The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code.
1. How does the International Standards for the Practice of Internal Auditing address the standard for Independence and Objectivity? How is this different from the AICPA Code? Why is it different? What does the Internal Auditing Standards cover? How are these standards enforced?
International Standards for the Practice of Internal Auditing
Independence: Internal Audit should be carried out without being biased. The right to perform internal audit functions without discrimination is called Independence. The Chief auditor conducting the internal audit should have no restrictions in reaching out to the senior management in addressing queries.
Objectivity: Objectivity is an approach which enables internal auditors to act in such a way as to trust their product and that no compromise is made in terms of quality. Internal Auditors should not blindly agree with the superiors on important matters.
AICPA code:
Independence: Independence is the state of mind, which enables an individual to conduct a service without being impaired, while allowing the person to act with honesty, objectivity and professional judgement.
Objectivity: Being Objective is to be unbiased in the professional services of the Member and to use professional judgment during the relationship with the client.
What does the Internal Auditing Standards cover?
The standards cover the following:
Performance Standards:
i. Planning internal audit
ii. Nature of Work
iii. Planning the audit engagement
iv. Implementing the engagement
v. Communicating Results of Audit
vi. Monitoring Progress
vii. Communicating the Acceptance of Risks
Attribute Standards:
i. Purpose, Authority, and Responsibility
ii. Objectivity and independence
iii. Due Professional Care and Proficiency
iv. Quality Assurance and Improvement Program
The Institute of Internal Auditors (IIA) is the standard setting body that provides certification for Internal Auditors. The IIA assists internal auditors to apply the standards.
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the...
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code. 1. How does the Institute of Management Accountants Statement of Ethical Professional Practice address the standard for Independence? How is this different from the AICPA Code? Why is it different? What does the IMA Practice cover? How are...
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code. 1. What is covered by the AICPA Statements on Standards for Tax Services (SSTS)? Be specific in your discussion of how SSTS is similar to the AICPA Code and how it is different. How does SSTS treat independence?...
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code. 1. Discuss how compliance with the standards in the Code are enforced by the AICPA?
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code. 1. Which organizations can take away a CPAs license to practice as a CPA? What standards do these organizations use?
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code. 1. How is the conceptual framework used in analyzing and presenting the AICPA Code?
The AICPA Code of Professional Conduct (the Code) is generally recognized as a model for the accounting profession. Other professional accounting organizations have their own Standards. Some use parts of the AICPA Code; but others are very different from the AICPA Code. 1. Discuss briefly which membership group or groups is covered and what threats and safeguards are covered in each of the following Topics in the AICPA Code: 100, 200, 300.
Which of the following is an authoritative body that the AICPA Code of Professional Conduct authorizes to promulgate auditing and attestation standards? Financial Accounting Standards Board. International Accounting Standards Board. Auditing Standards Commission. Public Company Accounting Oversight Board.
Under the AICPA Code of Professional Conduct, which of the following rules is not applicable to CPAs in business? A Independence. B General standards. C Integrity and objectivity. D Acts discreditable.
Under the AICPA Code of Professional Conduct, which of the following rules is not applicable to CPAs in business? A Independence. B General standards. C Integrity and objectivity. D Acts discreditable.
If the AICPA Code of Professional Conduct does not specifically address a threat to auditor independence, the auditor should: A Conclude that the threat results in a lack of independence unless it can be shown that no impairment of independence occurs. B Consider the threat from the perspective of a reasonable and informed third party who has knowledge of all the relevant information. C Conclude that the threat is not significant unless proven so. D Consult the Statements on Auditing Standards...