AICPA Study guides, Class notes & Summaries

What are the 6 Principles of the AICPA Code of Professional Conduct? - Answer- 1. Responsibilities 2. The Public Interest 3. Integrity 4. Objectivity 5. Due Care 6. Scope and Nature of Services What is the Structure of the AICPA Code of Professional Conduct? - Answer- Preface Code Part 1: Members in Public Code Part 2: Members in Business Code Part 3: Other Members Where in the AICPA are the 6 principles found? - Answer- The Preface Which section establishes the conceptua...

c - Answer- Which of the following statements is correct concerning both an engagement to compile and an engagement to review a nonissuer's financial statements? a. The accountant expresses no assurance on the financial statements. b. The accountant should obtain a written management representation letter. c. The accountant need not obtain an understanding of internal control. d. The accountant must be independent in fact and appearance. c - Answer- A compilation of financial statement...

U.S. Securities and Exchange Commission (SEC) regulations for the financial statement presentation and disclosure requirements of SEC filings can be found in (AICPA 2016) A. Regulation S-B. B. Regulation S-K. C. Regulation S-T. D. Regulation S-X. - Answer- D. Regulation S-X. Each of the following statements is correct regarding the Financial Accounting Standards Board, except: (AICPA 2018) A. It develops principles and attributes that allow organizations to understand the necessary el...

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 issu...

The Principles state that a member has responsibility to colleagues, to clients and to the profession. (False) Rules are the cornerstone of ethical behavior. (False) In performing an attest engagement, a member should only rely on the AICPA rules of conduct regarding independence. (False) The principles apply the rules of conduct and interpretations to particular circumstances. (False) Professional services include all services performed by a member in private pra...

4 parts of the AICPA - Answer- 1. Ethical Principles 2. Rules of Conduct 3. Interpretations 4. Ethical Rulings Ethical Principles - Answer- Ideal standards of ethical conduct stated in philosophical terms. Not enforceable Ethical Principles Listed - Answer- Responsibilities, the public interest, integrity, objectivity and independence, due care, scope and nature of services Rules of Conduct - Answer- Minimum standards of ethical conduct stated as specific rules. Enforcable Interpr...

AICPA Exam Questions & Answers 2023/2024 4 parts of the AICPA - ANSWER-1. Ethical Principles 2. Rules of Conduct 3. Interpretations 4. Ethical Rulings Ethical Principles - ANSWER-Ideal standards of ethical conduct stated in philosophical terms. Not enforceable Ethical Principles Listed - ANSWER-Responsibilities, the public interest, integrity, objectivity and independence, due care, scope and nature of services Rules of Conduct - ANSWER-Minimum standards of ethical conduct stated ...

Final Exam-AICPA Questions & Answers 2023/2024 The Principles state that a member has responsibility to colleagues, to clients and to the profession. - ANSWER-(False) Rules are the cornerstone of ethical behavior. - ANSWER-(False) In performing an attest engagement, a member should only rely on the AICPA rules of conduct regarding independence. - ANSWER-(False) The principles apply the rules of conduct and interpretations to particular circumstances. - ANSWER-(False) Professiona...

According to the AICPA Code of Professional Conduct, a CPA's independence from a nonissuer client would most likely be impaired if the CPA A. Accepted any gift from a client. B. Became a member of a trade association that is a client. C. Contracted with a client to supervise the client's office personnel. D. Attended meetings of the client's board of directors as a nonvoting advisor. Answer C According to the AICPA Code of Professional Conduct, which of the following positions woul...