Term
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Definition
| Independence (in fact and appearance) |
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Term
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Definition
Integrity & Objectivity:
-Maintain integrity & objectivity
-Be free of conflicts of interest
-Don't knowingly misrepresent facts
-Don't subordinate judgment to others |
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Term
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Definition
General Standards
-Professional Competence (only undertake engagements you're competent to perform)
-Due Professional Care
-Planning & Supervision
-Sufficient Relevant Data to afford a reasonable basis for conclusions or recommendations |
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Term
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Definition
| Compliance with Standards |
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Term
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Definition
| Accounting Principles (don't say it complies if it doesn't) |
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Term
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Definition
Confidential Client Information
Overridden if:
-Obligation under technical standards
-Subpoena or summons and other legal compliance
-Peer review (reviewers will see)
-Response to ethics division |
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Term
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Definition
Contingent Fees based on a specified result prohibited for:
-Audits & reviews
-Compilations when they can be reasonably expected to be used by a third party
-Examination of prospective financial info
-Tax returns or claims for refunds |
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Term
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Definition
Acts Discreditable, including:
-Nonsurrender of client's records to client upon request
-Employment discrimination/harassment
-Noncompliance with standards or regulations
-Negligence in financial statement or record preparation
-Solicitation or disclosure of CPA exam Q&A
-Failure to file or pay taxes |
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Term
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Definition
| Advertising & Solicitation cannot be false, misleading, or deceptive, or use coercion, overreaching or harassment |
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Term
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Definition
Commissions & Referral Fees prohibited when engagements include:
-Audit or review
-Compilations when they can be reasonably expected to be used by a third party
-Examination of prospective financial info |
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Term
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Definition
Form of Organization and Name
Types of allowed organizations:
-Proprietor
-Partnership
-LLC
-PC
-LLP
-Corporation |
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