Rigid adherence to the professional standards of engagement performance. Show Further explanation The code of professional conduct can be said to be a general guideline that binds and regulates each member and as a binder for a member to act. A code of professional behavior is needed to maintain public trust in the quality of services provided by the profession. The code of professional conduct consists of principles, ethical regulations, interpretation of ethical rules and ethical principles. The American Institute of Certified Public Accountants (AICPA) is the most influential public accounting firm in the world of auditing and is located in America. Membership in the AICPA is limited to public accountants and currently has more than 330,000 members, but not all members practice independent auditors. Most of the AICPA members have worked as public accountants, who then worked in government agencies, industry, and education. AICPA membership is voluntary and is not required for all public accountants. The following are some of the authorities of AICPA: Auditing Standards or as the Auditing Standards Board which is responsible for issuing statements relating to auditing matters. Compilation Standards and Review Standards (Accounting and Review Services Committee) whose task is to publish statements about the responsibilities of public accountants when public accountants are involved with reports from unaudited private-public companies, usually known as Statements On Standards for Accounting and Review Services ( SSARS). There are 2 types of statements covered in SAARS: Situation where an accountant helps a client in preparing financial statements and does not provide the slightest reliability of the financial statements (Compilation Services). Situations where accountants conduct a number of interviews and analytical procedures that can provide the basis for providing a limited level of reliability where no material modifications need to be made for the report. Learn More AICPA Professional Code of Conduct accountants code of ethics Details Class: College Subject: Business Keywords: AICPA, professional, conduct Which statement best describes competence as defined in the AICPA Code of Professional Conduct? a. Infallible judgment that cannot subsequently be called into question. b. The application of skill and knowledge with reasonable care and diligence. c. Possessing an advanced college degree in the relevant subject matter. d. Rigid adherence to the professional standards of engagement performance. Solution details: STATUS Approved ANSWER RATING This question was answered on: Mar 27, 2022 PRICE: $18
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× FLUTTERWAVE To complete the payment, Click on the "Pay Now" below and authorize the transaction using the text code from your bank to your phone number. × PAYPAL CHECKOUT To proceed with the payment, Click on the "Pay Now" button below. Get this solution for only: $ 10.Which statement best describescompetence,as defined in the AICPA Code of ProfessionalConduct?a.Infallible judgment that cannot subsequently be called into question.b.The application of skill and knowledge with reasonable care and diligence.c.Possessing an advanced college degree in the relevant subject matter.d.Rigid adherence to the professional standards of engagement performance.11.In which situations may you disclose confidential client information without violating theAICPA Code of Professional Conduct?a.In response to a validly issued and enforceable subpoena.b.At the request of another client that needs the information to file its tax return.c.As an example in a seminar given for CPE credit.d.In a proposal to a potential client.12.Terry Industries engages Rose & Co., CPAs, to prepare its annual financial statements andtax returns. Before either of these engagements is completed, Terry terminates therelationship and asks the firm to provide all records that Terry provided to the firm, thefirm’s working papers, and its partially completed work product. Terry has not paid Rose &Co. for either service. Under the AICPA rule on client records requests, which records, if any,may Rose & Co. withhold from the client?a.Records Terry provided Rose & Co.b.Rose’s working papers and its partially completed work product.c.Any records the firm chooses to withhold.d.No records may be withheld from the client. Which of the following statements best describes competence?The correct answer is B. The application of skill and knowledge with reasonable care and diligence.
Which phrase is used by the AICPA Code of Professional Conduct to describe integrity quizlet?Which phrase is used by the Code of Professional Conduct to describe integrity? Candid, within the constraints of client confidentiality. The AICPA Ethics Codification includes which sections? (Check all that apply.)
What are the six principles of the AICPA Code of Professional Conduct?The principles are: Responsibilities Principle, The Public Interest Principle, The Integrity Principle, Objectivity and Independence Principle, Due Care Principle, and the Scope and Nature of Services Principle.
What is the purpose of the AICPA Code of Professional Conduct?The AICPA Code of Professional Conduct (AICPA Code) is a set of principles, rules and interpretations that guides CPAs in the performance of their professional responsibilities.
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Which statement best describes competence as defined in the AICPA Code of Professional Conduct?
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