Business Policy

Topics: Contingent fee, Financial Accounting Standards Board, Audit Pages: 7 (1015 words) Published: February 4, 2013
|The AICPA Code of Professional Conduct: |

|[pic] |does not apply to CPAs who function as tax advisors only. | |[pic] |does not apply to CPAs who hold positions below the rank of partner, manager, or senior in a national CPA firm. | |[pic] |does not apply to CPAs whose work is limited to consulting services. | |[pic] |applies to all of the above categories. |

|Current auditing standards do not allow which of the following types of loans from a financial institution | |audit client? |

|[pic] |Credit card loans up to a specified limit. | |[pic] |Loans of surrender value of an insurance policy. | |[pic] |Home mortgage loans. | |[pic] |Borrowings collateralized by cash deposits | |The Code of Professional Conduct requires independence for all: |

|[pic] |services performed except tax engagements. | |[pic] |audit and other accounting engagements. | |[pic] |financial statement audits. | |[pic] |services performed. | |Listed below are selected Rules of Conduct and ethical problems. Select the rule with the problem to which it | |applies. (One Rule of Conduct may apply to more than one ethical problem.) |

|  Rules         |  | |  A|  Rule 101 |  "Independence" | |  B|  Rule 102 |  "Integrity and objectivity" | |  C|  Rule 201 |  "General standards" | |  D|  Rule 202 |  "Compliance with standards" | |  E|  Rule 203 |  "Accounting principles" | |  F|  Rule 302 |  "Contingent fees" | |  G|  Rule 501 |  "Acts discreditable" | |  H|  Rule 502 |  "Advertising and other forms of solicitation" | |  I|  Rule 503 |  "Commissions and referral fees" | |  J|  Rule 505 |  "Form of organization and name" | |[pic] |

|  Rules |  | |  [pic] |  An audit client owes the CPA past-due audit fees. | |  [pic] |  The auditors fail to qualify their opinion on financial statements that do not properly apply FASB | | |standards. | |  [pic] |  A CPA who is the controller for a company knowingly issues misleading financial statements. | |  [pic] |  A CPA performs tax services that the CPA is not competent to...
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