Determine at least two (2) AICPA professional conduct principles most likely to be violated. Provide your supporting rationale
ACC562
The principles of Professional Conduct which the member of AICPA shall adhere to are:
Responsibilities, The Public Interest, Integrity, Objectivity and Independence and the last, Due Care.
The most likely violated principles of Code of conduct by the member of AICPA are:
1) The Responsibilities principle: The responsibilities of the members of AICPA are the most professional which are sensitive enough to judging the accounting position and reporting to the Shareholders and the general public the actual position of the company. The member normally do not go to that detail of the accounts of the concern that they able to pin-point the weak points of the operation of the company.
2) The Public Interest principle: The members who would not able to fulfill their responsibilities and show their commitment towards their professional and judgment activities, are also culprit of not serving the public interest and do proper honor to the public trust. The members would not able to cut-off their personal interests from the professional duties and keep on fulfilling their personal needs and demands without displaying the actual position of the company to the Shareholders and the general public. The profession of CPA has been losing public confidence because of their lethargic and personal commitments.
============
Determine at least two (2) AICPA professional conduct principles most likely to be violated. Provide your...
" Common Violations of the AICPA Professional Conduct Principles " Read the Code of Professional Conduct from the American Institute of Certified Public Accountants (AICPA) website. Review the Code's key requirements From the reading, determine at least two (2) AICPA professional conduct principles most likely to be violated. Provide your supporting rationale
Which of the following is most likely to violate the AICPA Code of Professional Conduct? Performing professional services relating to judicial proceedings. Accepting audit fees fixed by a public authority. Issuing the current year audit report when fees for the past year audit remain uncollected. Submitting a competitive bid to a potential audit client.
Which is most likely a violation of the AICPA Code of Professional Conduct?A member firm buys computer time at wholesale prices from another CPA firm and sells it at retail prices to clients.A member begins a public accounting firm with the trade name “Pay Less Tax Service."A member forms a partnership for the practice of public accounting with nonCPAs.A member firm's name is imprinted on a tax booklet prepared by an outside author who is clearly identified.
The six Principles of the AICPA Code of Professional Conduct are responsibilities, public interest, integrity, objectivity and independence, due care, and scope and nature of services. Describe three of these principles and use examples to clarify your description.
1. Which of the six principles in the AICPA Code of Conduct is most related to Article 1.5 of the California Accountancy Act? Explain your conclusion.
Question 6 The AICPA Code of Professional Conduct includes which of the following principles? Professionalism O Conservatism Objectivity Quality D Question 7 The balance sheet is a snapshot of a company's financial position at a particular date. True False
Statements Answer 1. The AICPA Code of Professional Conduct includes: Principles, Rules and interpretations st be independent of any enterprise and must also ______independent to third parties. A CPA's independence with respect to an enterprise will be impaired if the CPA has any or material indirect financial interest in the enterprise. In evaluating independence, financial interests of a CPA's are ascribed directly to the CPA CPAs in public practice should not accept a fee from an audit client that is...
Select the principle from the AICPA Code of Professional Conduct that is violated for each of the situations. a. Dominick is an audit manager at a local auditing firm. The firm wants to outsource its payroll function. Dominick strongly urges his firm to select the ABC Payroll Company, but does not disclose that his son is a co-owner of the company. b. Currently, NorthernWay Airlines uses the straight-line method of depreciation to depreciate its airplanes. Julie's boss would like to...
Situation No. 3: AICPA Code of Professional Conduct For cach situation, Identify the most applicable AICPA rule of conduct and whether there is a violation or no violation of the rule. A. Independence- - No Violation B. Independence--Violation L. Contingent Fees--No Violation J. Contingent Fees-- Violation C. Integrity and Objectivity. -No Violation K. Acts Discreditable-No Violation D. Integrity and Objectivity. Violation L. Acts Discreditable Violation E. Accounting Principle--No Violation F. Accounting Principle--Violation M. Advertising and Solicitation-No Violation N. Advertising and...
2. What are the most important moral principles that a medical professional must follow in their profession? How would you define the Normative Basis for your profession?