AICPA Ethics Rules & CPA Exam with
answers
Which of the following are not example of stakeholders?
A.Employees
B. Customers
C. Suppliers
D. Borrowers
E. All above could be stakeholders - CORRECT ANSWERS ✔✔E
According to the AICPA Code of Professional Conduct, Rule 101-
Independence, an audit requires that an individual perform his or her services
with integrity and objectivity. There must be reasonable assurance that this is
being done during the Page 4 of 5 engagement. What must an accountant do to
be in compliance with the generally accepted auditing standards?
a. Be independent in fact.
b. Be independent in appearance.
c. Both.
d. Neither - CORRECT ANSWERS ✔✔C
To whom does the AICPA Code of Professional Conduct apply:
a. Members in Public practice
, b. Members in Industry
c. Members in Government
d. Members in Education
e. All of the above - CORRECT ANSWERS ✔✔E
T/F: According to AICPA Code of Professional Conduct, a CPA may receive a
contingent fee for performing an audit of a financial statement? - CORRECT
ANSWERS ✔✔False
AICPA members should act in a way that will:
a. Serve the public interest
b. Honor the public trust
c. Demonstrate commitment to professionalism
d. All of the above
e. None of the above. - CORRECT ANSWERS ✔✔D
Regarding the fees of registered independent accounting firms on a audit
engagement the following is true:
A. The firm may charge a client a commission based on recovery received due
to finding an issue on the financials.
B. The firm may charge a flat fee for all work.
C. The firm may charge a fee based on the number of errors it find in the
clients financials.
D. The firm can receive commissions from third parties for work performed on
a client. - CORRECT ANSWERS ✔✔B
answers
Which of the following are not example of stakeholders?
A.Employees
B. Customers
C. Suppliers
D. Borrowers
E. All above could be stakeholders - CORRECT ANSWERS ✔✔E
According to the AICPA Code of Professional Conduct, Rule 101-
Independence, an audit requires that an individual perform his or her services
with integrity and objectivity. There must be reasonable assurance that this is
being done during the Page 4 of 5 engagement. What must an accountant do to
be in compliance with the generally accepted auditing standards?
a. Be independent in fact.
b. Be independent in appearance.
c. Both.
d. Neither - CORRECT ANSWERS ✔✔C
To whom does the AICPA Code of Professional Conduct apply:
a. Members in Public practice
, b. Members in Industry
c. Members in Government
d. Members in Education
e. All of the above - CORRECT ANSWERS ✔✔E
T/F: According to AICPA Code of Professional Conduct, a CPA may receive a
contingent fee for performing an audit of a financial statement? - CORRECT
ANSWERS ✔✔False
AICPA members should act in a way that will:
a. Serve the public interest
b. Honor the public trust
c. Demonstrate commitment to professionalism
d. All of the above
e. None of the above. - CORRECT ANSWERS ✔✔D
Regarding the fees of registered independent accounting firms on a audit
engagement the following is true:
A. The firm may charge a client a commission based on recovery received due
to finding an issue on the financials.
B. The firm may charge a flat fee for all work.
C. The firm may charge a fee based on the number of errors it find in the
clients financials.
D. The firm can receive commissions from third parties for work performed on
a client. - CORRECT ANSWERS ✔✔B
