Author Question: Interpretations of the independence rule of the AICPACodeprohibit covered members from owning any ... (Read 68 times)

xxxxxxxxxxxx · **on:** Aug 21, 2022

Question 1

Interpretations of the AICPA's Code of Professional Conduct are dominated by the concept of
◦ independence.
◦ compliance with standards.
◦ accounting.
◦ acts discreditable to the profession.

Question 2

Interpretations of the independence rule of the AICPA Code prohibit covered members from owning any stock or other direct investment in audit clients. Covered members would include which of the following?
◦

All partners in the engagement office even if they have no engagement responsibility	Individuals on the attest engagement	The firm and its employee benefit plans
Yes	Yes	Yes

◦

All partners in the engagement office even if they have no engagement responsibility	Individuals on the attest engagement	The firm and its employee benefit plans
Yes	No	No

◦

All partners in the engagement office even if they have no engagement responsibility	Individuals on the attest engagement	The firm and its employee benefit plans
No	Yes	Yes

◦

All partners in the engagement office even if they have no engagement responsibility	Individuals on the attest engagement	The firm and its employee benefit plans
No	No	No

fdsajkl · **Reply #1 on:** Aug 21, 2022

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