AICPA Ethics Rules CPA Exam -Complete
Exam Study Guide with Verified Answers |
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Which of the following are not example of stakeholders?
A.Employees
B. Customers
C. Suppliers
D. Borrowers
E. All above could be stakeholders ------- ✔ CORRECT ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓B
What is a positive way to maintain a quality relationship with a client?
a. Have written fee agreements, with clearly defined terms (i.e. billing) and, if needed, provide
cost estimates.
b. Complete work at agreed upon deadlines.
Exam Study Guide with Verified Answers |
Guaranteed A+
Which of the following are not example of stakeholders?
A.Employees
B. Customers
C. Suppliers
D. Borrowers
E. All above could be stakeholders ------- ✔ CORRECT ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓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 ANSWER ✓✓B
What is a positive way to maintain a quality relationship with a client?
a. Have written fee agreements, with clearly defined terms (i.e. billing) and, if needed, provide
cost estimates.
b. Complete work at agreed upon deadlines.
