Accounting Ethics: AICPA Ethics Code
exam questions with answers
Ethical Decision Making model - ➰CORRECT ANSWERS ✔✔1: recognize
ethical issue
2: gather critical facts
3: identify stakeholders
4: consider alternatives
5: consider effect of stakeholders
6: consider comfort level
7: consider rules, regulations, and laws
8: make decision
9: document efforts
10: evaluate outcome
professional organizations
federal gov entities
state gov entities - ➰CORRECT ANSWERS ✔✔accountants are subjects to the
rules and regulations of these three entities
aicpa - ➰CORRECT ANSWERS ✔✔this is a national professional org for
CPAs, providing resources and information to members and coordinate
activities with state cpa societies
, professional ethics division of the aicpa - ➰CORRECT ANSWERS ✔✔this
promulgates the aicpa code of professional conduct and sanctions members for
violations
state cpa society - ➰CORRECT ANSWERS ✔✔oscpa, state-wide professional
org of CPAs, provide info and resource on national and state wide issues, may
advocate for or against legislation and regulation
IFAC - ➰CORRECT ANSWERS ✔✔this group encourages global adoption of
high ethical standards, aicpa is a member of this
sec - ➰CORRECT ANSWERS ✔✔empowered by congress to regulate
financial reporting by publicly held companies, also establish and enforce rules
on accounting and auditing, and independence rules
pcaob - ➰CORRECT ANSWERS ✔✔created by sox in 2002, overseen by sec,
establish rules with respect to auditing and other attestation engagements,
quality control of audits, and independence of pubic company audits
irs - ➰CORRECT ANSWERS ✔✔this is a branch of us treasury which is
authorized by the IRC to issue rules and regulation to enforce us tax law,
circular 230 governs fed tax practice CPAs, enrolled agents, etc
GAO - ➰CORRECT ANSWERS ✔✔issues rules with respect to government
audits, often referred to as the yellow book
exam questions with answers
Ethical Decision Making model - ➰CORRECT ANSWERS ✔✔1: recognize
ethical issue
2: gather critical facts
3: identify stakeholders
4: consider alternatives
5: consider effect of stakeholders
6: consider comfort level
7: consider rules, regulations, and laws
8: make decision
9: document efforts
10: evaluate outcome
professional organizations
federal gov entities
state gov entities - ➰CORRECT ANSWERS ✔✔accountants are subjects to the
rules and regulations of these three entities
aicpa - ➰CORRECT ANSWERS ✔✔this is a national professional org for
CPAs, providing resources and information to members and coordinate
activities with state cpa societies
, professional ethics division of the aicpa - ➰CORRECT ANSWERS ✔✔this
promulgates the aicpa code of professional conduct and sanctions members for
violations
state cpa society - ➰CORRECT ANSWERS ✔✔oscpa, state-wide professional
org of CPAs, provide info and resource on national and state wide issues, may
advocate for or against legislation and regulation
IFAC - ➰CORRECT ANSWERS ✔✔this group encourages global adoption of
high ethical standards, aicpa is a member of this
sec - ➰CORRECT ANSWERS ✔✔empowered by congress to regulate
financial reporting by publicly held companies, also establish and enforce rules
on accounting and auditing, and independence rules
pcaob - ➰CORRECT ANSWERS ✔✔created by sox in 2002, overseen by sec,
establish rules with respect to auditing and other attestation engagements,
quality control of audits, and independence of pubic company audits
irs - ➰CORRECT ANSWERS ✔✔this is a branch of us treasury which is
authorized by the IRC to issue rules and regulation to enforce us tax law,
circular 230 governs fed tax practice CPAs, enrolled agents, etc
GAO - ➰CORRECT ANSWERS ✔✔issues rules with respect to government
audits, often referred to as the yellow book
