AICPA Ethics Rules & CPA Exam UPDATED ACTUAL Questions and
CORRECT Answers
1. Which of the following are not example of stakehold- E
ers?
A.Employees
B. Customers
C. Suppliers
D. Borrowers
E. All above could be stakeholders
2. According to the AICPA Code of Professional Conduct, C
Rule 101-Independence, an audit requires that an in-
dividual 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
3. To whom does the AICPA Code of Professional Conduct E
apply:
a. Members in Public practice
b. Members in Industry
c. Members in Government
d. Members in Education
e. All of the above
4. T/F: According to AICPA Code of Professional Conduct, False
a CPA may receive a contingent fee for performing an
audit of a financial statement?
, 5. AICPA members should act in a way that will: D
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.
6. Regarding the fees of registered independent account- B
ing 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.
7. What is a positive way to maintain a quality relation- E
ship with a client?
a. Have written fee agreements, with clearly defined
terms (i.e. billing) and, if needed, provide cost esti-
mates.
b. Complete work at agreed upon deadlines.
c. Use appropriate phone protocol to maintain confi-
dentiality with clients.
d. Monitor quality of all work, including drafts as well
as client status reports.
e. All of the above.
8. Which of the following organizations licenses CPAs: C
2/6
CORRECT Answers
1. Which of the following are not example of stakehold- E
ers?
A.Employees
B. Customers
C. Suppliers
D. Borrowers
E. All above could be stakeholders
2. According to the AICPA Code of Professional Conduct, C
Rule 101-Independence, an audit requires that an in-
dividual 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
3. To whom does the AICPA Code of Professional Conduct E
apply:
a. Members in Public practice
b. Members in Industry
c. Members in Government
d. Members in Education
e. All of the above
4. T/F: According to AICPA Code of Professional Conduct, False
a CPA may receive a contingent fee for performing an
audit of a financial statement?
, 5. AICPA members should act in a way that will: D
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.
6. Regarding the fees of registered independent account- B
ing 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.
7. What is a positive way to maintain a quality relation- E
ship with a client?
a. Have written fee agreements, with clearly defined
terms (i.e. billing) and, if needed, provide cost esti-
mates.
b. Complete work at agreed upon deadlines.
c. Use appropriate phone protocol to maintain confi-
dentiality with clients.
d. Monitor quality of all work, including drafts as well
as client status reports.
e. All of the above.
8. Which of the following organizations licenses CPAs: C
2/6
