Audit

Question 1

What engagements are covered by the AICPA Code of Professional Conduct?

Answer 1

“Covers all professional engagements and is the minimum standard of conduct

Member should additionally follow specific standards for a specific engagement”

Question 2

What must an accountant have under the AICPA Code of Professional Conduct?

Answer 2

"Integrity
Objectivity
No Conflicts of Interest
No known misrepresentations of facts
No outsourcing of judgment"

Question 3

What are threats and safeguards to independence?

Answer 3

“Safeguards > Threats - Independence

Threats > Safeguards - No Independence”