Audit 6 - Professional Responsibilities, Audit Documentation, Effect of IT, & Government Auditing Flashcards
AICPA Code of Professional Conduct - Article 1: Responsibilities
In carrying out their responsibilities as professionals, members should exercise sensitive professional & moral judgments in all their activities.
AICPA Code of Professional Conduct - Article 2: Public Interest
Members should accept the obligation to act in a way that will serve the public interest, honor the public trust, & demonstrate commitment to professionalism.
AICPA Code of Professional Conduct - Article 3: Integrity
To maintain & broaden public confidence, members should perform all professional responsibilities with the highest sense of integrity.
AICPA Code of Professional Conduct - Article 4: Objectivity & Independence
A member should maintain objectivity & be free of conflicts of interest in discharging professional responsibilities. A member in public practice should be independent in fact & appearance when providing audit & other attestation services.
AICPA Code of Professional Conduct - Article 5: Due Care
A member should observe the profession’s technical & ethical standards, strive to continually improve competence and the quality of services, and discharge professional responsibility to the best of the member’s ability.
AICPA Code of Professional Conduct - Article 6: Scope & Nature of Services
A member in public practice should observe the Principles of the Code of Professional Conduct in determining the scope & nature of services to be provided.
AICPA Code of Professional Conduct - Rule 101: Independence
A member in public practice shall be independent in the performance of professional services as required by standards promulgated by bodies designated by Council.
AICPA Code of Professional Conduct - Rule 102: Integrity & Objectivity
In the performance of any professional service, a member shall maintain objectivity and integrity, shall be free of conflicts of interest, and shall not knowlingly misrepresent facts or subordinate his or her judgment to others.
AICPA Code of Professional Conduct - Rule 201: General Standards
A member must comply with the following standards in all engagements: professional competence, due care, planning & supervision, and sufficient relevant data.
AICPA Code of Professional Conduct - Rule 202: Compliance With Standards
A member who performs auditing, review, compilation, management consulting, tax, or other professional services must comply with standards promulgated by bodies designated by Council.
AICPA Code of Professional Conduct - Rule 203: Accounting Principles
A member shall not express an opinion or state affirmatively or negatively that financial statements are presented in conformity with GAAP if there is any departure from an accounting principle that has a material effect on the financial statements.
AICPA Code of Professional Conduct - Rule 301: Confidential Client Information
A member in public practice shall not disclose any confidential client information without the specific consent of the client,
AICPA Code of Professional Conduct - Rule 302: Contingent Fees
Contingent fees are specifically prohibited for audits and reviews of financial statements or examinations of prospective financial information.
AICPA Code of Professional Conduct - Rule 501: Discredible Acts
A member shall not commit an act discredible to the profession.
AICPA Code of Professional Conduct - Rule 502: Advertising & Other Forms of Solicitation
A member in public practice shall not seek to obtain clients by advertising or other forms of solicitation in a manner that is false, misleading, or deceptive.
