AICPA Ethics Rules & CPA Exam
Questions With Complete Solutions
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
, AICPA Ethics Rules & CPA Exam
Questions With Complete Solutions
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
Questions With Complete Solutions
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
, AICPA Ethics Rules & CPA Exam
Questions With Complete Solutions
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
