1. Explain the Code of Conduct that members of the AICPA are expected to abide by....

1. Explain the Code of Conduct that members of the AICPA are expected to abide by. Discuss under what conditions the AICPA can sanction members for violating the Code and the sanction powers of the AICPA.

2. Explain the purposes for the Auditing Standards Board (ASB) and the PCAOB. Summarize and explain the PCAOB standards: AS1001, AS 1005, AS1010, and AS1015.

Expert Solution

1)

2)

ekkarill92 answered 1 year ago

compare the IMA code of conduct to the AICPA code of professional conduct and assess the...

compare the IMA code of conduct to the AICPA code of professional conduct and assess the effectiveness of the two codes

Ability & Benevolence and how it applies to the AICPA Code of Conduct

Using the AICPA Code of Professional Conduct (the Code), imagine an ethical situation that arises in...

Using the AICPA Code of Professional Conduct (the Code), imagine an ethical situation that arises in your work involving you. Discuss whether you can resolve it using the Code. Are there any limitations to the guidance that the Code provides? If yes, what are they and what sources might you look to resolve your ethical dilemma? Try to think of a situation not directly addressed by the Code which causes you to need to use one of the “decision trees.”

The Code of Professional Conduct of the AICPA has a series of rules. Identify the applicability...

The Code of Professional Conduct of the AICPA has a series of rules. Identify the applicability of each of the following rules in the Code to the classification of members: A Members in Public Practice Only B Members in Public Practice and Members in Business C Members in Public Practice, Members in Business, and Other members 1. Independence Rule 2. Integrity and Objectivity Rule 3. General Standards 4. Compliance with Standards Rule 5. Accounting Principles Rule 6.Confidential Client Information rule...

Review the following resources by clicking on these links: AICPA Code of Professional Conduct - This...

Review the following resources by clicking on these links: AICPA Code of Professional Conduct - This website provides auditors with the principles and rules for conducting professional services Journal of Accountancy - This site provides a current article on Corporate Ethics and Compliance Programs Independence Guide - The Code of Professional Conduct focuses special attention to auditor independence. This provides a guide on independence. A Framework for Auditor Independence - The Journal of Accountancy's article on Auditor Independence Code of...

For the following situations indicate whether a rule of the AICPA Code of Conduct applies; if...

For the following situations indicate whether a rule of the AICPA Code of Conduct applies; if yes, state which rule, whether the rule has been violated, and why or why not. (a)Walker, CPA, is purchasing a home and received a large mortgage, under normal lending procedures, with a bank that became an audit client after the mortgage was set up; the mortgage amount is material to him. (b)Logan, CPA, accepted as an audit client a modeling agency that signs up...

Which of the following are principles of the AICPA Code of Professional Conduct? (Mark all that...

Which of the following are principles of the AICPA Code of Professional Conduct? (Mark all that apply) Conservatism Integrity Due Care Objectivity and Independence

Each of the following situations involves a violation of the AICPA Code of Professional Conduct. For...

Each of the following situations involves a violation of the AICPA Code of Professional Conduct. For each, state what rule is violated and why. 1. Timothy Bradley, CPA is the partner in charge of the audit of Tisson Company. The CEO and Timothy Bradley are on the same team in a small bowling league that compete locally on Thursday nights. What possible rule does this violate and why? 2. McNamara Corp. has been struggling financially and has had a loss...

1*Using the AICPA Professional Code of Conduct, as a reference, which one do you consider to...

1*Using the AICPA Professional Code of Conduct, as a reference, which one do you consider to be related to the preparation of the financial statements? Do you consider that these standards are sufficient or need to be updated? 2*Using as a reference the FASB coding system as a reference, in what way are the contingencies recorded for gains and losses? Do you agree with this way of handling the accounts? or would you suggest another system to record these transactions?...

Each of the following situations involves possible violations of the AICPA Code of Professional Conduct. For...

Each of the following situations involves possible violations of the AICPA Code of Professional Conduct. For each situation, state whether it is a violation of the Code. In those cases in which it is a violation, explain the nature of the violation and the rationale for the existing rule. a. The audit firm of Miller and Yancy, CPAs, has joined an association of other CPA firms across the country to enhance the types of professional services the firm can provide....

Question