Professional Responsbilities

Question 1

Is the AICPA Code of Professional Conduct applicable to all members of the AICPA?

Answer 1

Yes

Question 2

What is a distinguishing mark of a profession that accepta a high degree of responsibility toward the public?

Answer 2

Professional Code of Conduct

Question 3

What article speaks about how members should exercise sensitive professional and moral judgments in all their activities?

Answer 3

Article 1 - Responsibilities

Question 4

What Article discusses objectivity and independence?

Answer 4

Article IV

Question 5

What does objectivity apply to?

Answer 5

All services rendered

Question 6

What does independence apply to?

Answer 6

Attestation services

Question 7

What Article discusses due care?

Answer 7

Article V

Question 8

What Rule discusses Independence?

Answer 8

Rule 101

Question 9

What services does not require independence?

Answer 9

Compilations and Nonattestation services

Question 10

When an auditor is not independent for a compilation, does the auditor have to disclose it?

Answer 10

Yes

Question 11

Is independence impaired if a covered member has a direct financial interest or a material indirect financial interest in an attestation client?

Answer 11

Yes

Question 12

Independence is not impaired in a financial institution client by?

Answer 12

Fully collateralized car loans with a financial institution client, cash advance or credit card balances not exceeding $10,000, a bank account that is fully insured by the government, and a passbook loan

Question 13

Is independence impaired if a member makes management decisions for an attest client?

Answer 13

Yes

Question 14

Can a member of the engagement team be a member of an honorary trustee for a nonprofit charitable without impairing independence?

Answer 14

Yes

Question 15

Does fees overdue by 1 year impair independence?

Answer 15

Yes

Question 16

Does actual or threatened litigation impair independence?

Answer 16

Yes

Question 17

What services must a member maintain integrity and objectivity?

Answer 17

Any professional service

Question 18

What Rule discusses General Standards?

Answer 18

Rule 201

Question 19

A member must comply with the following standards in all engagements?

Answer 19

Professional Competence, Due professional care, and sufficient relevant data

Question 20

What Rule discusses Compliance with Standards?

Answer 20

Rule 202

Question 21

What Rules discuss Accounting Principles?

Answer 21

Rule 203

Question 22

What Rules discuss Confidential Client Information?

Answer 22

Rule 301

Question 23

What are the exceptions for when a member can disclose confidential information?

Answer 23

Subpoena or summon, quality review(peer review), and inquiry either made by the ethics division or the trial board

Question 24

What Rule discusses Contingent Fees?

Answer 24

Rule 302

Question 25

A contingent fee is established for performing services where?

Answer 25

No fee is charged unless a specific finding or result is obtained or the fee amount is dependent upon the finding or result obtained

Question 26

What rule discusses Discreditable Acts?

Answer 26

Rule 501

Question 27

The following acts are discreditable to the profession?

Answer 27

Failure to return records to a client after the client makes demand

Question 28

What Rule discusses Advertising and Other Forms of Solicitation?

Answer 28

Rule 502

Question 29

What Rule discusses Commissions and Referral Fees?

Answer 29

Rule 503

Question 30

What Rule discusses a Form of Organization and Name?

Answer 30

Rule 505

Question 31

How long can a remaining member continue to practice under the partnership name if the others died?

Answer 31

2 years

Question 32

The PCAOB is subject to oversight by the SEC and has the duty to?

Answer 32

Register public accounting firms that prepare audit reports for issuers, establish rules relating to the preparation of audit reports for issuers, and conduct inspections, investigations, and disciplinary proceedings concerning registered public account firms

Question 33

How long does the PCAOB require registered firms to maintain documentation?

Answer 33

7 years

Question 34

How often should lead audit and coordinating partner and the reviewing partner rotate off the audit?

Answer 34

5 years

Question 35

Is independence impaired by contingent fees?

Answer 35

Yes

Question 36

How often should other audit partners rotate off the audit engagement?

Answer 36

7 years

Question 37

How long is the other audit partners "time out" period?

Answer 37

2 years

Question 38

Pre-approval by the audit committee is not required for what services?

Answer 38

Non-audit services that do not exceed 5 percent of total revenues

Question 39

Can registered public accounting firms provide tax services related to certain confidential or aggressive tax transactions?

Answer 39

No

Question 40

Can registered public accounting firms provide tax services to corporate officers of audit clients?

Answer 40

No

Question 41

What are the 3 broad categoires of misconduct of the state board of accountancy?

Answer 41

Misconduct while performing accounting services, misconduct outside the scope of accounting services, and criminal conviction

Question 42

Is the accountant entitled to a due process of law when facing disciplinary action by the state board of public accountancy?

Answer 42

Yes