Question 1

How is "A Guide for Complying with Rules 102-505 (2008)" useful in making and acting on informed ethical decisions? Briefly explain the threats and safeguard approach described in "A Guide for Complying with Rules 102-505 (2008)."

Accepted Answer

"A Guide for Complying with Rules 102-50...

Question 2

Which of the following statements best defines the principle of integrity as per AICPA's Code of Professional Conduct ET Sec.54,Article III?

Accepted Answer

A)   It requires a member to be honest and candid within the constraints of client confidentiality.
B)   It urges the members to adequately plan and supervise the performance of professional services.
C)   It precludes relationships that may appear to impair a member's objectivity in rendering various professional services.
D)   It induces members to disclose any confidential client information without the specific consent of the client.E) C) and D)
F) B) and C)

Question 3

Statement on Standards for Consulting Services (SSCS)No.1 defines consulting services as all professional services rendered by any authoritative external regulatory force to their associate organizations.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is a fundamental principle of NACVA's Professional Standards?

Accepted Answer

A)   Accept all assignments that can reasonably be completed within the time provided by clients.
B)   Always do exactly what a client wants no matter what the circumstances.
C)   Express an opinion with qualification that the member or a firm has financial interest or contemplated interest in the subject business.
D)   Serve the client's interest by seeking to accomplish the objectives established with the client, while maintaining integrity and objectivity.E) B) and C)
F) A) and B)

Question 5

Which of the following statements is true of unconscious adversarial bias for testifying expert witnesses?

Accepted Answer

A)   It occurs when an expert is specifically hired to represent the engaging attorney's theory.
B)   Identifying and eliminating, or at least neutralizing, unconscious bias is no big task.
C)   It is extremely prevalent among law enforcement and government witnesses.
D)   The first opportunity to identify and eliminate unconscious bias falls to opposing counsel.E) C) and D)
F) None of the above

Question 6

Which of the following statements is true of the standards of professional organizations?

Accepted Answer

A)   NACVA's Professional Standards, which are applicable to its members when providing any taxation services, require compliance with the ten fundamental rules.
B)   AICPA, the world's largest valuation services organization, requires its members to comply with six fundamental principles as per AICPA's Code of Professional Standards.
C)   Seven consulting service standards are contained in Statement on Standards for Consulting Services No. 1, including the four general standards provided by Rule 203 of the ACFE Rules of Professional Conduct.
D)   Six principles are identified in the AICPA Code of Professional Conduct and they call for a commitment to moral behavior and an emphasis on maintaining the public's trust.E) A) and D)
F) A) and C)

Question 7

As per AICPA's Code of Professional Conduct,________ imposes the responsibility to render services promptly and carefully,to be thorough,and to observe applicable technical and ethical standards.

Accepted Answer

A)   integrity
B)   independence
C)   diligence
D)   objectivityE) B) and C)
F) A) and D)

Question 8

"Forensic accountants must display the attribute of trustworthiness." Explain why trust is important in any forensic accountants' professional relationships.

Accepted Answer

Trust is important in any professional r...

Question 9

John Miller is employed at an auditing firm which offers forensic accounting and income tax services.His next engagement is with a tax client,a partnership firm,to assist in the determination of a withdrawing partner's entitlement.The withdrawing partner owns another firm also and John's elder brother is an employee in that firm.Which of the following is the threat faced by John Miller as per AICPA's Guide for Complying with Rules 102-505 (2008) ?

Accepted Answer

A)   self-interest threat
B)   advocacy threat
C)   familiarity threat
D)   self-review threatE) A) and B)
F) A) and C)

Question 10

Steven Smith has been engaged by a counsel to assist a fellow CPA in an accounting malpractice action against Krynton Company.Five years back,Steven's wife used to work as finance manager for Krynton.During the engagement,Krynton warned Steven that his wife will be sued for financial treachery if the prevailing accounting malpractice action is ruled against the company.Which of the following is the threat faced by Steven Smith as per AICPA's Guide for Complying with Rules 102-505 (2008) ?

Accepted Answer

A)   familiarity threat
B)   advocacy threat
C)   undue influence threat
D)   self-review threatE) B) and D)
F) A) and B)

Question 11

As per AICPA's Code of Professional Conduct,ET Sec.56,Article V,which of the following statements is true of the principle of due care?

Accepted Answer

A)   It requires a member to be honest and candid within the constraints of client confidentiality.
B)   It imposes the obligation to be impartial, intellectually honest, and free of conflicts of interest.
C)   It requires a member to discharge professional responsibilities with competence and diligence.
D)   It precludes relationships that may appear to impair a member's objectivity in rendering various professional services.E) All of the above
F) C) and D)

Question 12

Which of the following statements is true of AICPA's Code of Professional Conduct?

