Which phrase is used by the Code of Professional Conduct to describe integrity?
Candid, within the constraints of client confidentiality
.
Which statement best describes competence as defined by the aicpa code of professional conduct?
The correct answer is b.
The application of skill and knowledge with reasonable care and diligence
.
Which of the following questions does the integrity principle of the aicpa Code of Professional Conduct address?
integrity addresses the question of what is right and just.
☐ objectivity and independence
: “a member should maintain objectivity and be free of conflicts of interest in discharging professional responsibilities.
What are the six principles guiding the code of professional conduct?
The principles are:
Responsibilities Principle, The Public Interest Principle, The Integrity Principle, Objectivity and Independence Principle, Due Care Principle, and the Scope and Nature of Services Principle
.
In which situations may you disclose confidential?
In response to a validly issued and enforceable subpoena.
At the request of another client that needs the information to file its tax return
. As an example in a seminar given for CPE credit. In a proposal to a potential client.
Which one of the following best describes professional judgment?
Professional judgment is the process of using relevant training, knowledge, and experience to
reach a decision
or draw a conclusion in evaluating evidence, estimating probabilities, or selecting between options.
Which of the following best describes a significant similarity between the AICPA and Iesba codes?
The correct answer is 1) Both codes
incorporate the conceptual framework approach for evaluating threats when specific rules on a
matter do not exist. It must be specified, however, the the AICPA and IESBA do not use the same conceptual framework even though there is some overlap between the two.
What is the code of Professional Conduct?
A professional code of conduct is
a document that explains to employees how they are expected to act on behalf of their company
. A code of conduct can include elements like the values of the business, disciplinary steps, and responsibilities.
What are the principles of Professional Conduct?
- Adhere to the highest standards of professional conduct.
- Strive for impartiality and objectivity when dealing with others.
- Communicate openly and honestly with colleagues and clientele.
- Maintain confidentiality in professional relationships.
Who does the aicpa Code of Professional Conduct apply to?
1. Whom does the Code of Professional Conduct govern? Bylaw section 230 explains that the Code applies to
all individuals that are members of the American Institute of Certified Public Accountants
.
What is the purpose of the principles of professional conduct?
They
guide members in the performance of their professional responsibilities and express the basic tenets of ethical and professional conduct
. The Principles call for an unswerving commitment to honorable behavior, even at the sacrifice of personal advantage.
What are the six principles of accounting?
There are a number of principles, but some of the most notable include the
revenue recognition principle, matching principle, materiality principle, and consistency principle
. … Completeness is ensured by the materiality principle, as all material transactions should be accounted for in the financial statements.
What is the purpose of the aicpa code of professional conduct?
The code
establishes standards for auditor independence, integrity and objectivity, responsibilities to clients and colleagues and acts discreditable to the accounting profession
. The AICPA is responsible for drafting, revising and reissuing the code annually, on June 1.
When can a CPA disclose confidential information?
The CPA’s professional responsibility for client information is primarily defined in Sec. ET-301 of the AICPA Professional Standards. The rule states that
a member in public practice shall not disclose any confidential client information without the specific consent of the client
.
Is Jane’s independence impaired under the aicpa code?
Is Jane’s independence impaired under the AICPA code? A.)
No
, because Jane is not on the attest team or able to influence the engagement.
Which records if any may Rose & Co withhold from the client?
D.
No records may be withheld
from the client. Auditing is defined as the process of manual examination of financial records of an entity. The purpose of auditing is to ensure the fair presentation of the financial reports.
