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12 Cards in this Set
- Front
- Back
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4 parts of the AICPA Code of Professional Conduct (enforcement?)
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1) ethical principles (not enforceable)
2) rules of conduct (enforceable) 3) interpretation of rules 4) ethical rulings |
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Rules of Conduct
101 102 |
Independence
Integrity + Objectivity |
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Rules of Conduct
201 202 203 |
General Standards (TP,PE)
Compliance with Standards Accounting Principles (Comp w/) —> must be followed by all |
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Rules of Conduct
301 302 |
Confidential Clinet Info
Contingent Fees —> only followed by pub |
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Rules of Conduct
501 502 503 504 |
Acts Discredible to Profess (all)
No solictiation of services No Commissions Only perform permitted under state law or regulation —> only followed by pub |
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Details on 101:
a CPA must be _____ when performing ______ _____ that are ______ services (don't have to be _____ for ___ or ____) |
unbiased when performing professional services that are attestation services (need not be independent for tax and mgmt services)
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Need to be ______ in both ____ and ______
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independent in both fact and appearance
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101:
Non-Audit services that are prohibited for public that a firm is auditing.... ...what can public do (but two exceptions) |
Bookeeping, Appraisal, FS Info Design, Acturial Services, Internal Audit Services, Management or HR function, Investment adviser, Legal services
...tax services (no aggressive tax guidance or provide services to executives on FS) |
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Audit committee
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selected number of members of a company board who helps management stay independent of auditor's
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Cooling-off period
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firm must take a year off if an auditor of the firm goes to work at client
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Partner Rotation
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1) five year on five year off for lead or concurring partner
2) seven on, two off for subpartners |
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Direct ownership for immediate family
Indirect ownership for immediate family |
materiality does not matter
materiality does matter |
