AICPA 3-30

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Author:
Anonymous
ID:
76211
Filename:
AICPA 3-30
Updated:
2011-03-30 13:56:40
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AICPA quiz
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AICPA Quiz
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  1. Applying the Conceptual Framework for Independence
    • Identify threats to Independence that arise from the circumstances.
    • Consider whether there are safeguards that could reduce/eliminate the threats
    • If you can't reduce/eliminate the threat, independence is impaired.
  2. Covered member
    Anyone in the firm who must avoid certain financial and business relationships with a client to maintain independence.
  3. Who are covered members?
    • Anyone on the engagement team
    • Partner or manager who provides over 10 hours of non-attest services
    • Partners who practice in the same office as the lead engagement partner
    • Anyone who evaluates/recommends compensation of the attest partner.
    • Anyone who supervises the attest partner and everyone above them
    • Anyone who consults with the engagement
    • Anyone who participates in quality control for the engagement and anyone above them.
  4. Exceptions to the family member rule
    If the covered member is only a covered member because: of the 10 hour rule or the same office rule.

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