Question

Becker and smith, CPAs , performs a financial statement review for bam markets. Caroline, the manager on the job, learns that don violated the independence rules by not disclosing that his sister works in a key position at BAM. Under the AICPA interpretation, Breach of an Independent cpe Interpretation, what is the first thing Caroline should do

Answer 1

The first thing that Caroline should do is:  disclose the violation in accordance with policy to the appropriate person in her firm.

AICPA interpretation

Based on the scenario she should disclose the violation in accordance with policy to the right person.

Which is why AICPA code of professional conduct was created so as to ensure that accountant or professional accountant  comply with independence rule.

Therefore she should disclose the violation.

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