AICPA FINAL questions with correct answers

What are the 10 steps in the ethical decision making model? Answer Step One: Recognize the Ethical Issue Step Two: Gather the Critical Facts Step Three: Identify the Stakeholders Step Four: Consider Alternatives Step Five: Consider the Effect on Stakeholders Step Six: Consider Your Comfort Level Step Seven: Consider Rules, Regulations, and Laws Step Eight: Make a Decision Step Nine: Document your Efforts Step Ten: Evaluate the Outcome What does recognizing a potential ethical issue look like? Answer What does considering your comfort level look like? Answer Ask yourself "If I had to discuss your decision in public, would you be concerned about it reflects on your ethics?" What is the difference between the AICPA, SEC, PCAOB, and your state board of public accountancy? Answer The AICPA is the national professional organization for CPAs. AICPA provides resources and information to members and coordinate activities with state CPA societies. SEC empowered by congress to regulate financial reporting of PUBLICLY-held companies. SEC establishes and enforces rules on accounting and auditi