1. In regard to ethics rules, what are the jurisdictions of the (a) AICPA PEEC, (b)...

1. In regard to ethics rules, what are the jurisdictions of the (a) AICPA PEEC, (b) SEC, (c) PCAOB, and (d) IFAC?

2. Can audit managers on the audit engagement team, who are also attorneys admitted to the state bar, assist in the defense of a lawsuit against an audit client for product liability defects?

3. What ethical responsibilities do members of the AICPA have for acts of nonmembers who are under their supervision (e.g., recent college graduates who are not yet CPAs)?

4. What is the primary difference between commissions and referrals?

Expert Solution

Answer 1:-

a. AICPA PEEC

The PEEC is the AICPA committee that makes and enforce all rules of conduct for CPAs who are AICPA members, although those CPAs who are not members of AICPA are also required to adhere to the rules.

AICPA has two sections.The first section of AICPA code of professional conduct embodies principles to which CPAs should adhere. The second section contains enforceable rules.

The PEEC also publishes interpretation of the code of professional conduct which are the application of the rules to specific business situation.

b. SEC

The SECs jurisdiction covers only public companies that are required by federal securities laws to file financial statements audited by independent accountants. The SEC has federal authority to regulate the public accounting to protect the reliability and integrity of financial statements and to enhance investor confidence

c. PCAOB

The PCAOB is responsible to set standards for public accounting firm and to oversee quality control,ethics and independence issues for accounting professional who audit financial statements of public companies.All rule proposed by the PCAOB are required to be approved by SEC.

d. IFAC

IFAC promulgates guidelines for the audit of multinational companies.it is responsible for the code of ethics for professional accountant to govern the audit of multinational companies.

ekkarill92 answered 2 years ago

Compare and contrast the rules of the AICPA against the rules used in international audits under...

Compare and contrast the rules of the AICPA against the rules used in international audits under the International Ethics Standards Board for Accountants (IESBA)

1) A) What is the AICPA and what do they do today B) How does the...

1) A) What is the AICPA and what do they do today B) How does the AICPA issue auditing standards (what committee and what is issued)? Auditing Standards Board of the AICPA (ASB) Statement on Auditing Standards (SAS) C) Who has to follow the AICPA Code of Professional Ethics? D) Who is ultimately served by the Code of Professional Ethics?

Define "ethics." How do ethics and morals differ? What are some of the rules for ethical...

Define "ethics." How do ethics and morals differ? What are some of the rules for ethical decision–making?

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...

1. What is the basis on which considerations of “ethics”--comprising general rules of behavior, practical guides...

1. What is the basis on which considerations of “ethics”--comprising general rules of behavior, practical guides to action, or normative rules prescribing what “ought” to be done—create the foundations for decision making, under specified circumstances, in the form of ethical theories and principles 2. explain reflective equilibrium as a decision-making model 3. explain under which category reflective equilibrium fits in the inventory 4. explain how reflective equilibrium can be seen as a complement to the questions posed in Taylor’s The...

Specifically look at the AICPA website. What is the function of the AICPA? What standards to...

Specifically look at the AICPA website. What is the function of the AICPA? What standards to they enforce? How can you become a member? Are there any ethical implications? Do you think it is a good idea to have an organization like this?

How is the AICPA Code different from the IFAC Code of Ethics? How are they similar?...

How is the AICPA Code different from the IFAC Code of Ethics? How are they similar? Select one section of the AICPA code and describe the guidance provided in that section. How could an accountant use the guidance to more effectively manage his conduct as a business professional? Try to support your explanation with a relevant example.

#1 We are given the grammar rules A ➝ F B E B ➝ A C...

#1 We are given the grammar rules A ➝ F B E B ➝ A C These rules are only some of the rules of a larger grammar G, but we are not given the remaining rules of G. We are told that A is the start symbol of G and that the following holds: {ε, c, d} ⊆ FIRST(C) {ε, e} ⊆ FIRST(E) {ε, f, g} ⊆ FIRST(F) Recall that end of file is denoted EOF. The symbol ⊆...

True or False 1.Ethics involves the rules, values, standards and principles that guide our actions in...

True or False 1.Ethics involves the rules, values, standards and principles that guide our actions in day-to-day issues. 2.Ethics is a derivitive of the Greek words ethikos (moral) and ethos (character). 3.Ethics may be approached from at least three points of view. 4.Every individual is a product of their past. 5.Ethics is what people believe in, Values are what people do. 6.Honesty is an ethical pillar of insurance. 7.There are many situations which may be legal, but are not necessarily...

Answer all four questions please 1-Explain how the principles and rules of clinical ethics can be...

Answer all four questions please 1-Explain how the principles and rules of clinical ethics can be applied in medical practice ? 2-What are the main strategies to create the Research Ethics Committees? 3-How can the communication breakdown ethical conflicts? 4-What are the categories in Sharia Law System and how they applied?

Question