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3/29/2024
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Course 271003- Arizona Ethics
  Final Exam
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271003v - Arizona Ethics

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Ethics
4 CPE Credit Hours

3/29/2024
Final Exam
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Read 'Chapter 1: Ethics And Ethical Reasoning' & answer the following question(s):
1. Plato maintained that all “wrong-doing” is involuntary and arises from ignorance. T F
2. Which of the following statements best explains why the accounting profession has found it essential to promulgate ethical standards and to establish means for ensuring their observance?
3. The concept of materiality is least important to an auditor when considering the
4. According to the profession's ethical standards, an auditor would be considered independent in which of the following instances?
5. In which of the following circumstances would a CPA who audits XM Corporation lack independence?
6. On June 1, 2004, a CPA obtained a $100,000 personal loan from a financial institution client for whom the CPA provided compilation services. The loan was fully secured and considered material to the CPA's net worth. The CPA paid the loan in full on December 31, 2004. On April 3, 2005, the client asked the CPA to audit the client's financial statements for the year ended December 31, 2005. Is the CPA considered independent with respect to the audit of the client's December 31, 2005, financial statements?
7. According to the profession's ethical standards, which of the following events would justify a departure from GAAP? New Legislation Evolution of a New Form of Business Transaction
8. Which of the following actions by a CPA most likely violates the profession's ethical standards?
9. According to the profession's ethical standards, an auditor would be considered independent in which of the following instances?
10. Adams is the executive partner of Adams & Co., CPAs. One of its smaller clients is a large nonprofit charitable organization. The organization has asked Adams to be on its board of directors, which consists of a large number of the community's leaders. Membership on the board is honorary. Adams & Co. would be considered to be independent
11. Which of the following most completely describes how independence has been defined by the accounting profession?
12. In which of the following instances would the independence of the CPA most likely not be considered to be impaired? The CPA has been retained as the auditor of the financial statements of a
13. A violation of the profession's ethical standards would most likely have occurred when a CPA in public practice
14. 14. Upon discovering irregularities in a client's tax return that the client would not correct, a CPA withdraws from the engagement. How should the CPA respond if asked by the successor CPA why the relationship was terminated?
15. Which action is not considered a discreditable act?
16. According to the ethical standards of the profession, which of the following acts is generally prohibited?
17. The profession's ethical standards most likely are violated when a CPA represents that specific consulting services will be performed for a stated fee and it is apparent at the time of the representation that the
18. According to the ethical standards of the profession, which of the following acts is generally prohibited?
19. A member of the AICPA who is engaged to prepare an income tax return has a duty to prepare it in such a manner that the tax is
20. In accordance with the AICPA’s Statements on Standards for Tax Services, when a reasonable basis exists for omission of an answer to an applicable question on a tax return,
Read 'Chapter 2: Ethical Reasoning and Accountants' & answer the following question(s):
Read 'Chapter 3: Conclusions and Implications' & answer the following question(s):
Read 'Chapter 4: Culture, Motivation, Power, and Business Ethics' & answer the following question(s):
Read 'Chapter 5: AICPA’s Code of Professional Conduct' & answer the following question(s):
Read 'Chapter 6: Interpretations and Rulings' & answer the following question(s):
Read 'Chapter 7: Corporate Responsibility law (Sarbanes-Oxley act)' & answer the following question(s):
Read 'Chapter 8: Standards of Ethical Conduct for Practitioners' & answer the following question(s):
Read 'Chapter 9: Arizona Ethics' & answer the following question(s):
Read 'Chapter 10: Regulation of Accountants' & answer the following question(s):
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