She's served as an expert witness on CPA professional conduct. The following illustration demonstrates how the conceptual framework approach would be applied to address a hypothetical independence matter: An audit partner’s nondependent daughter is a human resources manager with the client. Style and Drafting Conventions In this case, the AICPA Code (ET § 101.02, Other Considerations) requires that he apply the framework. Spend your time wisely, and be confident that you're gaining knowledge straight from the source. Some are essential to make our site work; others help us improve the user experience. Preparation and planning are key. For example, if a covered member holds stock in an audit client, the only safeguard that would eliminate or sufficiently mitigate the “financial self-interest” threat to independence would be to eliminate the interest or cease being a “covered member” – the same requirement as under today’s rule. These materials include informal AICPA staff positions; frequently asked questions on nonattest services; and basis-for-conclusions documents that can help members better understand and apply certain ethics rules. His daughter informs him that she has received an unexpected and very expensive gift from the company’s controller. Not all CPE credits are equal. In an effort to make the revised AICPA Code easier to read, understand, and apply the standard style and drafting conventions were used. Note: Many states do not accept the AICPA course to meet the Ethics requirement for learning or maintaining a CPA license. A conceptual framework helps members comply with ethics requirements (see “Comparing the Ethics Codes: AICPA and IFAC,” Oct. 2010, page 24). It is important to note that the framework cannot be used to overcome existing prohibitions or requirements contained in the AICPA Code. Yes, becoming a CPA can be a challenging journey. Association's Website Accessibility Policy, Identify the structure and content of the AICPA Code of Professional Conduct including the underlying principles, Identify when to use the Conceptual Framework approach in applying the AICPA Code of Professional Conduct, Recognize how AICPA ethics rules require members in business to maintain their integrity and avoid conflicts of interest in performing professional services, Recognize the due care and competence standards that apply to members in business, Analyze ethical matters to determine an appropriate course of action, Identify the consequences of violating ethical standards. 225 West 35th Street, 5th Floor This is a digital product.
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