Module B: Professional Ethics Flashcards

1
Q

act-utilitarianism

A

The emphasis on an individual act as it is affected by the specific circumstances of a situation.

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2
Q

categorical imperative

A

Kant’s specification of an unconditional obligation to act as one thinks others should act regardless of circumstances.

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3
Q

commission

A

A percentage fee charged for professional services in connection with executing a transaction or performing some other business activity.

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4
Q

contingent fee

A

A type of compensation established for the performance of any service in an arrangement in which no amount will be charged unless a specific finding or result is attained or the fee otherwise depends on the result.

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5
Q

covered member

A

Broadly defined, any individual who might be in a position to compromise the integrity of an audit. In the AICPA Code of Professional Conduct, the term is defined as any individual, among others, who is (1) on the audit engagement team, (2) in a position to influence the audit engagement, (3) a partner or manager of an nonaudit client service team, or (4) a partner from the local office of the public accounting firm.

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6
Q

generalization argument

A

A judicious combination of the imperative and utilitarian principles; to act as one thinks others should act in a similar circumstance.

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7
Q

independence

A

A mental attitude and the appearance that the auditor is not influenced by others in judgments and decisions.

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8
Q

referral fee

A

The (1) compensation that a CPA receives for recommending another CPA’s services and (2) that a CPA pays to obtain a client; may or may not be based on a percentage of the amount of any transaction.

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9
Q

rule-utilitarianism

A

The emphasis on the centrality of rules for ethical behavior while still maintaining the criterion of the greatest universal good.

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10
Q

self-regulation

A

The quality control reviews and disciplinary actions conducted by fellow CPAs - professional peers.

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11
Q

virtue ethics

A

The focus on the role of one’s character in the decision-making process.

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