AICPA FINAL TEST Q&A | ALREADY PASSED
AICPA FINAL TEST Q&A | ALREADY PASSED 4 parts of the AICPA - ANSWER 1. Ethical Principles 2. Rules of Conduct 3. Interpretations 4. Ethical Rulings Ethical Principles - ANSWER Ideal standards of ethical conduct stated in philosophical terms. Not enforceable Ethical Principles Listed - ANSWER Responsibilities, the public interest, integrity, objectivity and independence, due care, scope and nature of services Rules of Conduct - ANSWER Minimum standards of ethical conduct stated as specific rules. Enforcable Interpretations - ANSWER For frequent, recurrent questions about a specific rule of conduct. Not enforceable. Prepared by AICPA Division of Professional Ethics Ethical Rulings - ANSWER Explanations to specific important questions about rules of conduct. Not enforceable. Changes in last decade or so: - ANSWER Solicitation restrictions eliminated Restrictions on offers of employment eliminated Competitive bidding restrictions essentially eliminated Advertising restrictions eliminated Trade names no longer disallowed, unless misleading Vouching for achievability of forecasts no longer prohibited Contingent fees and commissions no longer prohibited for non attest clients What are covered persons? - ANSWER The audit engagement team members Persons within the chain of command in relation to the audit team [including concurring partner, Office partner in charge [PIC], regional partner] Partners and managers providing at least 10 hours of non-audit services to the audit client [SEC position] Other partners in the office of the engagement partner The firm and its employee benefit plans An entity controlled by a covered membe Rule 101: Independence - ANSWER Independence would be impaired if a covered party had a direct financial interest in a client, or a material indirect financial interest in a client
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- 30 december 2023
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