Answered: Which of the following is prohibited by…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Quality Auditing: Why It Matters

Section: Chapter Questions

Problem 29RQSC

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Which of the following is prohibited by the AICPA Code of Professional Conduct?

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T o help respond effectively to new ethical challenges they face in serving their clients, the Institutes professional ethics executive committee adopted new and revised interpretations of the Code of Professional Conducts independence rule. These challenges resulted from extensive changes in society and businessfor example, client globalization, dual-career families, varied and evolving CPA firm structures and ever-increasing technological advances and worker mobility.

While the AICPAs main purpose in issuing these revisions was to modernize the rules, it also wanted to harmonize them with those of the SEC and other rulemakers, simplifying them as much as possibledifficult objectives, given the complexity of todays business environment.

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