In short
The American Institute of Certified Public Accountants' Code of Professional Conduct forbids members from committing acts discreditable to the profession, such as keeping client records after the client asks for them.
Key takeaways
- Other examples include discrimination or harassment and failing to file one's own tax returns or remit payroll taxes.
- Negligently preparing financial statements and failing to follow government audit requirements are also covered.
- So is soliciting or disclosing exam questions.
Where it's tested
AUD: Professional Ethics & Independence — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
An audit senior on the engagement team owns 10 shares of the audit client's common stock, worth approximately $300. What is the effect on independence?