Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Question
Chapter 3, Problem 34FOQ
To determine
Identify the appropriate answer regarding the party which can have access of confidential information of CPA’s client.
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Which of the following acts by a CPA would be most likely to be a violation of the AICPA Code of Professional Conduct?
Select one:
A “covered member” owns an immaterial amount of stock in an audit client.
Accepting a fee in a tax matter that is contingent upon the result of an administrative proceeding.
Assisting a client in preparing a financial forecast.
Forming a professional corporation to practice as a CPA.
In which of the following situations is there a violation of client confidentiality under the AICPA Code of professional conduct?
1. A member discloses confidential client informationto a court in connectionwith arbitration proceedings related to the client.
2.A member disclosesconfidential client informationto a professional liability insurance carrier after learning of a potential claim against the member.
3.A member whose practice is primarily bankruptcy discloses a client's name.
4.A member uses a record retention agency to store clients' records that contain confidential client information.
Accoring to the AICPA Code of Professional Conduct, which of the following activities result in an act discredible to the profession?
A. A CPA solicits recent niform PA Examination questions without written authorization from the AICPA.
B. A CPA signs a document containing immaterial false and misleading information, or permits or directs aother CPA to do so.
C. A CPA who is engaged to perform a government audit neglects to follow certain government auditing requirements and discloses in the audit report the fact that such requirements were NOT followed ad te reasons for it.
D. A CPA fails to give a client copies of the CPA's workpapers related to a completed and issued work product upon the clients request because the cliet has not paid fees payable to the CPA for the work product.
Chapter 3 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 3 - What is meant by the term ethical dilemma?...Ch. 3 - What are the two major types of constraints on...Ch. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Bill Scott works as a manager in the Phoenix...Ch. 3 - Prob. 9RQCh. 3 - Prob. 10RQ
Ch. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Prob. 15RQCh. 3 - Prob. 16RQCh. 3 - Prob. 17RQCh. 3 - Prob. 18RQCh. 3 - Prob. 19RQCh. 3 - Prob. 20RQCh. 3 - Prob. 21RQCh. 3 - Prob. 22RQCh. 3 - Prob. 23RQCh. 3 - Prob. 24RQCh. 3 - Prob. 25RQCh. 3 - Prob. 26RQCh. 3 - Prob. 27QRACh. 3 - Prob. 28QRACh. 3 - Prob. 29QRACh. 3 - Prob. 30QRACh. 3 - Prob. 31QRACh. 3 - Prob. 32QRACh. 3 - Ron Barber, CPA, is auditing the financial...Ch. 3 - Prob. 34AOQCh. 3 - Prob. 34BOQCh. 3 - Prob. 34COQCh. 3 - Prob. 34DOQCh. 3 - Prob. 34EOQCh. 3 - Prob. 34FOQCh. 3 - Prob. 34GOQCh. 3 - Prob. 34HOQCh. 3 - Prob. 34IOQCh. 3 - Prob. 34JOQCh. 3 - Prob. 34KOQCh. 3 - Prob. 34LOQCh. 3 - Prob. 35OQCh. 3 - Prob. 36OQCh. 3 - Prob. 37OQCh. 3 - Prob. 38OQCh. 3 - Prob. 39OQCh. 3 - Prob. 40OQCh. 3 - Prob. 41OQCh. 3 - Prob. 42OQCh. 3 - Gary Watson, a graduating business student at a...Ch. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49ITCCh. 3 - Prob. 50ITCCh. 3 - Prob. 51RDC
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Similar questions
- The AICPA Code of Professional Conduct will ordinarily be considered to have been violated when the CPA represents that specific consulting services will be performed for a stated fee and it is apparent at the time of the representation that the:arrow_forwardUnder the AICPA Code of Professional Conduct, which of the following rules is not applicable to CPAs in business? A. Integrity and objectivity B. General standards C. Independence D. Acts discreditablearrow_forwardGive an explanation of the legal foundation for suing a CPA. What defenses does the auditor have to counter such accusations? What is the relationship between these defenses and adherence to the accounting profession's ethical standards?arrow_forward
- According to the Code of Professional Conduct of the AICPA, for which type of service may a CPA receive a contingent fee? O Performing an audit of a financial statement. O Performing a review of a financial statement. O Performing an examination of a prospective financial statement. O Seeking a private letter ruling.arrow_forwardEach of the following situations involves a possible violation ofthe AICPA Code of Professional Conduct. For each situation, state the applicable section ofthe rules of conduct and whether it is a violation.a. Emrich, CPA, provides tax services, management advisory services, and bookkeepingservices and also conducts audits for the same nonpublic client. Because the firm issmall, the same person often provides all the services.b. Franz Marteens is a CPA, but not a partner, with 3 years of professional experiencewith Roberts and Batchelor, CPAs. He owns 25 shares of stock in an audit client ofthe firm, but he does not take part in the audit of the client, and the amount of stockis not material in relation to his total wealth.c. A nonaudit client requests assistance of M. Wilkenson, CPA, in the installationof a local area network. Wilkenson had no experience in this type of work andno knowledge of the client’s computer system, so he obtained assistance from acomputer consultant. The…arrow_forwardWhich statement about the SEC independence rules on bookkeeping services is not accurate? a) Bookkeeping services are prohibited even if the client approves the books and records as the services are performed. b) Bookkeeping services are permitted if the individuals performing these services perform no other services. c) Bookkeeping services are prohibited in most circumstances under the SEC's independence rules. d) Bookkeeping services are prohibited even if the fees from these services are less than the audit fee.arrow_forward
- The following independent situations raise questions about an auditor’s ethical conduct: An auditor accepts an engagement knowing that she does not have the specialist knowledge required. An auditor discloses confidential information about a client to a successor auditor. A public accountant agrees to be the committee chairperson for a local fundraising activity. 4. An auditor accepts a commission from an insurance company for recommending it to one of its audit clients Indicate in each of the above situation whether the effect on professional ethics is (i) a violation or (ii) not a violation, and explain the reasonarrow_forwardAccording to the ethical standards of the profession, which of the following acts by a CPA is generally prohibited? A. Purchasing a product from a third party and reselling it to a client. B. Writing a financial management newsletter promoted and sold by a publishing company. C. Accepting a commission for recommending a product to an audit client D. Accepting engagements obtained through the efforts of third parties.arrow_forwardThe AICPA Code of Professional Conduct derives its authority from the Bylaws of the AICPA. True or Falsearrow_forward
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