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Additionally, all AICPA members are required to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the … What is the period of professional engagement?Period of professional engagement means the period during which professional services are provided, with such period starting when the registrant begins to perform professional services requiring independence and ending with the notification of the termination of that professional relationship by the registrant or by … Which statement best describes the aicpa ethical rules relating to members failure to file his or her personal tax return?Correct answer: Option C) The failure to file a personal tax return in a timely manner is usually considered an act discreditable to the profession. In which way do DOL independence rules differ from the aicpa rules?1) The DOL rules on non-attest services are more comprehensive than AICPA independence rules. 2) The DOL rules ban auditors from providing actuarial services to benefit plans that they audit. 3) The DOL defines a member much more broadly than the AICPA’s covered member. In which way do DOL independence?Explanation: DOL independence guidance states the term member to include all the partners, shareholder employees in the firm, all the professional employees taking part in the audit. AICPA independence states the term member as a “engagement team-focused” approach which lays emphasis on the covered members. Which statement best describes an element of the FDIC requirements for auditor independence?Answer Expert Verified. Answer: c. Certain FDIC policy statements address auditor independence. Which statement best describes the SEC rules relating to bookkeeping services?The correct answer is: Bookkeeping services are permitted, as long as the individuals performing these services are not the same individuals performing the audit. Which of the following describes a responsibility of the FDIC?I think from the following choices above, the statement that best describes a responsibility of the FDIC is that it makes sure customers do not lose money if their bank fails. Which statement best describes the aicpa ethics rules relating to advertising?Answer: The correct answer is letter “C”: Advertising is permitted as long as it is not false or misleading. Explanation: The American Institute of Certified Public Accountants (AICPA) according to its Code of Professional Ethics restricted any form of advertising coming from its members. What phrase is used by the code of professional conduct to describe integrity?Candid Which statement best describes competence as defined in the aicpa code?The correct answer is b. The application of skill and knowledge with reasonable care and diligence. Which of the following describes competence?Answer: A combination of ability and skill required to do a task. In which situations may you disclose confidential client information?In which situations may you disclose confidential client information without violating the AICPA Code of Professional Conduct? In response to a validly issued and enforceable subpoena. At the request of another client that needs the information to file its tax return. As an example in a seminar given for CPE credit. When a member performs non attest services for an attest client?When a member performs non attest services for an attest client, management is required to designate an individual to oversee those services. Is tax preparation an attest service?Nonattest services are services provided to a client that are not specifically related to the performance of an attest engagement. For example, nonattest services include activities such as financial statement preparation, cash to accrual conversions, reconciliations, and tax return preparation. When a member performs Nonattest services for an attest client management is required to designate an individual?5. The “General Requirements for Performing Nonattest Services” interpretation requires that an individual designated by the attest client possess suitable skill, knowledge, and/or experience (preferably within senior management) to oversee the nonattest services. Is independence required for tax services?No. According to paragraph . 06 of the “Scope and Applicability of Nonattest Services” interpretation (ET sec. 010), preparing reconciliations is a nonattest service, so as long as the safeguards from the “General Requirements for Performing Nonattest Services” interpretation are met, independence will not be impaired. Is an audit an attest engagement?An audit may be performed to look for gaps in their compliance procedures as an issue may be discovered. The attestation engagement examines the issue to check if it truly falls outside the parameters of the compliance standard as an opinion is given about the compliance issue. What is considered an attest engagement?An attestation engagement is an arrangement with a client where an independent third party investigates and reports on subject matter created by a client. Examples of attestation engagements are: Reporting on financial projections made by a client. Reporting on pro forma financial information formulated by a client. Which of the following is always present in an attestation engagement?(c) An attestation engagement always involves comparison of a subject matter to a set of criteria. What is the difference between a compilation and a review?In a review engagement, the auditor conducts analytical procedures and makes inquiries to ascertain whether the information contained within the financial statements is correct. A review requires some testing of the information, while a compilation almost entirely relies on the presented information. What is direct reporting engagement?Direct Reporting Engagement means a compliance engagement where the assurance practitioner directly evaluates an entity’s compliance with requirements as measured by the suitable criteria and expresses a conclusion to the intended users in a compliance report. What is the difference between an attestation and direct engagement?Attestation Direct engagement An attestation engagement requires a party other than the auditor to measure or evaluate the underlying subject matter against the criteria. A direct engagement requires the auditor to directly measure or evaluate the underlying subject matter against the criteria. What is direct engagement?What is Direct Engagement? An employment model for agency doctors which allows trusts to make savings by engaging contracted doctors for service directly, rather than using the traditional route of engaging through a recruitment business. What is non assurance engagement?Non-assurance engagements are those that do not result in the practitioner’s expression of a conclusion that provides a level of assurance, whether negative assurance or other form of assurance. The practitioner does not convey to the intended users any assurance as to the reliability of an assertion. Which of the following statements best describes the aicpa ethics rules relating to advertising?Which statement best describes the AICPA ethics rules relating to advertising? Advertising is permitted as long as it is not false or misleading.
Could RPB engage O&A to be their auditors now that it is a public company?Under SEC and PCAOB rules, could RPB engage O&A to be their auditors now that it is a public company? A.) Yes, but only if O&a rescinds any indemnification language existing in their non-audit engagement letters.
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Which statement best describes the AICPA ethics rules relating to a members failure to file
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