situations, but with the strict rules and regulations in place they will get caught fast. Given PCAOB oversight of accounting firms and the AICPA code of conduct, discuss whether or not you believe that public accounting firms can successfully manipulate audit work papers and records of clients engaged in fraudulent activity. The PCAOB and AICPA has done a good job on the code of conduct but it doesn’t completely stop all fraudulent activity. I believe in my opinion you are still going to have
Words: 1786 - Pages: 8
Gleim EQE Test Prep: Auditing and Systems (10 questions) ACC400 Auditing, Chapter 1-2 Pre Quiz Name: Date: [1] Gleim #: 1.1.1 -- Source: CPA 1193 A-9 In performing an attestation engagement, a CPA typically A. B. C. D. Supplies litigation support services. Assesses control risk at a low level. Provides management consulting advice. Expresses a conclusion about an assertion. Answer (A) is incorrect. Litigation support services are consulting services. Answer (B) is incorrect. The CPA assesses
Words: 2351 - Pages: 10
professionals are obliged to comply with certain standards in an effort to protect shareholders and the general public. When one joins any of the accounting professional organizations, such as the American Institute of Certified Public Accountants (AICPA), the Institute of Internal Auditors (IIA) or the Institute of Management Accountants (IMA), one is agreeing to adopt the ethical code. This professional code is a positive set of statements and guidelines for CPAs with explicit rules as to what accountants
Words: 1531 - Pages: 7
Topic D. 3. Derivative Implementation Group (DIG) Issues 4. Accounting Principles Board (APB) Opinions 5. Accounting Research Bulletins (ARB) 6. Accounting Interpretations (AIN) 7. American Institute of Certified Public Accountants (AICPA) a. Statements of Position (SOP) b. Audit and Accounting Guides (AAG)—only incremental accounting guidance c. Practice Bulletins (PB), including the Notices to Practitioners elevated to Practice Bulletin status by Practice Bulletin 1 d. Technical
Words: 477 - Pages: 2
principle of being professional, the member need to release the information under certain circumstance. Here are four exceptions of Rule 301: 1. Compliance with rules 202 (compliance with standards) and 203 (accounting principles) as set forth by the AICPA Code of Professional Conduct. When a member discovers criminal activity or fraud, or an activity the member reasonably expects is criminal or fraudulent based upon his or her good faith belief that there may be a crime or fraud, on the part of his
Words: 528 - Pages: 3
Case Analysis ABC Corporation - Write a two to three page discussion paper ABC Corporation is a large multinational audit client of your CPA firm. One of ABC's subsidiaries, XYZ, Ltd. is a successful electronics assembly company that operates in a small Caribbean country. The country in which XYZ operates has very strict laws governing the transfer of funds to other countries. Violations of these laws may result in fines or the expropriation of the assets from the company. During the current year
Words: 671 - Pages: 3
accounting team must consider the actions that will take place under the restrictions of laws and regulations. In the accounting profession, the regulations included GAAP (Generally Accepted Accounting Principles), SOX (Sarbanes-Oxley Act of 2002), and AICPA Code of Professional Conduct. The team need to use these regulations as guideline to ensure that no illegal misstatement will be presented and get the best result from the sale of $1.2 million to Data Equipment Systems. GAAP and Excello Telecommunications
Words: 1114 - Pages: 5
ACKNOWLEDGMENTS Statement on Responsibilities in Personal Financial Planning Practice Task Force Clark Blackman II, Chair (PFP Executive Committee) and Past Chair Dirk Edwards, Chair John Connell Charles Kowal Jerry Love Randy Ryan Scott Sprinkle Ken Strauss AICPA Staff Mark Koziel, Director (Specialized Communities) Andrea Millar, Sr. Technical Manager (PFP Division) Teighlor March, Senior Manager (Legal, Legislative & Regulatory Affairs) Sarah Bradley, Project Manager (PFP Division) 2 Contents Acknowledgments
Words: 18833 - Pages: 76
the sample list found at the end. 1 http://owl.english.purdue.edu/owl/resource/614/03/ Sample Annotated Bibliography Annotated Bibliography AICPA sets ethical standards for outsourcing. (2005). Journal of Accountancy, 199(1), 8. Retrieved from http://www.journalofaccountancy.com/ This article discusses the new standards for outsourcing developed by the AICPA ethics committee. The standards are summarized, and a brief discussion is included of the implications going forward for
Words: 594 - Pages: 3
Section B of the Interpretation of Rule 101-1 states that independence is impaired when “a partner or professional employee of the firm, his or her immediate family, or any group of such persons acting together own[s] more than 5 percent of a client's outstanding equity securities or other ownership interests” (ET 101.02). The Code of Conduct further defines an immediate family member as “a spouse, spousal equivalent, or dependent (whether or not related)” (ET 92.13). As far as issues of independence
Words: 625 - Pages: 3
