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a.
State the situation in which a member must apply the conceptual framework for members in public practice and state the rules that have its own conceptual framework.
b.
Explain the manner in which the covered member must behave if they become aware that they are to receive an unsolicited financial interest in an attest client as a result of a bequest.
c.
State some examples of unusual circumstance discussed in the code.
d.
Explain the manner in which the member should use the designation, explain the situation in which the firm might include a specialty designation on firm letterhead and state the place in which the applicable guidance can be found in the code.
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Chapter 4 Solutions
Mylab Accounting With Pearson Etext -- Access Card -- For Auditing And Assurance Services (17th Edition)
- According to the Code of Professional Conduct of the AICPA, for which type of service may a CPA receive a contingent fee? O Performing an audit of a financial statement. O Performing a review of a financial statement. O Performing an examination of a prospective financial statement. O Seeking a private letter ruling.arrow_forwardWhat engagements are covered by the AICPA Code of Professional Conduct?arrow_forwardIn which of the following situations is there a violation of client confidentiality under the AICPA Code of professional conduct? 1. A member discloses confidential client informationto a court in connectionwith arbitration proceedings related to the client. 2.A member disclosesconfidential client informationto a professional liability insurance carrier after learning of a potential claim against the member. 3.A member whose practice is primarily bankruptcy discloses a client's name. 4.A member uses a record retention agency to store clients' records that contain confidential client information.arrow_forward
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- Which of the following relationships held by your spousal equivalent may impact your independence? Select all that apply. Any financial relationship (e.g. investments, loan contracts, banking accounts, etc.) that is not closed or disposed of. O Their "non-board" volunteer activities at a non-profit organization. Only relationships that you already know about. O Their employment situation.arrow_forwardFollowing the American Institute of Certified Public Accountants (AICPA) code of professional conduct A is required only by members of the AICPA.B is voluntary by members and nonmembers.C is required only in situations that do not jeopardize personal interest.D mandatory for all CPAs.arrow_forwardWhich of the following is prohibited by the AICPA Code of Professional Conduct?arrow_forward
- According to the ethical standards of the profession, which of the following acts by a CPA is generally prohibited? A. Purchasing a product from a third party and reselling it to a client. B. Writing a financial management newsletter promoted and sold by a publishing company. C. Accepting a commission for recommending a product to an audit client D. Accepting engagements obtained through the efforts of third parties.arrow_forwardExplain the ethical consideration or ethical values to be followed/maintained in the accounting procedure for Not-for-profit Enterprizes.arrow_forwardUnder the AICPA Code of Professional Conduct, which of the following rules is not applicable to CPAs in business? A. Integrity and objectivity B. General standards C. Independence D. Acts discreditablearrow_forward
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