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Author Question: Which of the following statements best defines the rule of compliance as per AICPA's Code of ... (Read 101 times)

HudsonKB16

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on: Jul 6, 2018
Which of the following statements best defines the rule of compliance as per AICPA's Code of Professional Conduct, ET Sec. 200, Rule 202?
 
  A) It requires a member to be honest and candid within the constraints of client confidentiality.
  B) It urges the members to adhere the standards promulgated by various professional bodies designated by Council.
  C) It precludes relationships that may appear to impair a member's objectivity in rendering various professional services.
  D) It induces members to disclose any confidential client information without the specific consent of the client.

Question 2

Use of bank statements to confirm components of financial statements and tax returns is an example of third-party data.
 
  Indicate whether the statement is true or false


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SamMuagrove

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Reply #1 on: Jul 6, 2018
Answer to Question 1

B
Explanation: B) The rule of compliance urges the members to adhere the standards promulgated by various professional bodies designated by Council.

Answer to Question 2

TRUE
Explanation: Third-party data are obtained from entities that maintain records regarding the subject. For example, bank statements can be used to confirm components of financial statements and tax returns, such as cash balances, reported expenses, and loan payments.


HudsonKB16

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Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it

chjcharjto14

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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