Question

Audit partners are periodically punished for holding a material investment in a client. this violates which aicpa code of conduct rule?

Answer 1

Audit partners are periodically punished for holding a material investment in a client. This violates reasonably informed third party AICPA code of conduct rule.

Issuing the current year audit report when fees for the past year audit remain uncollected. The AICPA Code of Professional Conduct prohibits direct solicitation of clients by CPAs. A member who enters into or directs or knowingly permits another individual to enter into such an agreement for the performance of audit or other attest services would be considered in violation of the "Acts Discreditable Rule". A code of ethics and professional conduct outlines the ethical principles that govern decisions and behavior at a company or organization. They give general outlines of how employees should behave, as well as specific guidance for handling issues like harassment, safety, and conflicts of interest.

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