Please fill in the blank with the best possible choice... According to the Professional Ethics and Conduct of the North Carolina State Board of Certified Public Accountant Examiners, the requirement that "a CPA shall not disclose any confidential information obtained in the course of employment or a professional engagement except with the consent of the employer or client" falls under the duty of (Choose the best answer.) O Integrity O Accounting principles O Confidentiality O Stakeholder theory. I

Please fill in the blank with the best possible choice... According to the Professional Ethics and Conduct of the North Carolina State Board of Certified Public Accountant Examiners, the requirement that "a CPA shall not disclose any confidential information obtained in the course of employment or a professional engagement except with the consent of the employer or client" falls under the duty of (Choose the best answer.) O Integrity O Accounting principles O Confidentiality O Stakeholder theory. I

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 49MCQ

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The ethical standards for certified public accountants only require that such accountants comply with applicable laws and regulations. True or False True False
{Auditing} 16. A professional accountant should respect the confidentiality of information acquired as a result of professional and business relationships. How could an auditor achieve confidentiality of the information? a. Non-disclosure any such information to third parties b. All the options c. Disclosure of any such information to third party with proper and specific authority d. Disclosure any such information to third parties as required by law
Select the necessary words from the list of possibilities to complete the following statements. Statements 1. The AICPA Code of Professional Conduct includes: Principles, Rules and Auditors must be independent of any enterprise and must also parties. 2. 3. A CPA's independence with respect to an enterprise will be impaired if the CPA has any or material indirect financial interest in the enterprise. In evaluating independence, financial interests of a CPA's 4. the CPA. 5. 6. 7. 8. 9. 10. independent to third are ascribed directly to CPAS in public practice should not accept a fee from an audit client that is specified finding. upon a Consulting services for audit clients should be advisory in nature, CPAS should not make decisions for these clients. Retaining a client's accounting records for nonpayment of fees is an act profession. The Accounting Principles Rule requires the CPA to recognize the pronouncements of the Financial Accounting Standards Board and the Government to the CPAS…
4) Explain if, and why an accountant will be held liable to: its client, to 3rd party intended users of the financial statements and audits it prepares for its client, and to reasonably foreseeable users of the work, it prepared for its client. ∙ Be sure to identify who reasonably foreseeable users would be and why the accountant is responsible to them in the absence of privity.
Which of the following is incorrect? A. Non-assurance engagement include agree-upon procedures, compilation of financial or other information and tax consulting B. Assurance service report on the quality of information C. All engagements perform by the professional accountant are assurance engagement D. Assurance engagement encompass attestation engagement
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.
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.
If a public accounting firm says it always follows the rule that requires adherence to FASBpronouncements in order to give a standard unmodified auditors’ report, it is following aphilosophy characterized bya. The imperative principle.b. The utilitarian principle.c. Virtue ethics.d. Reliance on members’ collective conscience.
Which of the following ethical principles states that “A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgments” Professional Behaviour Confidentiality Integrity Objectivity
When accountants agree to perform a compilation or review of unaudited financial statements, the best way to avoid clients’ misunderstanding the nature of the work is to describeit completely ina. An engagement letter.b. The auditors’ opinion.c. A report to the clients’ board of directors at the close of the engagement.d. A management letter to the board of directors’ audit committee.
Which of the following ethical principles states that "A professional accountant should avoid any action that discredits the profession"? a. Integrity b. Objectivity c. Professional behavior d. Professional competence
Describe two (2) of the fundamental principles from the accountant’s Code of Professional Conduct and critically evaluate whether they are an example of consequentialist, non-consequential or virtue ethics