization and Name
✔✔Rules for Members in Business - ✔✔Integrity and Objectivity
General Standards
Compliance with Standards
Accounting Principles
Acts Discreditable
Other Members
Acts Discreditable
✔✔Interpretations - ✔✔The code provides interpretations of each of the rules of
conduct. Provides guidelines to members on scope and application.
Members are required to apply these interpretations unless they can justify
noncompliance.
✔✔Integrity and Objectivity - ✔✔- maintain objectivity and integrity
- be free of conflicts of interest
- shall not knowingly misrepresent facts or subordinate his or her judgment to others