Accepted Answer

A)   The principles of AICPA's Code of Professional Conduct are specific and enforceable.
B)   The rules of the AICPA's Code of Professional Conduct call for a commitment to moral behavior and an emphasis on maintaining the public's trust.
C)   A principle is an authoritative regulatory force for behavioral action and a rule is a value-based internal force for behavioral action.
D)   Principles provide a framework for rules by defining the spirit, reasoning, and meaning of the rules.E) A) and B)
F) A) and C)

Question 13

Seven consulting service standards are contained in Statement on Standards for Consulting Services No.1,including the four general standards provided by Rule 201 of the AICPA's Rules of Professional Conduct.Briefly explain the other three standards.

Accepted Answer

• Client interest: Requires the member t...

Question 14

Advocacy is the threat that a member will promote a client or employer's position to the point that his or her objectivity is compromised.

Accepted Answer

A) True 
 B)False

Question 15

The first opportunity to identify and eliminate or at least neutralize adversarial bias of testifying experts falls to expert witness himself.

Accepted Answer

A) True 
 B)False

Question 16

As per Statement on Standards for Consulting Services (SSCS) No.1,the standard of ________ requires a member to inform the client of conflicts of interest,significant reservations regarding the scope and benefits of the engagement,and significant findings.

Accepted Answer

A)   client interest
B)   understanding with the client
C)   communication with the client
D)   professional competenceE) C) and D)
F) B) and D)

Question 17

Which of the following statements best defines the rule of compliance as per AICPA's Code of Professional Conduct,ET Sec.200,Rule 202?

Accepted Answer

A)   It requires a member to be honest and candid within the constraints of client confidentiality.
B)   It urges the members to adhere the standards promulgated by various professional bodies designated by Council.
C)   It precludes relationships that may appear to impair a member's objectivity in rendering various professional services.
D)   It induces members to disclose any confidential client information without the specific consent of the client.E) B) and C)
F) None of the above

Question 18

As per AICPA's Guide for Complying with Rules 102-505 (2008) ,________ implies that a member will subordinate his or her judgment to that of an individual associated with a client,employer,or other relevant third party because of the individual's reputation or expertise.

Accepted Answer

A)   self-interest threat
B)   reputation threat
C)   undue influence threat
D)   self-review threatE) A) and C)
F) All of the above

Question 19

Which of the following statements is true of characteristics of a profession?

Accepted Answer

A)   It enjoys a high level of public trust and confidence even though it is never legalized by a regulatory body.
B)   It is organized into associations and there are specific requirements for admission into such associations and maintenance of membership.
C)   There are published authoritative performance and ethical standards for a profession even though it is never legalized by a regulatory body.
D)   Violations of a profession's performance and ethical standards would always result in expulsion from membership.E) B) and D)
F) A) and C)

Question 20

"Identifying and eliminating,or at least neutralizing,adversarial bias is no small task." Explain the parties capable of identifying and eliminating,or at least neutralizing,adversarial bias.

Accepted Answer

Identifying and eliminating,or at least ...

Exam 10: Professional Responsibilities

The first opportunity to identify and eliminate or at least neutralize adversarial bias of testifying experts falls to expert witness himself.

Correct Answer
verified

As per AICPA's Guide for Complying with Rules 102-505 (2008) ,________ implies that a member will subordinate his or her judgment to that of an individual associated with a client,employer,or other relevant third party because of the individual's reputation or expertise.

Correct Answer
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"Forensic accountants must display the attribute of trustworthiness." Explain why trust is important in any forensic accountants' professional relationships.

Correct Answer
verified
Trust is important in any professional r...
View Answer

Statement on Standards for Consulting Services (SSCS)No.1 defines consulting services as all professional services rendered by any authoritative external regulatory force to their associate organizations.

Correct Answer
verified

Advocacy is the threat that a member will promote a client or employer's position to the point that his or her objectivity is compromised.

Correct Answer
verified

Which of the following statements is true of the standards of professional organizations?

Correct Answer
verified

Correct Answer
verified

Which of the following statements best defines the rule of compliance as per AICPA's Code of Professional Conduct,ET Sec.200,Rule 202?

Correct Answer
verified

Which of the following statements is true of AICPA's Code of Professional Conduct?

Correct Answer
verified

As per AICPA's Code of Professional Conduct,ET Sec.56,Article V,which of the following statements is true of the principle of due care?

Correct Answer
verified

As per Statement on Standards for Consulting Services (SSCS) No.1,the standard of ________ requires a member to inform the client of conflicts of interest,significant reservations regarding the scope and benefits of the engagement,and significant findings.

Correct Answer
verified

Which of the following is a fundamental principle of NACVA's Professional Standards?

Correct Answer
verified

Which of the following statements is true of unconscious adversarial bias for testifying expert witnesses?

Correct Answer
verified

Which of the following statements best defines the principle of integrity as per AICPA's Code of Professional Conduct ET Sec.54,Article III?

Correct Answer
verified

"Identifying and eliminating,or at least neutralizing,adversarial bias is no small task." Explain the parties capable of identifying and eliminating,or at least neutralizing,adversarial bias.

Correct Answer
verified
Identifying and eliminating,or at least ...
View Answer

How is "A Guide for Complying with Rules 102-505 (2008)" useful in making and acting on informed ethical decisions? Briefly explain the threats and safeguard approach described in "A Guide for Complying with Rules 102-505 (2008)."

Correct Answer
verified
"A Guide for Complying with Rules 102-50...
View Answer

Which of the following statements is true of characteristics of a profession?

Correct Answer
verified

As per AICPA's Code of Professional Conduct,________ imposes the responsibility to render services promptly and carefully,to be thorough,and to observe applicable technical and ethical standards.

Correct Answer
verified

Seven consulting service standards are contained in Statement on Standards for Consulting Services No.1,including the four general standards provided by Rule 201 of the AICPA's Rules of Professional Conduct.Briefly explain the other three standards.

Correct Answer
verified
• Client interest: Requires the member t...
View Answer

Correct Answer
verified

Exam 10: Professional Responsibilities

The first opportunity to identify and eliminate or at least neutralize adversarial bias of testifying experts falls to expert witness himself.

Correct AnswerverifiedShow Answer

As per AICPA's Guide for Complying with Rules 102-505 (2008) ,________ implies that a member will subordinate his or her judgment to that of an individual associated with a client,employer,or other relevant third party because of the individual's reputation or expertise.

Correct AnswerverifiedShow Answer

"Forensic accountants must display the attribute of trustworthiness." Explain why trust is important in any forensic accountants' professional relationships.

Correct AnswerverifiedTrust is important in any professional r...View AnswerShow Answer

Statement on Standards for Consulting Services (SSCS)No.1 defines consulting services as all professional services rendered by any authoritative external regulatory force to their associate organizations.

Correct AnswerverifiedShow Answer

Advocacy is the threat that a member will promote a client or employer's position to the point that his or her objectivity is compromised.

Correct AnswerverifiedShow Answer

Which of the following statements is true of the standards of professional organizations?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following statements best defines the rule of compliance as per AICPA's Code of Professional Conduct,ET Sec.200,Rule 202?

Correct AnswerverifiedShow Answer

Which of the following statements is true of AICPA's Code of Professional Conduct?

Correct AnswerverifiedShow Answer

As per AICPA's Code of Professional Conduct,ET Sec.56,Article V,which of the following statements is true of the principle of due care?

Correct AnswerverifiedShow Answer

As per Statement on Standards for Consulting Services (SSCS) No.1,the standard of ________ requires a member to inform the client of conflicts of interest,significant reservations regarding the scope and benefits of the engagement,and significant findings.

Correct AnswerverifiedShow Answer

Which of the following is a fundamental principle of NACVA's Professional Standards?

Correct AnswerverifiedShow Answer

Which of the following statements is true of unconscious adversarial bias for testifying expert witnesses?

Correct AnswerverifiedShow Answer

Which of the following statements best defines the principle of integrity as per AICPA's Code of Professional Conduct ET Sec.54,Article III?

Correct AnswerverifiedShow Answer

"Identifying and eliminating,or at least neutralizing,adversarial bias is no small task." Explain the parties capable of identifying and eliminating,or at least neutralizing,adversarial bias.

Correct AnswerverifiedIdentifying and eliminating,or at least ...View AnswerShow Answer

How is "A Guide for Complying with Rules 102-505 (2008)" useful in making and acting on informed ethical decisions? Briefly explain the threats and safeguard approach described in "A Guide for Complying with Rules 102-505 (2008)."

Correct Answerverified"A Guide for Complying with Rules 102-50...View AnswerShow Answer

Which of the following statements is true of characteristics of a profession?

Correct AnswerverifiedShow Answer

As per AICPA's Code of Professional Conduct,________ imposes the responsibility to render services promptly and carefully,to be thorough,and to observe applicable technical and ethical standards.

Correct AnswerverifiedShow Answer

Seven consulting service standards are contained in Statement on Standards for Consulting Services No.1,including the four general standards provided by Rule 201 of the AICPA's Rules of Professional Conduct.Briefly explain the other three standards.

Correct Answerverified• Client interest: Requires the member t...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Trust is important in any professional r...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Identifying and eliminating,or at least ...
View Answer

Correct Answer
verified
"A Guide for Complying with Rules 102-50...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
• Client interest: Requires the member t...
View Answer

Correct Answer
verified