Mod B - Mod B Student 1 A code of ethics serves as a reference and benchmark for acceptable professional behavior True False 2 In considering general

Mod B - Mod B Student 1 A code of ethics serves as a...

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Mod BStudent: ___________________________________________________________________________1.A code of ethics serves as a reference and benchmark for acceptable professional behavior. True False2.In considering general ethics, the primary goal is to arrive at a set of acceptable methods for making ethical decisions. True False3.Ethics in the imperative sense is a function of moral rules and principles, not a situation specific calculation of the consequences. True False4.The SEC independence rules prohibit auditors from providing actuarial services to public company audit clients. True False5.The Sarbanes-Oxley Act of 2002 limits the engagement of and concurring audit partners on an engagement to four-year terms. True False6.Members of the AICPA are held responsible for compliance with the Rules of Conduct by all persons associated with them in public practice, including employees and partners. True False7.The AICPA Code of Professional Conduct derives its authority from specific federal legislation. True False8.Financial statement audit services are the only engagements that require independence. True False9.Integrity and objectivity are required in connection with all professional services. True False10.General standards Rule 201 prohibits the acceptance of any engagement that the CPA knowingly cannot handle. True False11.Compliance with standards, Rule 202, requires adherence to duly promulgated technical standards in all areas of professional service. True False12.Confidential information is information that should not be disclosed to outside parties, even if demanded by a court. True False13.A CPA can accept a contingent fee for a compilation report to be used by a bank for purposes of granting a loan to the client as long as the CPA discloses a lack of independence in the report. True False14.CPAs are not permitted to advertise except in a few instances. True False15.Rule 503 permits commission type fees for all types of services. True False
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16.All CPAs are subject to the rules of conduct of the AICPA and state CPA societies. True False17.Licenses to practice accounting are issued by the AICPA. True False18.Individual persons, not public accounting firms, are subject to the rules of conduct of state CPA societies and the AICPA only if they choose to join these organizations. True False19.Discipline of the members of a professional association is carried out by peers. True False20.A trial board can admonish, suspend, expel, or fine a CPA who has violated the Code of Conduct. True False
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  • Spring '12
  • janigrt
  • Financial audit, Certified Public Accountant

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