Question

In: Accounting

9. At the end of tax season, you and your friends go out to celebrate. Unfortunately,...

9. At the end of tax season, you and your friends go out to celebrate. Unfortunately, you enjoy the evening a bit too much and, on the way home, are pulled over by the police. After given a sobriety test, you are arrested for felony DUI. Do you report this incident to the board of accountancy? If not, under what circumstances are you required to do so?

Solutions

Expert Solution

No,not required to report  to the board of accountancy.

If member Breaches code of ethics then the incident to be reported to the board of accountancy.

All professional accountants to ensure compliance with the five fundamental principles of ethics:

Integrity.

  • A professional accountant should be straightforward and honest in all professional and business relationships



Objectivity.

  • A professional accountant should not allow bias, conflict of interest or undue influence of others.



Professional Competence and Due Care.

  • A professional accountant has a continuing duty to maintain professional knowledge and skill at the level required to ensure that a client or employer receives competent professional services based on current developments in practice, legislation and techniques. A professional accountant should act diligently and in accordance with applicable technical and professional standards when providing professional services.



Confidentiality.

  • A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships and should not disclose any such information to third parties without proper and specific authority unless there is a legal or professional right or duty to disclose. Confidential information acquired as a result of professional and business relationships should not be used for the personal advantage of the professional accountant or third parties.



Professional Behavior.

  • A professional accountant should comply with the relevant laws and regulations and should avoid any action that discredits the profession.

Related Solutions

You and your friends have decided to take a trip after the semester ends to celebrate...
You and your friends have decided to take a trip after the semester ends to celebrate getting through your statistics class. Pick a departure point from a location that is close to your hometown (Denver, CO). You will find a list of ten different destinations for your trip below. ). So, you should have data for 12 different destination points. You need to collect some data online to find the distance between cities as well as the cost of airfare....
You and your closest friends have decided to go to see a private screening of a...
You and your closest friends have decided to go to see a private screening of a movie at a local movie theater where you can be socially distant. Friends will be added to the queue after their names are input by the user. Because of current restrictions, the queue (line) for tickets can only have a capacity of 7 people. Write a Java program using a Queue (of size 7) that will display a menu: 1) add person to line...
Suppose you are considering whether to go to Paris with a group of friends during your...
Suppose you are considering whether to go to Paris with a group of friends during your Christmas holiday. The round trip airfare from Hong Kong to Paris is $12,000, but you have an option to pay this airfare with a frequent- flyer coupon. All other relevant costs of the vacation in Paris add up to $15,000. The most you will be willing to pay for the Paris trip is $25,000, which indicates the benefit you can gain from this trip....
You are out playing golf one day with your friends. And you decide to use your...
You are out playing golf one day with your friends. And you decide to use your 60° wedge to play a shot. The start of the green is right at 110 meters away and the back is at 135 meters. Your club has a mass of .33 kg and the golf ball has a mass of 40 grams or .04 kg. You swing the golf club with a speed of 32 m/s. Part 1. Say that we treat this as...
4. You are visiting the rainforest, but unfortunately your insect repellent has run out. As a...
4. You are visiting the rainforest, but unfortunately your insect repellent has run out. As a result, at each second, a mosquito lands on your neck with probability 0.5. If one lands, with probability 0.2 it bites you, and with probability 0.8 it never bothers you, independently of other mosquitoes. a. What is the expected time between successive mosquito bites? What is the variance of the time between successive mosquito bites? b. In addition, a tick lands on your neck...
You and 9 of your wealthy friends attend a political fundraiser. You each can donate up...
You and 9 of your wealthy friends attend a political fundraiser. You each can donate up to $1,000,000 to the candidate. Let M be the sum of all 10 donations; it is convenient to write M=Mi+M-i, where Mi is the donation by person i, and M-i is the sum of the donations by the other people. Suppose Adelsoros wants to have as much money as possible be donated. He will still offer to donate $1,000,000 as long as the sum...
You and 9 of your wealthy friends attend a political fundraiser. You each can donate up...
You and 9 of your wealthy friends attend a political fundraiser. You each can donate up to $1,000,000 to the candidate. Let M be the sum of all 10 donations; it is convenient to write M=Mi+M-i, where Mi is the donation by person i, and M-i is the sum of the donations by the other people. Suppose Adelsoros wants to have as much money as possible be donated. He will still offer to donate $1,000,000 as long as the sum...
Say Your friend is trying to convince you to go out on a blind date with...
Say Your friend is trying to convince you to go out on a blind date with another friend. You have heard them try to convince other people before and know a bit about the probabilities of how they describe dates. When your friend knows it is a great date, they always say they recommend the date. When your friend thinks it is an OK date, your friend recommends the date 75% of the time. When your friend thinks it will...
One of your friends had a very serious medical emergency and had to go to the...
One of your friends had a very serious medical emergency and had to go to the hospital for treatment. She was very upset because upon her arrival, she was asked for her insurance card, which she did not have, and was transferred to another hospital. You had learned there was a law that was passed that made this type of treatment by a hospital illegal. However, before telling your friend opinion, you wanted to find out more about this law...
8. The Smart CPA firm held an End of Tax Season party. The company expected attendance...
8. The Smart CPA firm held an End of Tax Season party. The company expected attendance of 75 people and prepared the following budget: Hotel room rental $600 Food 1,000 Entertainment 750 Decorations 250 Total Costs $2,600 Seventy five people attended the party. The following costs were incurred: Hotel room rental $600 Food 1,150 Entertainment 750 Decorations 350 Total Costs $2,850 What is the variance for total costs? A) $300 Unfavorable B) $300 Favorable C) $250 Favorable D) $250 Unfavorable...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT