Ques 3. A CPA firm performs a review engagement for Client X. A partner in the same office as the engagement partner has a dependent daughter who owns 10 shares of client stock. The statement pertains to AICPA code of conduct rule: A. Commissions and Referral Fees C. Independence B. Confidential Client Information D. Integrity and Objectivity

Ques 3. A CPA firm performs a review engagement for Client X. A partner in the same office as the engagement partner has a dependent daughter who owns 10 shares of client stock. The statement pertains to AICPA code of conduct rule: A. Commissions and Referral Fees C. Independence B. Confidential Client Information D. Integrity and Objectivity

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 4RP

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The following is a list of circumstances that might be faced by a public accounting firm. Select the rule violated of the Code of Professional Conduct in the second column. If no rule is violated select 10-no violation (this may be used once, more than once, or not at all). Rules 1 through 9 may be used either once, or not at all. Circumstance Rule Violated A. The dependent-son of a partner in a CPA firm owns ten shares of stock in an audit client. 1. Accounting principles. B. In preparing a tax return, a CPA takes a deduction at the client’s request that the CPA believes is not justified. 2. Acts discreditable. C. A CPA robs a bank. 3. Advertising and other forms of solicitation. D. A CPA owns 100 shares in a consulting client for which the firm provides no attest services. 4. Commissions and referral fees. E. A CPA charges an audit fee that depends on the amount of credit the client obtains. 5. Compliance with standards.…
there are 5 seperate scenarios by the way. Thank you! #1. Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee, Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne’s firm. Required1. Identify the parties potentially affected by this audit and the fee plan proposed.2. What are the ethical factors in this situation? Explain.3. Would you recommend that Thorne accept this audit fee arrangement? Why or why not?4. Describe some ethical considerations guiding your recommendation. ______________________________________________________________________________________ #2 Amy Martin is a student who plans to attend approximately four professional events a year at her college. Each event necessitates payment of $100…
Madison Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to pepare a bid to audit Allnet's financial statements. In discussing the audit fee, allnet's management suggestsua fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne's firm. 4. Describe some ethical considerations guiding your recommendation.
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Tana Thorne works at a public accounting business and aspires to be a partner one day. Thorne is invited to create a proposal to audit Allnet's financial accounts by the company's management. When considering the audit charge, Allnet's management offers a price range in which the amount relies on Allnet's reported earnings. The larger the profit, the higher the audit fee paid to Thorne's business. Describe any ethical factors that influenced your recommendation.
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Tana Thorne works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Thorne to prepare a bid to audit Allnet’s financial statements. In discussing the audit fee, Allnet’s management suggests a fee range in which the amount depends on the reported profit of Allnet. The higher its profit, the higher will be the audit fee paid to Thorne’s firm. Q. What are some ethical considerations guiding your recommendation?
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