AICPA 3-28

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Author:
Anonymous
ID:
75648
Filename:
AICPA 3-28
Updated:
2011-03-28 13:23:31
Tags:
AICPA
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Description:
AICPA
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  1. Due care and competence means...
    Observe technical and ethical standards, strive to improve your competence and service quality, and carry out professional responsibilities to the best of your ability. Also: adequately plan and supervise.
  2. Assess your competence by...
    Evaluate whether your education, experience, and judgement are adequate.
  3. Diligence means...
    Render services promptly and carefully, be thorough, and observe technical and ethical standards
  4. Due care and competence requires you to...
    Do your job with competence and diligence, perform your best, serve the best interest of the client consistent with responsibility to the public.
  5. Can depart from GAAP if...
    To do otherwise would be misleading.
  6. Exceptions to confidential information disclosure:
    To comply with requirements of professional standards, valid subpoena, peer review, to initiate a complaint, to respond to inquires of an investigation or disciplinary proceeding, sale purchase or merger of your firm, or contractual agreement with third party to protect client data.
  7. Acts Discreditable to the profession
    Illegal acts. Have to return records if asked. May withhold records if owed money.
  8. Working papers belong to...
    Your property and do not usually need to be provided to the client.
  9. Rules that apply only to CPAs in public practice
    Outsources (must inform the client, oversee the work, have a confidentiality contract), advertising (can't be false, can't use coercion), form of organization and firm name (only form permitted, name can't be misleading, can only say member of AICPA if all CPA owners are members)
  10. Investigation bodies
    State accountancy board, AICPA, SEC, others
  11. Consequences of ethical infractions
    Loss of CPA license, expulsion from AICPA or OSCPA, fines, legal liabilities.

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