Term Paper on "Accounting Ethics Dilemmas"
Term Paper 3 pages (1022 words) Sources: 2 Style: APA
[EXCERPT] . . . .
Accounting Ethics DilemmasA problem in terms of conflict of interest and a lack of objectivity could arise in this case. While there is no particular problem in performing the audit itself, the CPA could be tempted to hire only persons from his or her own firm, or acquaintances, rather than objectively engaging in the recruitment and hiring process. The problem could be resolved by honestly discussing the issue and possible problems with the client. The CPA and the client together can then discuss the best course of action, and possibly engage in the recruitment and hiring process together. This will ensure not only objectivity on the part of the CPA, but also that the client is happy with the result. This relates to Rule 102-2.03 of the AICPA Code of Ethics, which concerns conflicts of interest and objectivity. The rule states that client consent needs to be obtained in performing a duty that might involve a lack of the necessary objectivity.
NO. 2 There are certain steps to follow as specified in Section 191.52.103 of the AICPA Code of Ethics, as concerns unpaid fees. Unqualified statements can only be provided once a year has expired more than a year prior to the new report. The CPA is therefore within his or her rights to issue the opinion, as the audit has further been conducted within the auditing standards.
NO. 3 Since the CPA is only starting a new practice, he or she cannot make any claims to be either a "specialist" or an "expert" in anything. However, the necessity for attractive advertising is recognized. Rather than making claims that are untrue, therefore, it is recommended that the advertiser takes a more general approach, such as statin
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NO. 4 in this case again there is a conflict of interest. The temptation could be to provide very favorable evaluations for the commercial service bureau in which the firm's partners have a material interest. Once again, in accordance with Rule 102-2.03 of the AICPA Code of Ethics, it is recommended that the CPA honestly discuss the issue with the client. The client could then for example retain the CPA in this regard, but in concomitance with other professionals in order to ensure the necessary objectivity.
NO. 5 According to Section 92.06, Rule 101-4 of the AICPA Code of Ethics, a CPA is within his or her rights to provide services or lend his or her name to not-for-profit organizations without compromising his or her independence. It is therefore not incorrect to include this in a CV, as long as the exact nature of the service and organization is stipulated.
NO 6. Identifying only himself as CPA could be misleading to persons making use of the firm, and also create a conflict of interest for the… READ MORE
Quoted Instructions for "Accounting Ethics Dilemmas" Assignment:
“This paper is to be completed using the Accounting Ethics Dilemmas that will be provided via email:
For each dilemma, address the following:
1. Indicate how to resolve the dilemma. Be specific and respond with logic and reason.
2. Support the conclusion by referencing specifics principles and rules from the AICPA Code of Professional Conduct. *****
How to Reference "Accounting Ethics Dilemmas" Term Paper in a Bibliography
“Accounting Ethics Dilemmas.” A1-TermPaper.com, 2008, https://www.a1-termpaper.com/topics/essay/accounting-ethics-dilemmas-problem/572910. Accessed 3 Jul 2024.
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