AICPA Ethics Exam (All questions correctly solved)

Ethical Decision Making Model correct answers helps you actively work through gray area and choose the best possible solution to an ethical dilema Step 1: Recognize the ethical issue Step 2: Gather the critical facts Step 3: Identify the stakeholders Step 4: Consider your alternatives Step 5: Consider the effect on stakeholders Step 6: Consider your comfort level Step 7: Consider rules, regulations and laws Step 8: Make a decision Step 9: Document your efforts Step 10: Evaluate the outcome Step 1 correct answers Recognize the ethical issue Step 2 correct answers Gather the critical facts -you may not have all the facts, but you need the key ones (material) Step 3 correct answers Identify the stakeholders -who is affected by your decisions/actions -consider as many as possible Step 4 correct answers Consider your alternatives -approaches you could take to address this matter and resolve the ethical conflict Step 5 correct answers Consider the effect on stakeholders -effect of each alternative Step 6 correct answers Consider your comfort level -how comfortable are you with each option -how would you feel if you have to discuss your decision in public Step 7 correct answers Consider rules, regulations, and laws -rules set by AICPA, state accountancy board, state CPA society Step 8 correct answers Make a decision