Unit 2 Homework 3.30 & 4.20 - Running head UNIT 2 HOMEWORK 3-30 4-20 Unit 2 Homework 3-30 4-20 Tiffaney Brown AC503 Advanced Auditing UNIT 2

Unit 2 Homework 3.30 & 4.20 - Running head UNIT 2...

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Running head: UNIT 2 HOMEWORK 3-30 & 4-20 Unit 2 Homework 3-30 & 4-20 Tiffaney Brown AC503: Advanced Auditing 9/6/16
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UNIT 2 HOMEWORK 3-30 & 4-20 1 Problem 3-30 (Rules of Conduct) There currently are 11 rules in the Code of Professional Conduct. Listed below are circumstances pertaining to these rules. a.) Identify the rule to which each circumstance relates. b.) Indicate one other circumstance that pertains to each rule identified in (a) above. 1. A member shall not express an opinion that the financial statements are presented in conformity with GAAP unless the pronouncements of the FASB have been followed. a. Rule 203-Accounting Principles b. An auditor knows a material modification is needed but does not make it. 2. A member shall not discriminate in employment of assistants. a. Rule 501 Acts Discreditable (3) Failure to follow standards and procedures or other requirements in governmental audits. b. An auditor discloses CPA exam questions and answers. 3. A member shall not include self-laudatory statements that are not based on verifiable facts in advertisements. a. Rule 502-Advertising and other forms of solicitation b. An auditor is harassing a marketing firm is in violation of Rule 502.
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UNIT 2 HOMEWORK 3-30 & 4-20 2 4. A member shall not accept a commission for a referral to a client of products or services of others. a. Rule 503-Commissions and referral fees b. A public practice member should disclose to the client the fact that members are prohibited from accept commission for a referral to a client of products or services of others. 5. A members fees may vary depending on the complexity of the service rendered. a. Rule 302- Contingent Fees b. A member prepares an amended tax return for a flat fee and quotes the flat fee for future services. 6. A member is not precluded from responding to an injury by a trial board of the AICPA a. Rule 301- Confidential Client Information b. A member discloses a client’s confidential information for his own personal gain.
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