Homework Answers
1.An audit client owes the CPA past-due audit fees.
Rule: Independence
2.A member violates rules issued by the Accounting and Review Services Committee.
Rule: Compliance with standards
3.A CPA accepts a percentage of the client's loan as an audit
fee.
Rule: Contingent fees
4.A CPA robs a service station.
Rule: Acts discreditable
5.The auditors fail to qualify their opinion on financial statements that do not properly apply FASB standards.
Rule: Accounting principles
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Listed below are selected Rules of Conduct and ethical problems. Match the rule with the problem...
Situation No. 3: AICPA Code of Professional Conduct For cach situation, Identify the most applicable AICPA...
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...
Statements Answer 1. The AICPA Code of Professional Conduct includes: Principles, Rules and interpretations st be...
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...
Situation No. 3. Continued A. Independence--No Violation B. Independence - Violation L. Contingent Fees. -No Violation...
Situation No. 3. Continued 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 Solicitation--Violation G. Confidential Client Inf. -No Violation H. Confidential Client Inf... Violation 0. Commissions and Referrals-No Violation P. Commissions and Referrals-Violation 6. Fryson, CPA, is a...
Can you answer these questions? Thank you 42 The AICPA's Code of Professional Conduct states that...
Can you answer these questions? Thank you
42 The AICPA's Code of Professional Conduct states that a CPA should maintain integrity and objectivity. The term “objectivity” in the Code refers to a CPA's ability to: a. choose independently between alternate accounting principles and auditing standards. b. distinguish between accounting practices that are acceptable and those that are not. be unyielding in all matters dealing with auditing procedures. d. maintain an impartial attitude on matters that come under the CPA's review....
Question 7 1 pts In the absence of a rule or an interpretation, a CPA could...
Question 7 1 pts In the absence of a rule or an interpretation, a CPA could use which of the following to apply to the accounting for a certain situation? The Conceptual Framework An auditing textbook The SEC rulings The IRS Code Question 8 1 pts The last step in the process to assist the CPA in making an ethical judgment is evaluate the significance of the threat O evaluate the effectiveness of the safeguards identify and apply safeguards O...
asap only answers 5. In which of the following instances would independence be considered to be...
asap only answers
5. In which of the following instances would independence be considered to be impaired? The CPA has been retained as the auditor of a company a. and the CPA lives in the same town as the controller. b. in which the CPA's brother is the controller. c. which owes the CPA audit fees for current year services. The company being audited has just filed a petition for bankruptcy. d. All of the above. 6. The partner of...
7- Which ethical principle states that members should honor the public trust and Integrity Demonstrate a...
7- Which ethical principle states that members should honor the public trust and Integrity Demonstrate a commitment to professionalism? a- Integrity b- Public Interest C- Due Care d- Responsibilities 8. Which of the following is subject to enforcement under the Rules of Conduct? a- Independence in fact b- Independence in Appearance 9. Under the joint trial board procedures, which of the following is not a possible disciplinary action that could be taken: - Admonishment - Suspension for five years -...
- Multiple Choice: (30pts) _ 1-The profession's ethical standards would most likely be considered to have...
- Multiple Choice: (30pts) _ 1-The profession's ethical standards would most likely be considered to have been violated when a CPA: a- Continued an audit engagement after the commencement of litigation against the CPA alleging excessive fees filed in a stockholder's derivative action b- Represented to a potential client that the CPA's fees were substantially lower than the fees charged by another CPA's for comparable services. C- Issued a report on a financial forecast that omitted a caution regarding achievability....
Above is a list of circumstances that raise a question about an auditors ethical conduct. Identify...
Above is a list of circumstances that raise a question about an
auditors ethical conduct. Identify the rule (of the AICPA) that
applies to each. Example: Advertising Rule
Question 2 of 8 < - /5 In the practice of public accounting, an auditor who is a member of the AICPA is expected to comply with the rules of the AICPA Code of Professional Conduct. Listed below are circumstances that raise a question about an auditor's ethical conduct. 1. 2. 3....
Multiple Choice: (30pts) _______ 1-The profession’s ethical standards would most likely be considered to have been...
Multiple Choice: (30pts) _______ 1-The profession’s ethical standards would most likely be considered to have been violated when a CPA: Continued an audit engagement after the commencement of litigation against the CPA alleging excessive fees filed in a stockholder’s derivative action Represented to a potential client that the CPA’s fees were substantially lower than the fees charged by another CPA’s for comparable services. Issued a report on a financial forecast that omitted a caution regarding achievability. Accepted a consultation...
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...
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...
Situation No. 3. Continued 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 Solicitation--Violation G. Confidential Client Inf. -No Violation H. Confidential Client Inf... Violation 0. Commissions and Referrals-No Violation P. Commissions and Referrals-Violation 6. Fryson, CPA, is a...
Can you answer these questions? Thank you
42 The AICPA's Code of Professional Conduct states that a CPA should maintain integrity and objectivity. The term “objectivity” in the Code refers to a CPA's ability to: a. choose independently between alternate accounting principles and auditing standards. b. distinguish between accounting practices that are acceptable and those that are not. be unyielding in all matters dealing with auditing procedures. d. maintain an impartial attitude on matters that come under the CPA's review....
Question 7 1 pts In the absence of a rule or an interpretation, a CPA could use which of the following to apply to the accounting for a certain situation? The Conceptual Framework An auditing textbook The SEC rulings The IRS Code Question 8 1 pts The last step in the process to assist the CPA in making an ethical judgment is evaluate the significance of the threat O evaluate the effectiveness of the safeguards identify and apply safeguards O...
asap only answers
5. In which of the following instances would independence be considered to be impaired? The CPA has been retained as the auditor of a company a. and the CPA lives in the same town as the controller. b. in which the CPA's brother is the controller. c. which owes the CPA audit fees for current year services. The company being audited has just filed a petition for bankruptcy. d. All of the above. 6. The partner of...
7- Which ethical principle states that members should honor the public trust and Integrity Demonstrate a commitment to professionalism? a- Integrity b- Public Interest C- Due Care d- Responsibilities 8. Which of the following is subject to enforcement under the Rules of Conduct? a- Independence in fact b- Independence in Appearance 9. Under the joint trial board procedures, which of the following is not a possible disciplinary action that could be taken: - Admonishment - Suspension for five years -...
- Multiple Choice: (30pts) _ 1-The profession's ethical standards would most likely be considered to have been violated when a CPA: a- Continued an audit engagement after the commencement of litigation against the CPA alleging excessive fees filed in a stockholder's derivative action b- Represented to a potential client that the CPA's fees were substantially lower than the fees charged by another CPA's for comparable services. C- Issued a report on a financial forecast that omitted a caution regarding achievability....
Above is a list of circumstances that raise a question about an
auditors ethical conduct. Identify the rule (of the AICPA) that
applies to each. Example: Advertising Rule
Question 2 of 8 < - /5 In the practice of public accounting, an auditor who is a member of the AICPA is expected to comply with the rules of the AICPA Code of Professional Conduct. Listed below are circumstances that raise a question about an auditor's ethical conduct. 1. 2. 3....
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